Windsor, Colo. – May 16, 2007 – Ice Energy, the premier provider of efficient energy storage products for shifting air conditioning demand, today announced that it has closed $25 Million in a Series A Preferred round. Goldman Sachs led the funding round with support from Good Energies, Second Avenue Partners and Sail Venture Partners. Coady Diemar Partners served as the financial advisor to the Company in connection with the Transaction.
“Ice Energy’s innovative energy storage technology breaks the convention that electrical energy can’t be economically and efficiently stored,” said Alan Waxman, Managing Director at Goldman Sachs. “The Ice Bear's ability to shift power demand from peak to off-peak while reducing total energy consumption makes it a uniquely compelling technology that will accelerate the adoption of energy efficiency and load-shifting systems. This investment is consistent with Goldman Sachs’ commitment to investing in and developing industry-leading, commercial-stage energy efficiency and renewable energy companies.”
"We believe Ice Energy's technology delivers a compelling value proposition to utilities and end customers”, said Michael Ware, Managing Director at Good Energies. “Equally important, it serves as an implementing technology increasing the value of solar and wind power generation.”
“Each summer we see the direct impact of air conditioning on the environment and our nation’s strained power grid in the form of blackouts, rolling brownouts, higher electricity bills and increased ozone smog and greenhouse gas emissions. Already deployed in cities throughout California and across the country, the environmentally beneficial Ice Bear technology offers a simple preventative measure to the full spectrum of peak demand symptoms that plague the grid,” said Frank Ramirez, CEO for Ice Energy.
“On the hottest summer days, air conditioning use soars, increasing consumption to more than 50 percent of the peak demand on the power grid,” said Joe Desmond, former chairman of the California Energy Commission. “Solving heat-driven demand in a cost effective manner without curtailment is one of the energy industry’s largest unserved market opportunities. Ice Energy produces the first distributed energy storage resource that achieves breakthroughs in cost, efficiency, and building occupant comfort.”
“Ice Energy’s technology is a powerful tool for utilities that goes well beyond conventional demand response,” said Bob Foster, former CEO of Southern California Edison. “The Ice Bear unit normalizes the impact of weather on the grid.”
The financing will enable continued growth for Ice Energy, including expansion of the company’s new product development, manufacturing, business development, and sales and marketing initiatives.
“We are proud to be working with a group of financers who are committed to growing successful clean energy technology companies,” said Joseph T. Gorman, chairman of the board for Ice Energy. “This round of financial backing adds to an incredibly potent and diverse group of policy, management, technology, and market experts to support Ice Energy as we expand our customer base and address the peak energy crisis nationwide.”
Ice Energy’s technology permanently shifts electricity used for air conditioning (AC) away from peak demand hours. The company’s Ice Bear module uses off-peak electricity to make and store ice at night when electricity is cleaner and less expensive. During the heat of the day, the system uses the stored ice rather than electrical power to chill the AC refrigerant. Efficiently shifting over 90 percent of AC electricity consumption, the system is able to provide immediate and efficient cooling for commercial and municipal buildings through the hottest hours of the day. The technology has garnered Ice Energy a growing list of prestigious 2007 accolades including a Flex Your Power Award, Red Herring Magazine’s Top 100 Private Companies honor, and Plenty Magazine’s Plenty 20.
About Ice Energy, Inc.
Ice Energy® is an energy technology company focused on energy storage and advanced cooling and refrigeration products and technologies. The company manufactures and markets a new Ice Storage Air Conditioner (ISAC) product line for residential and commercial applications that addresses the increasing demand for electricity. Ice Energy’s products shift the largest component of residential and commercial peak demand -- air conditioning -- from expensive “on-peak” times of the day to “off-peak” periods, when energy is less expensive and less polluting. Approved as an optional compliance measure for California’s Title 24 building energy efficiency standards, the Ice Bear® system provides superior cooling comfort while significantly reducing the cost of energy. For more information visit www.ice-energy.com or call 877-5-ICEBEAR.
Ice Energy and Ice Bear are registered trademarks of Ice Energy, Inc.
About Goldman, Sachs & Co.:
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net-worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
About Good Energies:
Good Energies is a member of the COFRA group and a leading investor in the renewable energy industry. Its globally invested portfolio has a market capitalization of over USD 3 billion. Good Energies contributes to the challenge of sustainable energy transition through its investments in leading solar photovoltaic companies, wind energy developers and other renewable energy technologies. Its policy aims to provide long-term strategic investments in partnership with companies developing the technologies of the future. www.goodenergies.com.
About Second Avenue Partners:
Second Avenue Partners is a Seattle-based provider of management, strategy, and capital for early stage companies. The firm focuses on emerging Internet businesses in the high-tech field. The Second Avenue Partners investment approach is to make early stage investments in promising ventures and build long-term relationships, actively assisting its portfolio companies in becoming market leaders. The firm seeks strong entrepreneurial teams, innovative concepts with market-disruptive opportunities, and models that take advantage of cutting-edge technologies. They also bring with them a new attitude towards investing that includes a mentoring relationship with portfolio companies. To date, Second Avenue Partners has funded such companies as Housevalues, Insitu, Azaleos, Bocada, Sports Technologies Inc., Modumetal, and Atomic Moguls.
About Sail Venture Partners:
SAIL Venture Partners, L.P. is a national venture capital firm with offices in
Southern California and Washington, D.C., The firm invests primarily in early-stage companies in the Energy/Cleantech sector.
Press Contact:
Rosalind Jackson
Antenna Group (for Ice Energy)
415-977-1923
Rosalind@antennagroup.com