Glendale, CA-based Ice Energy, a provider of utility scale distributed energy storage and smart grid solutions, and Norwalk, CT-based Verde Energy (News - Alert) USA Holdings, a retail energy supplier and clean energy solutions provider, have announced a strategic business alliance that includes an innovative cooperation agreement, as well as a minority equity investment in Verde by an affiliate of Ice Energy.
Verde is currently focused on serving residential, as well as small to mid-size commercial power markets, in Connecticut, New Jersey, Pennsylvania, Illinois and Ohio.
Ice leverages the higher efficiencies associated with generating and transmitting power off-peak, storing it at thousands of distributed locations, and dispatching it during times of high demand.
The alliance will combine the strengths of both organizations to provide customers with a unique option for lower-cost, clean-tech energy that improves overall grid reliability and efficiency.
The transaction closed late last week, and terms of the equity investment were not disclosed.
Said Ice Energy CEO Dave Prezioso: “We are excited about the opportunity to work with Verde Energy USA. Together, we will be able to further expand both the knowledge and resources required to enable smarter energy consumption.”
Prezioso said the new alliance “illustrates Ice Energy’s continued company growth and its support of wiser energy consumption, more affordable electric rates, and positive environmental impact.”
“This alliance with Ice Energy builds on our commitment to identify and deliver innovative, cost-effective energy solutions,” added Verde CEO Thomas FitzGerald. “This launch is the first of many important upcoming milestones for our wholly-owned subsidiary, Verde Energy Solutions, which will enable our customers to access an increasing array of best-in-class clean energy efficiency tools. We’re also very pleased with the confidence that Ice Energy has shown, through the investment, in our rapidly expanding value proposition, which offers clean, smart, and efficient energy solutions to commercial, government and consumer markets.”
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Edited by Braden Becker