It was founded in 2007 as the Edmonton Chill until the name was revoked in August 2008, after allegations of misconduct were filed with the league regarding Troy Barns, the majority shareholder in the team.

Eleven local business owners, led by businessman, chartered accountant, and mayoral candidate David Dorward came together to keep the IBL in Edmonton.

The entire starting five of Will Funn (Portland State), J.R. Patrick (Santa Clara), Steve Sir (Northern Arizona), Skouson Harker (Oregon), and Lee Scruggs (Georgetown) were named 2009 IBL All-Stars.

Will Funn, Rashaun Broadus (BYU), Steve Sir, Dave Patten (Weber State), and Skouson Harker were named 2010 IBL All-Stars.

Lee Scruggs was also named Honorable Mention for his veteran leadership and superb shooting as the team captain.

After finishing second in the Continental Conference, the Energy qualified for the playoffs with a 14-6 record, however team ownership stated that they did not have enough money to fund the trip.

Andrew Parker, Edmonton Energy guard, stated "We will play this year with a chip on our shoulder and show the fans that we deserve it."

In April 2011, the Energy signed the Premier Basketball League's 2010-2011 official Player of the Year, Quinnel "Q" Brown.