California- based Stem Inc., developers of artificial intelligence -powered energy storage, has received $80 million from a group of leading technology investors.
In 2017, the company averaged installation of new energy storage system on every two days.
The Series D financing was led by Activate Capital, a growth equity firm in the sustainable energy market.
“Stem is clearly the leader in the energy storage market, offering a powerful AI and technology platform that creates significant value to those inside their network,” said Activate Capital managing director, Anup Jacob.
Activate Capital was joined by Ontario Teachers’ Pension Plan , Canada’s largest single-profession pension plan, and Temasek, an investment company headquartered in Singapore.
“Ontario Teachers’ and Temasek have combined portfolios in excess of $300 billion across the global commercial, industrial and real estate landscape. In addition, these firms bring deep relationships, a long history of investment in innovative platforms, and credibility with global financial institutions. These elements will be critical in advancing our next stage of growth as we continue to lead innovation in the distributed energy industry,” said John Carrington, CEO of Stem, Inc.
Ontario Teachers’ Pension Plan senior managing director Andrew Claerhout commented, “We are thrilled to have the opportunity to support the continued growth of an innovative company with a proven product like Stem.”
The equity raise caps a record 2017 for Stem’s growth in system count, new market expansion, and partnerships, with more announcements to come in 2018.
“We are excited to announce that international investors like Activate Capital, Ontario Teachers’, and Temasek are joining us in transforming the way energy is distributed and consumed,” said Carrington. “Our investors recognize Stem’s innovative value in energy superintelligenceTM and real-time energy optimization that benefits the customer, the utility, and the grid.”