U.S. Ice Energy, Argo Infrastructure enter into $40 mln funding agreement

U.S.-based energy storage company Ice Energy has entered into a long-term funding agreement with private equity manager Argo Infrastructure Partners.

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.

Ice Energy said that through its collaboration with Argo, the funding needs of its existing projects are now met, and it has a quality source of capital enabling it to accelerate market development both in the U.S. and internationally.

Argo noted that it expects 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, and it added that it expects Ice Energy grow bigger and faster.