Major investment is part of multi-faceted strategic partnership to accelerate growth in U.S. and international markets
COSTA MESA, CA - June 26, 2018 - 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."
About Argo Infrastructure Partners
Argo Infrastructure Partners is an independent investment manager that invests in high-quality regulated and contracted infrastructure assets, targeting returns through sustainable cash yields and long-term capital appreciation
Argo is dedicated to the good stewardship of its managed assets over their full operating horizons. A focus on sustainability and sound ESG is core to our asset management culture. We participate in industry ESG benchmarking via GRESB, and one of our managed assets received S&P's first E1 Green Evaluation rating.
With over US$2 billion in assets under management on behalf of institutional investors, Argo manages an investment portfolio that includes a 330 MW ISO-interconnecting bi-directional power transmission system; power generation assets that provide the majority of electricity demand load for Pueblo, Colorado; Duquesne Energy, the regulated electric transmission and distribution utility serving over 500,000 customers in the Pittsburgh area; and two water utilities, including one serving the city of Bayonne, NJ.
For more information, visit www.argoip.com or email: firstname.lastname@example.org
About Ice Energy
Ice Energy is a leading energy storage provider for the grid. Its thermal energy storage products deliver behind-the-meter storage for commercial and industrial HVAC, refrigeration and process cooling systems, as well as for home AC, providing peak capacity to over 40 utility service territories nationwide. The company has installed 15 megawatts (MW) of energy storage, has contracts to install another 30 MW, and has a pipeline of over 400 MW. Ice Energy is expanding quickly in the U.S. and internationally.