Energy Storage & Analytics Company Secures $100M for Projects

Sept. 16, 2014
Stem, a California company that combines advanced energy storage and real-time data analytics, has secured up to $100 million to finance new projects that feature its technology.

Stem, a California company that combines advanced energy storage and real-time data analytics, has secured up to $100 million to finance new projects that feature its technology.

The company intends to use the new fund to move into emerging markets like New York, where battery-based storage is increasingly being installed to relieve grid congestion. Stem already has begun marketing in New York City as a cornerstone to expand its commercial presence in the region.

The first energy storage project funded through the initiative – a 1.1 MW installation in New York – is scheduled to be complete in the first quarter of next year.

The new financing is being provided through affiliates of B Asset Manager, an investment adviser based in New York City.

“This fund is the latest step in Stem’s commitment to helping customers overcome the primary barrier to adoption for intelligent energy solutions – access to capital,” said John Carrington, CEO of Stem. “Working with a respected organization like B Asset Manager is crucial to this endeavor, as it provides a stable, long-term vehicle to accelerate the deployment of our systems across the country.

Stem combines advanced energy storage and real-time data analytics to help businesses manage energy costs.The rapid-response system automatically draws on stored energy to shave peak loads, thus helping customers avoid demand charges that increase electricity bills. Stem can dispatch its aggregated portfolio when demand is high on the grid and offset the need for utilities to run peaking plants.

Headquartered in Millbrae, California, Stem is funded by a consortium that includes Angeleno Group, Iberdrola (Inversiones Financieras Perseo) and GE Ventures.

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About the Author

Elisa Wood | Editor-in-Chief

Elisa Wood is an award-winning writer and editor who specializes in the energy industry. She is chief editor and co-founder of Microgrid Knowledge and serves as co-host of the publication’s popular conference series. She also co-founded RealEnergyWriters.com, where she continues to lead a team of energy writers who produce content for energy companies and advocacy organizations.

She has been writing about energy for more than two decades and is published widely. Her work can be found in prominent energy business journals as well as mainstream publications. She has been quoted by NPR, the Wall Street Journal and other notable media outlets.

“For an especially readable voice in the industry, the most consistent interpreter across these years has been the energy journalist Elisa Wood, whose Microgrid Knowledge (and conference) has aggregated more stories better than any other feed of its time,” wrote Malcolm McCullough, in the book, Downtime on the Microgrid, published by MIT Press in 2020.

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