Energy storage provider Stem closes $15 million funding round
Written By: Stratton Report
May 25, 2016
On May 25, Stem, Inc., an energy storage provider, announced it had surpassed 68 MWh of systems operating and under contract and closed $15 million in funding from leading technology growth investor Mithril Capital Management.
According to the firm, Stem’s expanded fleet – which includes batteries from Samsung and Panasonic as well as Powerpack battery systems procured from Tesla Energy – is now more than 40 percent larger than its closest competitor.
Ajay Royan, Co-Founder and Managing General Partner of Mithril remarked: “Integrating cleantech solutions at scale is an important goal but a huge challenge. You can’t have a truly smart grid until you have smart storage, and you can’t have smart storage without smart software. Stem’s technology creates a self-healing grid that increases efficiency and resilience through real-time co-optimization between generators, power users, and utilities. The company’s software capabilities are the most sophisticated on the market, as evidenced by its traction with businesses, utilities and grid operators.”
Mithril’s investment brings Stem’s Series C raise to $68 million. Its investors include Angeleno Group, Iberdrola, GE Ventures, Constellation New Energy, Total Energy Ventures, Mitsui & Co., Ltd., RWE Supply & Trading and Mithril Capital Management
John Carrington, CEO of Stem, Inc. noted:
“We could not have a better supporter than Mithril as we amplify our software and predictive analytics offerings to bring new value to customers and grid operators,”
To add to its software capabilities, Stem recently tapped Silicon Valley veteran Larsh Johnson as its Chief Technology Officer.
Stem’s energy storage is targeted at businesses seeking to reduce electricity bills and more efficiently manage daily energy use. The systems, which improve as more data is collected, are now informed by more than 2 million field runtime hours.
According to the firm, Stem’s network now spans over 440 facilities in California and Hawaii. The company also has Fortune 500 firms under contract, working with customers such as Wells Fargo, Safeway, Whole Foods, and Reliance Steel.
Stem also aggregates its installed behind-the-meter storage to Utilities and grid operators can call upon these customer-sited systems to profit from providing grid services for Southern California Edison, San Diego Gas & Electric, and the Hawaiian Electric Company. Per Stem, the company also bids into the California Independent System Operator real-time and day-ahead energy markets.