Apr 28

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Ice Energy Closes on $5 Million Round of Financing

April 12, 2005

Fort Collins, CO-April 28, 2005 Ice Energy®LLC, is pleased to announce that it has closed a $5 million Series A round.

2nd Avenue Partners of Seattle, WA and SAIL Venture Partners, of Costa Mesa, CA lead the investment and were joined by a few private individuals.

Tom Cain with SAIL and Pete Higgins with 2nd Avenue Partners have been elected to the Board of Directors joining Joseph T. Gorman, Victor Fazio, and Bernays “Buz” Barclay as outside members of the Ice EnergyTM board of directors. Ice Energy’s CEO, Frank Ramirez, and President, Greg Tropsa are directors, in addition to the five outside board members.

"We are grateful to have our first institutional round strongly oversubscribed," said Frank Ramirez, CEO of Ice Energy. "The strong demand allowed us to make certain that each investor brought significantly more than money to the table to help us build the firm.”

The company has delivered its first breakthrough product, the Ice BearTM energy storage module, a member of Ice Energy’s Ice Storage Air ConditionerTM product line that eliminates 95% of the on-peak energy demand and consumption used by refrigerant based commercial air conditioners. Based on successful field results, California, Hawaii, and Colorado, box retailers, developers, and utilities have released initial orders.

Proceeds from the round will be used for commercialization of the Ice BearTM energy storage module and field testing of the residential member of the Ice Storage Air ConditionerTM product line. While there are compelling global applications, Ice EnergyTM will initially focus on U.S. deployment, though India, Mexico, Japan, and China are under consideration.

In recognition of Ice Energy’s technology achievements, the Company was awarded the Gold Award at the "2004 World’s Best Technology" showcase from over 250 investors, technology commercialization experts, and peers. The Company also received the “Innovation Award in Energy Management” from the American Society of Heating, Refrigerating and Air Conditioning Engineers (ASHRAE) and the Air-Conditioning and Refrigeration Institute (ARI) in 2003. A panel of judges, made up of ASHRAE members selected for their exceptional knowledge of the industry and its products, selected the Ice BearTM energy storage module based upon innovation, application, value to user, and market impact.

For the second consecutive year, Ice EnergyTM was also named "Most Promising Company" among the 75 energy companies that presented at the Energy Venture Fair V, held in San Jose, CA on November 11, 2004. The Company was previously named “Most Promising Company” at the Energy Venture IV in 2003.

“We foresee a day when the design footprint of most commercial and residential buildings includes both an air conditioner and its energy storage module. We intend to be the market leader in our target markets on that day”, said Greg Tropsa, President.

The two-year old company is based in Fort Collins, CO and currently has 20 employees. The Company projects initial sales of several million dollars in 2005 with exponential growth in the residential market in 2006.

Ice Energy®is an energy technology company focused on energy storage and advanced cooling and refrigeration efficiencies. For more information about Ice Energy®visit: www.ice-energy.com

For more information about Second Avenue Partners visit: www.secondave.com
For more information about SAIL Venture Partners visit: www.odysseyventure.com