MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., a leader in advanced energy technology, will deploy one megawatt of behind-the-meter energy storage in a demonstration project with Hawaiian Electric Company to support grid response services. Stem will manage its advanced energy intelligence solution for commercial and industrial customers throughout Oahu. The aggregate portfolio of energy storage customers will provide additional grid capability during periods of variable solar generation and peak demand.
Stem’s energy storage and data analytics predict and rapidly respond to spikes in customers’ electricity demand, drawing on stored power to reduce energy costs without affecting operations. Stem’s technology also leverages the renewable forecasting and monitoring project that Hawaiian Electric currently operates. By participating, Stem customers will receive financial incentives to provide grid responsive power while supporting clean energy on the grid. Stem’s deployment will support the transformation of the Hawaii electric grid from one dependent primarily on fossil fuels to one that incorporates large amounts of solar and wind.
“Hawaii’s renewable energy growth and isolated location present unique and significant challenges for local grid operators,” said John Carrington, CEO of Stem. “Utilities and regulators are watching Hawaii to determine the viability of storage-enabled grid services. We are proud to be working with Hawaiian Electric to address those grid challenges with our technology.”
Hawaiian Electric and Stem will work together to identify and enlist participation of commercial and industrial customers with rooftop solar systems. All installations are expected to be completed by March 2015.
“We see energy storage supported by smart grid software as an increasingly essential component of the modern grid,” said Alan Oshima, incoming president & CEO of Hawaiian Electric. “Through partnerships with innovators like Stem, we will further modernize our system, integrate more renewables, and better serve our customers at lower costs.”
The program is supported by $1 million in grant funding from Hawaii’s Energy Excelerator, which was created to commercialize game-changing energy technologies in Hawaii’s unique test bed, and help companies scale globally. “Stem is unique because of their dual impact. They aren’t just reducing costs for individual buildings; they also knit together multiple batteries to enable the integration of more renewable energy system-wide,” said Dawn Lippert, Director and Co-Founder of the Energy Excelerator. “We’re excited about what this means for the future of Hawaii and other markets.”
Stem, a leading provider of energy optimization services, combines big data, predictive analytics and energy storage to reduce electricity costs for businesses. The company’s solution requires no compromises on building occupant comfort and offers unparalleled energy insights, allowing a comprehensive view into past, present and future energy use. As demands on the grid continue to increase, Stem’s system enables good energy citizenship and unlocks the potential for expanded renewable energy integration. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo) and GE Ventures.
About Hawaiian Electric
Hawaiian Electric and its subsidiaries, Maui Electric and Hawaii Electric Light, serve the islands of Oahu, Maui, Lanai, Molokai and Hawaii Island, home to 95 percent of the people of Hawai‘i. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE).
In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for its customers to achieve a lower cost, clean energy future for Hawai‘i. For more information, visit www.hawaiianelectric.com