24/1/2018 – Singapore’s state investor Temasek Holdings has joined a group of top technology investors, led by Activate Capital in funding the US$80 million Series D round in behind-the-meter battery startup Stem.
According to John Carrington, the CEO of Stem Inc., the three investors include Temasek, Activate Capital, and Ontario Teachers’ Pension Plan, which brings forth deep relationships and credibility for the US-based intelligent energy store provider.
“These elements will be critical in advancing our next stage of growth as we continue to lead innovation in the distributed energy industry,” Carrington said.
Besides, Stem also noted that the capital proceedings from this Series D round will be used for the company’s growth in market expansion, system count, and to forge partnerships.
Headquartered in California, Stem creates innovative technology services that transform the distribution and consumption of energy. Its proprietary technology Athena is the first artificial intelligence for energy storage and virtual power plants.
Last year, the company counts over 1 000 operations and in construction sites with an average system of 500 kWh. Most are in California, where state incentives and high demand charges have aligned to create the country’s largest market for behind-the-meter energy storage.
Besides, Stem is also active in Hawaii and New York. The company has a 1-megawatt pilot project with utility Hawaiian Electric on the island of Oahu. And it’s working with utility Con Edison and other utilities to deploy 14 megawatt-hours of batteries across 80 locations in New York.
“We are growing very, very fast, and I would say, exceeding expectations in a variety of areas,” Carrington said. “This is because we focus on growth capital, both expanding from a geographic footprint standpoint as well as investing in the team.”
Overall, the company represents more than half a billion dollars aimed at a nascent energy storage market.
Commenting on the deal, Carrington also added that, “We thank our investors for recognizing Stem’s innovative value in energy storage intelligence and real-time energy optimization that benefits the customer, the utility, and the grid.”