It consists solely of sodium nitrite and disodium tetraborate, in deionized water.
The sodium nitrite is the same stuff added to dried food to prevent spoilage. It inhibits growies in your coolant as a secondary effect, but its primary purpose is to convert to sodium nitrate. The nitrate ion provides protection from pitting and crevice corrosion.
https://www.google.com/patents/EP1352037A2?cl=en"Coolant blended from ethylene glycol (EG) for heavy-duty diesel applications in prototype EGR-equipped engines sometimes experiences discolouration and rapid oxidation. Oxidation reactions include nitrite ( O2) to nitrate (NO3)..."
So the Engine Ice may experience discoloration, and if the nitrate / nitrite ratio is disturbed (such as by running way too hot), you'll get rapid oxidation, and hence discoloration.
As for the disodium tetraborate, from my post above:
BORATE:
A component of OAT (Organic Acid Technology), an acidic buffer. Can attack aluminum if silicate levels are low (and modern anti-freeze products mostly contain low silicate levels). Again, using solely OAT coolant is something to avoid with our scooters. OAT anti-freeze ingredients take a long time to lay down a protective layer of metal oxide (the passivation layer) to protect the metal. Hence, if your water pump is cavitating and exposing fresh metal (as I suspect ours do, with the high RPMs developed), OAT will not work quickly enough to protect it. The result will be a badly corroded and eroded pump impellar. None of the anti-freeze products I looked at listed this as an ingredient.
No way to tell if it's actually causing any problems except by the discoloration, so check the coolant color frequently.