Ice Energy, the leading provider of distributed thermal energy storage solutions, announced that it has entered into a long-term funding agreement with private equity manager Argo Infrastructure Partners LLC ("Argo").

The investment establishes a strategic relationship that begins with $40 million in funding for Ice Energy and its current projects, which are supported by long-term utility contracts to manage peak power demand and load shifting.

"Through our collaboration with Argo, the funding needs of our existing projects are now met, and we have a quality source of capital enabling us to accelerate market development both in the U.S. and internationally," said Mike Hopkins, CEO of Ice Energy. "Argo shares our view that thermal energy storage, and our Ice Bear technology in particular, has the potential to take a very significant share of a fast-growing market. We are tremendously excited to partner with Argo to do just that."

"Argo focuses on investing in high-quality, long-duration infrastructure assets. We see the differentiated energy storage technology that Ice Energy has been and will be bringing into service as a perfect fit with today's smarter energy grid needs. These are the type of assets we target for our investors," said Hugh Au, Senior Vice President at Argo. "We look forward to seeing Ice Energy grow bigger and faster." 

Argo Infrastructure Partners | www.argoip.com 

Ice Energy | www.ice-energy.com