Ice Energy awarded Patrick Soon-Shiong Innovation Award for its thermal energy storage technology
Los Angeles Business Journal spotlights the technology that reduces commercial power consumption during peak periods
LOS ANGELES, November 19, 2014 – Ice Energy today announced it has won a Los Angeles Business Journal 2014 Patrick Soon-Shiong Innovation Award, presented at an awards dinner at the Beverly Wilshire Hotel in Beverly Hills last night. Ice Energy was among 15 finalists competing for five annual awards that honor the region’s most impactful innovators.
“It’s an honor to be singled out among so many breakthrough technology companies,” said Mike Hopkins, CEO of Ice Energy, the leading provider of distributed thermal energy storage technology. “Just last week, we won a contract for 25 megawatts from Southern California Edison, so 2014 has been a terrific year of growth for us and for energy storage technology that is gaining momentum in smart grid planning.”
Ice Energy recently was awarded 16 contracts from Southern California Edison (SCE) to provide 25.6 megawatts of behind-the-meter thermal energy storage using Ice Energy’s proprietary Ice Bear system that attaches to one or more standard 5-20 ton commercial AC units. The Ice Bear freezes ice at night when demand for power is low, capacity is abundant and increasingly sourced from renewables such as wind power. Then during the day, stored ice is used to provide cooling, instead of the power-intensive AC compressor. Ice Bears are deployed in smart-grid enabled, megawatt-scale fleets, and each Ice Bear can reduce harmful CO2 emissions by up to 10 tons per year.
Currently in its fifth year, the Innovation Awards’ advisory committee includes: Matt Toledo, CEO and Publisher, Los Angeles Business Journal; Patrick Soon-Shiong, Chairman & CEO, NantWorks; Bill Allen, CEO, Los Angeles County Economic Development Corporation; Jim Ellis, Dean, Marshall School of Business, USC; Frederic Farina, Director of Tech Transfer, Caltech; Eric Grey, Managing Director, Merrill Lynch; Judy Olian, Dean, Anderson School of Management, UCLA; Josh Schimmels, Associate Publisher, Los Angeles Business Journal and Gary Toebben, CEO, Los Angeles Area Chamber of Commerce. A special feature on the program will run in the November 24th edition of the business journal.
Almost 1,000 Ice Bear units are already installed in more than 40 different utility service territories nationwide.
About Ice Energy
Ice Energy delivers cost-effective, reliable and highly efficient distributed energy storage and smart grid solutions to utilities using direct-expansion AC technology. The company’s smart grid platform integrates distributed energy storage technology with an advanced software infrastructure and intelligent two-way control to provide utilities with a fully dispatchable grid asset that can be rapidly deployed at any scale. To learn more about Ice Energy, please visit ice-energy.com.
About the Patrick Soon-Shiong Innovation Awards
For the fifth year, the Los Angeles Business Journal and NantWorks are proud to co-host the Patrick Soon-Shiong Innovation Awards. California is home to some of the most cutting-edge and innovative companies in the country. Innovation comes in many forms from finished products and processes to implementation and idea generation. As a true and accomplished innovator himself, Dr. Soon-Shiong recognizes the important role that innovation plays in enhancing the economic competitiveness of the region. This special award program was created to honor and acknowledge the people and organizations that continue to stretch the boundaries and have proven to be leaders in innovation. For more information, visit http://www.labusinessjournal.com.