MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., the leader in software-driven energy storage, today announced several company milestones. The company has surpassed 68 MWh of systems operating and under contract and closed $15 million in funding from leading technology growth investor Mithril Capital Management. Stem’s expanded fleet – which includes batteries from Samsung and Panasonic as well as Powerpack battery systems procured from Tesla Energy – is now more than 40 percent larger than its closest competitor.
“Integrating cleantech solutions at scale is an important goal but a huge challenge,” said Ajay Royan, Co-Founder and Managing General Partner of Mithril. “You can’t have a truly smart grid until you have smart storage, and you can’t have smart storage without smart software. Stem’s technology creates a self-healing grid that increases efficiency and resilience through real-time co-optimization between generators, power users, and utilities. The company’s software capabilities are the most sophisticated on the market, as evidenced by its traction with businesses, utilities and grid operators.”
Mithril’s investment brings Stem’s Series C raise to $68 million, reinforcing Series C support from industry leaders RWE Supply & Trading of Germany, Japan’s Mitsui & Co., and investors from previous rounds.
“We could not have a better supporter than Mithril as we amplify our software and predictive analytics offerings to bring new value to customers and grid operators,” said John Carrington, CEO of Stem, Inc.
To add to its software advantage, Stem recently tapped Silicon Valley veteran Larsh Johnson as its Chief Technology Officer. Building on CTO experience with Siemens Digital Grid, eMeter and CellNet Data Systems, Johnson is responsible for driving Stem’s software and hardware product development.
Guided by its robust software platform, Stem’s intelligent energy storage helps businesses automatically reduce electricity bills and more efficiently manage daily energy use. The systems, which continuously improve as more data is collected, are now informed by more than 2 million field runtime hours. Thus, Stem’s customers further strengthen the network while they save. A testament to the value of software-driven energy storage, Stem’s network now spans over 440 facilities in California and Hawaii. The company also leads the industry in Fortune 500 firms under contract, working with customers such as Wells Fargo, Safeway, Whole Foods, and Reliance Steel.
Utilities and grid operators can call upon these customer-sited systems for use as rapid, controllable and clean capacity resources. Stem’s utility partners include Southern California Edison (SCE), San Diego Gas & Electric (SDG&E) and the Hawaiian Electric Company (HECO). The company also leads the market in successful bidding into the California Independent System Operator (CAISO) real-time and day-ahead energy markets.
“Our unparalleled investors now include pioneers in the tech community, as well as some of the world’s largest energy companies,” added Carrington. “It is a winning combination that will accelerate our growth and make ‘storage as a service’ a critical component of global energy distribution and consumption.”
Stem, the leading provider of intelligent energy storage, combines big data, predictive analytics and energy storage to simultaneously reduce electricity costs for businesses and in aggregate, deliver services to the grid. Stem’s software learns a customer’s unique energy profile to maximize savings and displays real-time and predicted energy use alongside actionable recommendations. When aggregated, Stem’s customer-sited storage network offers flexible, cost-competitive capacity to the grid. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola, GE Ventures, Constellation New Energy, Total Energy Ventures, Mitsui & Co., Ltd., RWE Supply & Trading and Mithril Capital Management. For more information visit www.stem.com
About Mithril Capital Management
Mithril invests in leading growth companies by partnering with teams who use technology to build transformative and durable businesses, often in industries long overdue for change. Each of these businesses is unique, but all face common challenges to unlocking long-term growth. Mithril helps navigate these critical inflection points by investing in size and with conviction. www.mithril.com