Ice Energy Raises $24M

Ice Energy, a  developer of distributed energy storage solutions, held the first close of a  $24 million Series C financing led by TIAA-CREF, which stepped-in with a $4.5 million equity investment.

Returning investors included Energy Capital Partners, Good Energies, Sail Ventures and Second Avenue Partners.

Ice Energy plans to use the new cash to support its deployment of utility-scale distributed energy storage projects in the U.S. and Canada, including the deployment of  a 53-Megawatt project for the Southern California Public Power Authority.

“This latest investment gives us considerable resources to further develop our technology platform, explore new products, and rapidly expand our solution across a much wider set of customers,” said Ice CEO Frank Ramirez in a prepared statement.

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