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.”