October 18, 2010—TIAA-CREF and Good Energies, a global clean energy/clean tech investment firm, announced a partnership between the firms to make venture capital investments together in the areas of energy efficiency and green building technology.
The first of these investments is a $4.5 million private equity investment by TIAA-CREF in Ice Energy, which produces cost efficient, energy saving cooling systems for commercial real estate. By storing inexpensive, off-peak power overnight for daytime use, Ice Energy’s equipment shifts up to 95 percent of a building’s daytime power demand to off-peak power, bypassing daytime grid constraints and higher-priced peak power.
This investment launches a relationship between TIAA-CREF and Good Energies, called the Green Building Technology Partnership (GBTP, the Partnership), in which TIAA-CREF’s Global Social and Community Investing Department will invest a total of $50 million in companies and technologies alongside Good Energies’ venture capital investments. These investments seek to improve the energy efficiency of commercial buildings. The target size for each TIAA-CREF investment is $2 million to $8 million.
This Partnership combines the energy efficiency and green building venture capital investment expertise of Good Energies with the commercial real estate and social investing experience of TIAA-CREF.
For more information, see the TIAA-CREF Web site.
