Ice Energy, a Windsor, Colorado-based provider of smart grid-enabled distributed energy storage solutions to the electric utility industry, has completed a $24m first closing of its Series C financing.
The investment provides the company with working and growth capital to support its deployment of utility-scale distributed energy storage projects throughout the United States and Canada, including a 53-Megawatt project currently underway with the Southern California Public Power Authority.
TIAA-CREF, which commetted $4.5m, joined new and existing investors, including Energy Capital Partners, Good Energies, Sail Ventures and Second Avenue Partners, to participate in the round.
Energy storage is widely considered a key requirement for improving energy efficiency, maximizing the value of intermittent wind and solar generation, and meeting rising peak electrical demand. Ice Energy’s distributed energy storage solution is designed to enable utility companies to use more efficient, less expensive off-peak power to produce and store energy for use during periods of peak demand.
The company operates offices in Orange County and Sacramento, California.