MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., a leader in advanced energy technology, today announced the creation of a new fund to finance up to $100 million in new projects featuring Stem’s behind-the-meter energy intelligence systems. Support for the fund is being provided through affiliates of B Asset Manager, an investment adviser based in New York City.
Stem combines advanced energy storage and real-time data analytics to help businesses more effectively manage energy costs, with no impact to daily operations. The rapid-response system automatically draws on stored energy to shave peak loads before they can impact customers’ electricity bills in the form of costly demand charges. In aggregate, Stem’s customer portfolio mitigates utilities’ peaker plant operations by serving as dispatchable assets during periods of peak demand.
“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.”
Today’s news comes on the heels of Stem’s $5 million project financing fund created in conjunction with Clean Feet Investors. Since its launch in late 2013, the model has supported the development of projects across all three major investor-owned electric utilities in California.
The relationship with B Asset Manager will help Stem tap into emerging markets like New York State, where public-private investments and new incentive programs are driving battery-based storage technology development and deployment in an effort to relieve grid congestion. Stem recently initiated sales in New York City as a cornerstone to expand its commercial presence in the region.
The first project funded through this initiative – a 1.1 MW installation in New York – is scheduled for completion in Q1 2015.
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 B Asset Manager
B Asset Manager is based in New York City.