Climate Changed
A California Startup That Cools With Ice Raises $40 Million
- Argo Infrastructure Partners agrees to provide investment
- Ice Energy units freeze water for cooling when power is cheap
Ice Bear 30
Source: Ice Energy
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Ice Energy, a California firm that uses chunks of ice to cool buildings, has secured $40 million in financing from private equity group Argo Infrastructure Partners LLC.
The bulk of the funding will help pay for a storage project for Edison International’s Southern California Edison utility, Ice Energy Chief Executive Officer Mike Hopkins said in an interview. He didn’t provide a valuation for the company. The closely held firm will also use the proceeds to cover smaller deployments and operational costs and is partnering with Argo on financing for installations planned in the U.S., Europe, the Middle East, Australia and Japan.