Canada’s Veridian Chooses Ice Energy for Distributed Energy Storage Project to Help Reduce Peak Electricity Demand

Funding for pilot provided by Ontario Power Authority’s Conservation Fund

WINDSOR, CO – September 30, 2010 – Ice Energy, a leading provider of smart-grid enabled, advanced energy storage solutions to the electric utility industry, today announced a new distributed energy storage project with Canadian-based utility Veridian Connections that will help lower summer peak electrical demand in the Eastern Ontario region.

The pilot project is funded by a grant from the Ontario Power Authority under its Conservation Fund program, which supports the development of a reliable and sustainable electricity system by funding innovative conservation programs that can be scaled to achieve significant energy savings in the Province of Ontario.

By leveraging the benefits of more efficient nighttime power generation, storing it directly on individual buildings, and dispatching it during times of peak demand, Ice Energy’s Ice Bear energy storage solution enables utilities to use off-peak energy to meet daytime air conditioning demand, the single largest contributor to peak summer loads.

“Energy storage systems like the Ice Bear have the potential to help customers and utilities improve energy system efficiency and grid reliability,” said Michael Angemeer, President and CEO of Veridian. “The pilot presents an opportunity to better understand the contribution this technology can provide to shifting peak demand and reducing greenhouse gasses, and we’re proud to be part of this innovative project with the Ontario Power Authority.”

“Through its leadership in innovative energy conservation programs like this one, it’s clear Veridian is committed to helping its customers to conserve electricity and save money,” said Chris Tomasini, Business Development Manager for Ice Energy. “By enabling commercial customers to shift cooling loads to lower priced off-peak electricity rates, the Ice Bear pilot demonstrates Veridian’s commitment to finding innovative solutions that will form the cornerstone of the sustainable communities of tomorrow. We’re pleased to have them as our partner in Eastern Ontario for this groundbreaking project.”

With the introduction of the Green Energy Act, the Ontario Power Authority’s funding guidelines were updated to allow local distribution companies (LDCs) to apply for pilot project support through its Conservation Fund. Veridian, along with Toronto Hydro, are the first LDCs to take advantage of the change – receiving $350,000 in funding. A total of 12 Ice Bear units will be installed within the utilities’ respective service areas.

"Ontario is leading the way to a cleaner, reliable and sustainable electricity system, from our feed-in tariff program for renewable energy, to our portfolio of conservation programs,” said Colin Andersen, Chief Executive Officer at the Ontario Power Authority. "The Conservation Fund provides a crucial forum for those harnessing the potential of innovative approaches to conservation, offsetting the future need to build expensive generation and giving Ontario a cleaner, greener tomorrow. We are proud to contribute to this successful project.”

ABOUT ICE ENERGY

Ice Energy is a leading provider of advanced energy storage and smart grid solutions to the electric utility industry. Founded in 2003, the company is dedicated to transforming energy system efficiency and improving grid reliability through the development of advanced technology solutions that promote the efficient use of energy resources, reduce our dependency on fossil fuels, and enable the transition to a cleaner, smarter, more sustainable power grid. The company is headquartered in Windsor, Colorado, with offices in Orange County and Sacramento, California. For more information, visit www.ice-energy.com or follow us on Twitter @ www.twitter.com/IceENRG.