Environment & Energy Report

A California Startup That Cools with Ice Raises $40 Million

June 26, 2018, 3:18 PM

Ice Energy, a California firm that uses chunks of ice to cool buildings, has secured $40 million in financing from private equity group Argo Infrastructure Partners LLC.

The bulk of the funding will help pay for a storage project for Edison International’s Southern California Edison utility, Ice Energy Chief Executive Officer Mike Hopkins said in an interview. He didn’t provide a valuation for the company.

The closely held firm also will use the proceeds to cover smaller deployments and operational costs and is partnering with Argo on financing for installations planned in the U.S., Europe, the Middle...

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