# Ice Energy

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ice-energy

- Industry: Renewable Energy
- Headquarters: Windsor, US
- Website: www.ice-energy.com
- Total disclosed funding: $82M
- Latest round: Series C (Oct 18, 2010)
- Investors on record: 7

## About

Ice Energy is an innovative company specializing in energy storage solutions, particularly in the development of ice-based energy systems that enhance efficiency and sustainability in cooling applications.Ice Energy, founded in 2003, operates from its headquarters in Windsor, US. The company focuses on energy storage technology that utilizes ice to provide cooling during peak demand. In October 2010, Ice Energy secured a Series C financing round worth USD 24.00 mn, led by new investor TIAA-CREF and returning investors including Energy Capital Partners, SAIL Capital Partners, and Second Avenue Partners. The total amount raised by the company is USD 24.00 mn, with a current valuation of USD 157.81 mn. The leadership team includes CEOs Alper San and Enoabasi Ikokwu.Ice Energy specializes in energy storage systems that create ice during off-peak hours, which can then be used for cooling during peak demand periods. This technology not only enhances energy efficiency but also supports grid stability by reducing peak loads. The company's solutions are designed for commercial and industrial applications, addressing the growing demand for sustainable cooling solutions.Ice Energy's revenue model is primarily based on partnerships with energy providers and commercial clients who implement their energy storage solutions. The company generates revenue through the sale and installation of its ice energy systems, alongside service agreements for maintenance and support, leveraging its technology to provide cost savings to customers during peak energy usage times.Ice Energy aims to expand its product offerings by launching new energy storage technologies designed for residential applications by the end of 2023. Additionally, the company is targeting expansion into new markets, specifically the Southwest and Southeast regions of the United States, with plans to establish a presence there by 2024. The recent Series C funding round will be utilized to enhance research and development efforts, facilitating the introduction of these new products and supporting market entry strategies.

## Funding rounds

- Series C, Oct 18, 2010, $24M — TIAA-CREF Life Insurance Company, SAIL Capital Partners, Second Avenue Partners, Cofra, Energy Capital Partners
- Series B, Oct 10, 2008, $33M — Second Avenue Partners, Energy Capital Partners
- Series A, May 16, 2007, $25M — SAIL Capital Partners, Second Avenue Partners, Goldman Sachs Asset Management, Good Energies Inc.

## Investors

- SAIL Capital Partners (https://capitalatlas.ai/funds/sail-capital-partners) — Series A, Series C
- Second Avenue Partners (https://capitalatlas.ai/funds/second-avenue-partners) — Series A, Series B, Series C
- Goldman Sachs Asset Management (https://capitalatlas.ai/funds/goldman-sachs-asset-management) — Series A
- Good Energies Inc. — Series A
- Energy Capital Partners (https://capitalatlas.ai/funds/energy-capital-partners) — Series B, Series C
- TIAA-CREF Life Insurance Company — Series C
- Cofra — Series C