May 2

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Ice Energy Wins "Red Herring 100" Award

Award Recognizes the 100 “Most Promising” Companies Driving the Future of Technology

Windsor, Color. - May 2, 2007 – Ice Energy, the leading provider of permanent load shifting Ice Storage Air Conditioning (ISAC) systems, today announced that the company is a recipient of Red Herring 100 Spring, an award given by Red Herring to the top 100 private technology companies based in North America.

On any given day, air conditioning (AC) accounts for one-third of the total electricity demand on the nation’s strained power grid, and on hot days causes blackouts and puts less efficient, more polluting power generation into use. Ice Energy directly addresses that problem with its Ice Bear unit, a turnkey module that uses off-peak electricity to make and store ice at night when electricity is cleaner and less expensive. During the day, the system uses the stored ice rather than mid-day electrical power to chill the AC refrigerant. Efficiently shifting over 90 percent of AC electricity consumption, the system is able to provide immediate and efficient cooling for commercial and municipal buildings through the hottest hours of the day.

"This honor from Red Herring is testament to the innovative and consequential nature of Ice Energy’s technology,” said Frank Ramirez, CEO of Ice Energy. “With summer strain already compromising our nation’s grid and demand continuing to grow three to five times base load, there is no question that the peak demand problem is pervasive. We look forward to making good on Red Herring’s commendation as Ice Energy continues to work with utilities, customers and partners across the country to combat peak electricity demand, reduce carbon dioxide and other polluting emissions, and maintain the cool comfort of our buildings.”

"Having received more than 800 submissions, it is clear that we are witnessing a new outburst of creativity," says Joel Dreyfuss, Editor-in-Chief of Red Herring. "With venture capital flowing again, it’s exciting to see technology innovators and business investors collaborate to create disruptive technologies. The Red Herring 100 North America companies are impressive up-and-comers, and definitely the ones to watch."

Red Herring’s annual lists of top private companies are an important part of the company’s tradition of identifying new and innovative technology companies and entrepreneurs. Companies like Google, eBay and Skype were spotted in their early days by Red Herring editors, and touted as leaders that would change the way we live and work.

This year marks the 10th anniversary of the Red Herring 100 Awards. Red Herring’s editorial staff rigorously evaluated more than 800 private companies through a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to research and development. Ice Energy and the other Red Herring 100 Spring companies were honored at the Red Herring Spring 2007 event, May 1-3 at the Hyatt Regency in Monterey, California.

About Ice Energy, Inc.
Ice Energy® is an energy technology company focused on energy storage and advanced cooling and refrigeration products and technologies. The company manufactures and markets a new Ice Storage Air Conditioner (ISAC) product line for residential and commercial applications that addresses the increasing demand for electricity. Ice Energy’s products shift the largest component of residential and commercial peak demand -- air conditioning -- from expensive “on-peak” times of the day to “off-peak” periods, when energy is less expensive and less polluting. Recently approved as an optional compliance measure for California’s Title 24 building energy efficiency standards, the Ice Bear® system provides superior cooling comfort while significantly reducing the cost of energy. For more information visit www.ice-energy.com or call 877-5-ICEBEAR.

Ice Energy and Ice Bear are registered trademarks of Ice Energy, Inc.

About Red Herring
Red Herring is a global media company which unites the world’s best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters, and major events for technology leaders around the globe. Red Herring provides an insider’s access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. More information about Red Herring is available on the Internet at www.redherring.com.

Press Contact:
Rosalind Jackson
Antenna Group (for Ice Energy)
rosalind@antennagroup.com
415-977-1923