Ice Energy, a US-based thermal energy technology developer backed by financial services group TIAA, has raised $40m in funding from private equity firm Argo Infrastructure Partners, Bloomberg has reported.
Ice Energy has developed a technology that generates blocks of ice during off-peak hours using refrigerator-sized machines installed in the roofs of commercial buildings, and uses the ice to cool the building during office hours.
The money will enable the company to pay for a storage facility at Southern California Edison, a subsidiary of energy utility Edison International. The capital will also go toward smaller deployments and operational costs.
Ice Energy is partnering Argo Infrastructure Partners on financing additional installations in the US, Europe, the Middle East, Australia and Japan.
TIAA’s Global Social and Community Investing Department previously took part in Ice’s $24m series C round in 2010 alongside foundation Good Energies, Energy Capital Partners, Sail Ventures and Second Avenue Partners.
Energy Capital Partners had previously backed a $33m series B round for Ice in 2008. Ice had already raised $25m in series A capital and $10m in seed funding, though further details about those rounds could not be confirmed.