MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., the leader in energy superintelligence™, was chosen by Kilroy Realty Corporation (NYSE: KRC) to deploy over 7.5 MWh of artificial intelligence (AI)-driven energy storage at eight commercial buildings in KRC’s California portfolio. The selection was facilitated by Black Bear Energy Inc., who acted as the owner’s representative for Kilroy Realty.
Stem will install its Athena™-powered storage in 2018 at four KRC office buildings in San Francisco and another four in Los Angeles, representing approximately 20 percent of KRC’s stabilized office portfolio. The KRC systems, which utilize a uniquely-tailored financial structure for real estate firms, will join the world’s largest digitally-connected storage network. This network uses the systems when idle to support strained local grids and enable higher penetrations of clean power in the community.
“Intelligent energy storage helps reduce the environmental footprint of our building operations,” said Sara Neff, senior vice president of sustainability at KRC. “Black Bear’s expertise with clean energy and Stem’s AI-powered solution will help us achieve our environmental goals while helping to modernize the grid, which is a natural alignment with our business vision.”
“When it comes to real estate and energy storage for commercial buildings, it’s the brains behind the batteries that differentiate solutions. KRC is a renowned innovator in the real estate industry, and we are proud to support their corporate sustainability plans,” said John Carrington, CEO of Stem. “Real estate leaders recognize Stem’s innovative model and unparalleled experience, which allows us to execute with precision, address siting constraints, and deploy quickly.”
“KRC was recently named the North American office leader in sustainability by the Global ESG Benchmark for Real Assets for the fourth time, and was added to the Dow Jones Sustainability World Index – one of only three American real estate companies named to the DJSI World Index in 2017,” commented Drew Torbin, Black Bear Energy’s CEO. “We enjoy bringing good companies together. The energy superintelligence that Stem brings is a great fit for KRC.”
About Stem, Inc.
Stem creates innovative technology services that transform the way energy is distributed and consumed. Athena™ by Stem is the first AI for energy storage and virtual power plants. It optimizes the timing of energy use and facilitates consumers’ participation in energy markets, yielding economic and societal benefits while decarbonizing the grid. The company’s mission is to build and operate the smartest and largest digitally-connected energy storage network for our customers. Headquartered in Millbrae, California, Stem is directly funded by a consortium of leading investors including Activate Capital, Angeleno Group, Constellation Technology Ventures, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Mithril Capital Management, Mitsui & Co. LTD., Ontario Teachers’ Pension Plan, RWE Supply & Trading, Temasek, and Total Energy Ventures. Visit www.stem.com for more information.
About Black Bear Energy, Inc.
Black Bear Energy is a technology-enabled energy services company that represents commercial renewable and clean energy buyers. Black Bear’s clients own, manage, or control more than 2.5 billion square feet of real estate through the U.S. For more information about Black Bear Energy visit BlackBearEnergy.com. For press inquiries contact email@example.com.
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