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Ice Energy buys back program to distribute 1,800 commercial ice batteries

Ben Welter - Friday, February 16, 2018

Ice Energy, the California company that partnered with NRG Energy a year ago to install up to 1,800 behind-the-meter ice batteries in commercial buildings in Orange County, has bought back the program. Payment terms were not disclosed. In an e-mail interview, Ice Energy CEO Mike Hopkins explained the strategic shift.

Q: What spurred your decision to buy back the program?

A: NRG was the owner of the program but they decided to divest all their renewables including this project. We bought the project back from NRG last month and are financing it ourselves. We have almost 1800 Ice Bears available but are in discussions with several major property owners who will start taking down large chunks.

Q: The agreement with NRG called for the installation of up to 1,800 Ice Bear 30s, providing a total of up to 25.6 MW of peak storage capacity to Southern California Edison under 20-year power purchase agreements. How long was the NRG program active, and how many Ice Bears were installed?

A: During most of the time NRG owned the program, it was on hold due to regulatory delays. The delays were caused by requests for re-hearings and court appeals unrelated to our program, which was part of a much larger procurement by SCE that included a controversial gas peaker. The program got the regulatory green light last March, but that more or less coincided with NRG’s move out of renewables, which effectively kept the program on hold. As a result, only a few units for the City of Tustin were installed.

Ice Bear 30Q: Can you share performance data on the Ice Bears installed through the NRG agreement?

A: The Ice Bears installed for the City of Tustin have performed like the other 1200 or so units in operation – better than 98% availability which is better than any other storage technology, or grid asset for that matter.

Q: Can you name commercial property owners that participated in the Ice Bear program through NRG?

A: In addition to the City of Tustin who had their Ice Bears installed during NRG’s ownership of the program, the following commercial property owners signed up during NRG’s ownership and will now have their Ice Bears installed by us:

• A global bank
• John Wayne Airport
• Marconi Auto Museum
• Medical Eye Services
• 7 Diamonds

Q: Can you name any of the major property owners you're now in talks with?

A: We're in ongoing discussions and identifying initial target sites with the largest Orange County real estate developers and property management firms.

Q: Will the program change in any significant way under Ice Energy's direction?

A: Yes, under Ice Energy's direction we're able to respond more quickly and tailor our offering to meet individual customer needs. To accelerate adoption, for a limited period of time, Ice Energy is offering new participants free HVAC replacement in addition to free Ice Bears. We are also now able to work more efficiently with our utility partner on this program through our direct interaction. The end result of these changes is more units placed more quickly to more customers.

Q: When will the first units be installed?

A: The first installations under our ownership of the program will be next month which will be the beginning of almost three years of installing Ice Bears under our program. Once installed, the Ice Bears will then provide OC participants 20 years of utility bill savings and reduced greenhouse gas emissions.

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