ICE Thermal Harvesting, LLC ("ICE") announced today the closing of a large project finance facility with Gardner Capital Specialty Capital ("Gardner"). The committed facility of $150 million can be expanded to accommodate the growth trajectory of ICE over the next 5 years. ICE will utilize the facility provided through Gardner to fund the construction and deployment of ICE's patented modular heat-to-power systems to clients across multiple industries and geographies.
"This unique structure provided by Gardner delivers us access to capital to scale rapidly and in a non-dilutive manner" says Carrie Murtland, co-founder of ICE. The structure of the deal also includes a clear path to leverage the investment tax credits included in the recent Inflation Reduction Act applicable to waste heat-to-power systems, which creates additional value for ICE and its clients. This financing will further help speed the growth and adoption of this emission-free distributed power source.
"Gardner is excited to support the deployment and growth of heat-to-power systems through our long-term partnership with ICE, and it's novel application of climate technology to an untapped market" says Donna Lilley, COO of Gardner. "Our access to tax equity and project financing expertise will allow ICE to offer flexible solutions to their clients and quickly scale the business while focusing on the core goals of the firm."
