MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., the global leader in commercial-scale intelligent energy storage services, today announced Bill Bush as its new Chief Financial Officer, responsible for leading and expanding the company’s corporate and project financing efforts.
“Stem’s innovative project financing model has attracted a suite of corporate luminaries to its market-leading customer fleet and set the stage for the rapid growth of intelligent energy storage,” said Bush. “I am thrilled to join Stem and help the company expand in a market that could outpace the early growth of solar, and one that Bloomberg New Energy Finance predicts will reap $44 billion of global investment by 2024.”
Stem pioneered the subscription-based storage-as-a-service model to enable commercial, industrial, and institutional customers to reduce their energy bills and boost sustainability efforts with no upfront costs or intervention in their operations. The company has secured more than $350 million in project financing—the largest capital pool in the industry—from partners that include Generate Capital, Starwood Energy Group, and Clean Feet Investors.
Bush joins Stem with more than a decade of financial experience in the solar and technology industries and 20 years of management experience. Prior to joining Stem, he served as the CFO of Borrego Solar Systems, Inc., where he helped the company raise revenue and profitability by 10x. Earlier, Bush was CFO of Solar Semiconductor Inc., a leading photovoltaic module manufacturer and distributor based in India. Bush was also a founder of Buzzsaw.com—one of the earliest innovators of software subscription models and online data aggregation, which grew out of Autodesk, Inc.—and he spent seven years in public accounting with Ernst & Young and PricewaterhouseCoopers. Bush holds a B.S. in business administration from U.C. Berkeley.
In addition to project financing efforts, Bush will drive Stem’s corporate funding initiatives. The company is backed by leading technology investors and the venture capital arms of some of the world’s largest energy companies. Most recently, Stem closed a $68 million Series C raise led by Mitsui & Co., Mithril Capital Management, and RWE Supply & Trading.
“Bill’s experience, ingenuity and dedication to a clean energy future make him the perfect fit to help drive Stem into its next phase of growth,” said Stem CEO John Carrington. “I am looking forward to Bill’s contributions, and his domain expertise will be critical to our project finance, subscription model and financing strategy.”
Stem leads the market with more than 470 systems totaling more than 75 MWh installed or under contract with customers including Cargill, Wells Fargo, Marriott International, Macy’s, Safeway, Whole Foods and Reliance Steel.
About Stem, Inc.
Stem creates innovative technology services that transform the way energy is distributed and consumed. The company’s mission is to build and operate the largest digitally connected energy storage network for our customers. Our world class analytics optimize the value of customer’s energy assets and facilitate their participation in energy markets, yielding economic and societal benefits while decarbonizing the grid. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo) GE Ventures, Constellation Technology Ventures, Total Energy Ventures, Mitsui & Co. LTD., RWE Supply & Trading, and Mithril Capital Management. Visit www.stem.com for more information.