January 20, 2017 8:41 AM ET

Electrical Equipment

Company Overview of Ice Energy, Inc.

Company Overview

Ice Energy, Inc. provides distributed thermal energy storage solutions for businesses and homeowners in North America. The company’s distributed behind-the-meter ice battery transforms air conditioning load into a flexible grid resource. Its ice bear units deliver behind-the-meter thermal storage for HVAC systems. The company was founded in 2003 and is based in Santa Barbara, California.

3 East De La Guerra Street

Santa Barbara, CA 93101

United States

Founded in 2003





Key Executives for Ice Energy, Inc.

Chief Executive Officer and President
Chief Financial Officer
Age: 55
Chief Operating Officer
Executive Vice President of Market Development
Senior Vice President of Finance
Age: 47
Compensation as of Fiscal Year 2016.

Ice Energy, Inc. Key Developments

Ice Energy Hires Charles Costenbader as CFO

Ice Energy, Inc. has hired Charles Costenbader as its new Chief Financial Officer. His addition to the executive team comes at a time of accelerated growth in revenue and projects for the company, including expansion both domestically and internationally as it transitions to full-scale commercial operation. Costenbader most recently served as Chief Operating Officer of Synthesis Energy Systems, based in Shanghai, China. Prior to that he was Chief Financial Officer. He has 25 years of physical asset operations and commodity risk management experience in the power generation, refining, natural gas storage, biofuels, and renewable energy sectors. This includes 10 years in the Structured Finance Group of GE Capital and energy commodities at Macquarie Bank.

Ice Energy Announces Launch of Solar + Ice Solution

Ice Energy announced the launch of Solar + Ice which bundles Ice Bear thermal energy storage with rooftop solar PV to deliver the green and cost-effective solar-plus-storage solution for utilities. The company’s Solar + Ice bundle is available to utilities through long-term power purchase agreements (PPA) that guarantee performance. Ice Energy is partnering with solar companies including NRG Energy. The Solar + Ice solution couldn’t come at a better time for California utilities in particular. Legislation signed by Governor Brown last week requires half of the state’s electricity to come from renewable sources such as solar and wind by 2030. The Ice Bear used in the Solar + Ice bundle is a behind-the-meter system that attaches to one or more standard 5-20 ton commercial AC units. The Ice Bear freezes water when demand for power is low. Then when the utility desires the capacity, stored ice is dispatched to provide cooling instead of power-intensive AC compressors. Each system is networked and aggregated for dispatch as an entire fleet or as any subset. Rooftop solar and Ice Bears share many advantages, making them perfect companions: Cost-effectiveness - Both solutions are low-cost, with Ice Bear storage almost half the cost of other storage technologies. Proven reliability - Both solar and Ice Bears are highly reliable, with the Ice Bear at over 98% availability over more than 30 million operating hours. System longevity and durability - Both solutions are designed to last for at least 20 years, with minimal maintenance or downtime. Sustainability - Both products are fully recyclable and neither produces hazardous waste byproducts. Economic development - Rooftop solar systems and Ice Bears use local engineering and labor, leveraging utility investments to boost the local economy.

NRG Energy, Inc. and Ice Energy Partner for Southern California Utility Storage Projects

NRG Energy, Inc. and Ice Energy have partnered to help reduce California’s peak energy demand through an innovative energy storage solution. NRG and Ice Energy will meet the recently awarded 20 year long-term contracts to provide 25.6 megawatts of behind-the-meter energy storage using Ice Energy’s proprietary Ice Bear technology for Southern California Edison (SCE). NRG and Ice Energy will deliver the peak energy reductions associated with these contracts. Financial terms of the agreement were not disclosed. Subject to final approval from the California Public Utilities Commission, approximately 1,800 Ice Bear units will be installed in Orange County beginning in early 2016. Attaching to one or more standard 5-20 ton rooftop commercial AC units, the Ice Bear provides a unique solution to the problem of peak load management, a key part of creating power grids which are more efficient, reliable, and effectively integrate renewables. The Ice Bears freeze ice at night when demand for power is low and capacity is abundant, and then use stored ice during the day to provide cooling instead of power-intensive AC compressors. Each Ice Bear can reduce harmful CO2 emissions by up to four tons per year. Including the 178 MW of demand response and energy efficiency products awarded to NRG in SCE’s recent RFO, this arrangement will bring NRG’s total commitment to California’s growing Preferred Resources market to over 200 MW.

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