Stem gets $15 Million and Expands Portfolio to 68 MWhMay 25, 2016 by Jeff Shepard
Stem, Inc. today announced several company milestones. The company has surpassed 68MWh of systems operating and under contract and closed $15 million in funding from leading technology growth investor Mithril Capital Management. 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.
â€œIntegrating cleantech solutions at scale is an important goal but a huge challenge,â€ said Ajay Royan, Co-Founder and Managing General Partner of Mithril. â€œYou canâ€™t have a truly smart grid until you have smart storage, and you canâ€™t have smart storage without smart software. Stemâ€™s technology creates a self-healing grid that increases efficiency and resilience through real-time co-optimization between generators, power users, and utilities. The companyâ€™s software capabilities are the most sophisticated on the market, as evidenced by its traction with businesses, utilities and grid operators.â€
Mithrilâ€™s investment brings Stemâ€™s Series C raise to $68 million, reinforcing Series C support from industry leaders RWE Supply & Trading of Germany, Japanâ€™s Mitsui & Co., and investors from previous rounds.
â€œWe 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,â€ said John Carrington, CEO of Stem, Inc.
To add to its software advantage, Stem recently tapped Silicon Valley veteran Larsh Johnson as its Chief Technology Officer. Building on CTO experience with Siemens Digital Grid, eMeter and CellNet Data Systems, Johnson is responsible for driving Stemâ€™s software and hardware product development.
Guided by its robust software platform, Stemâ€™s intelligent energy storage helps businesses automatically reduce electricity bills and more efficiently manage daily energy use. The systems, which continuously improve as more data is collected, are now informed by more than 2 million field runtime hours. Thus, Stemâ€™s customers further strengthen the network while they save. A testament to the value of software-driven energy storage, Stemâ€™s network now spans over 440 facilities in California and Hawaii. The company also leads the industry in Fortune 500 firms under contract, working with customers such as Wells Fargo, Safeway, Whole Foods, and Reliance Steel.
Utilities and grid operators can call upon these customer-sited systems for use as rapid, controllable and clean capacity resources. Stemâ€™s utility partners include Southern California Edison (SCE), San Diego Gas & Electric (SDG&E) and the Hawaiian Electric Company (HECO). The company also leads the market in successful bidding into the California Independent System Operator (CAISO) real-time and day-ahead energy markets.
â€œOur unparalleled investors now include pioneers in the tech community, as well as some of the worldâ€™s largest energy companies,â€ added Carrington. â€œIt is a winning combination that will accelerate our growth and make â€˜storage as a serviceâ€™ a critical component of global energy distribution and consumption.â€