Stem Closes $15M in Series B Financing

Stem Inc., a Millbrae, CA-based provider of advanced energy storage systems, closed a $15m in Series B financing round.

Backers included Iberdrola (Inversiones Financieras Perseo, S.L.), GE Ventures and Series A investor Angeleno Group.

The company intends to use the funds to expand to new commercial and industrial sectors and geographies.

Founded in 2009 and led by Salim Khan, CEO, Stem provides a proprietary data analytics and intelligent energy storage system that enables businesses to reduce their electricity expenses via an autonomous, real-time decision engine that alternates between battery power and grid power to optimize energy costs.
Customers include companies coming from a range of industries including manufacturing, retail, services, and hospitality.



Join the discussion