Ice Energy, a provider of smart-grid-enabled distributed energy storage solutions to the electric utility industry, has completed a $24 million first closing of its Series C financing.
The $24 million investment provides Ice Energy with working and growth capital to support its deployment of utility-scale distributed energy storage projects throughout the U.S. and Canada, including a 53 MW project currently under way with the Southern California Public Power Authority.
TIAA-CREF 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 solar and wind generation and meeting rising peak electrical demand, the company says.
SOURCE: Ice Energy