Ice Energy And Riverside Public Utilities Share Award For Boosting Local Economy

Ice Energy's New Idea Lab and 5 MW Energy Storage Contract With Utility Recognized for Promoting Job Growth and Economic Development

Santa Barbara, CA (Marketwired) - Ice Energy's partnership with Riverside (California) Public Utilities (RPU) was honored recently with a Public-Private Partnership award, recognizing a commitment to job creation and economic growth. The award was given by California's Inland Empire Economic Partnership (IEEP), the region's largest economic development organization.

Ice Energy established its Idea Lab, a new research and development center in Riverside, in mid-2015. In January, the Lab released a residential version of Ice Energy's award-winning ice battery. The system enables utilities to transform residential AC load into a grid resource and supports homeowners' efforts to lower their electric bills and carbon footprints. The center has already created a dozen jobs and will partner with local universities on research projects and training opportunities for recent graduates. Ice Energy joins a growing number of tech companies in Riverside, diversifying the city's institution-, government- and legal-based economy.

In addition, Ice Energy is providing 5 MW of behind-the-meter thermal energy storage capacity under a five-year contract from RPU, using Ice Energy's Ice Bear systems. The project will help the city manage its peak energy demand, increase energy efficiency and achieve environmental objectives, while ensuring the lowest energy costs for customers.

"We're really proud of our work with Ice Energy and we're grateful that the work is being recognized," said Riverside Public Utilities General Manager Girish Balachandran.

The Ice Bear system is an ice battery that attaches to commercial AC units or integrates with residential cooling systems. During off-peak hours, the Ice Bear freezes water to store cooling energy. During peak hours, stored ice provides cooling using only 5% of the power that otherwise would have been required. Each unit can lower CO2 emissions by up to 2,000 lbs. per year. Ice Bear systems can be deployed in smart grid-enabled, megawatt-scale fleets, with installation as easy as a standard AC system. Ice Energy trains and hires local, certified HVAC contractors to install Ice Bears, creating economic opportunities in each region.

"We inject 40% of our utility partners' investments back into the local economy, and, like distributed solar projects, each one of our programs creates local jobs. We're excited to be part of RPU's commitment to deliver clean, cost-effective electricity to their customers and proud to help the city support local businesses," said Mike Hopkins, Ice Energy's CEO.

More than 1,000 Ice Bear systems have been installed in over 40 utility service territories nationwide, surpassing 33 million hours of reliable, energy-saving operation.

About Ice Energy
Ice Energy is a leading energy storage provider for the grid. Its Ice Bear units deliver behind-the-meter thermal storage for HVAC systems, transforming air conditioning into a clean, flexible and responsive grid resource for over 40 utility service territories nationwide. With contracts to deliver 25.6 MW of storage to Southern California Edison in partnership with NRG Energy, 5 MW in Riverside, CA, 6 MW in Redding, CA, and an additional 225+ MW in the sales pipeline, the company is expanding quickly in the U.S. and internationally.