Stem Inc., a Millbrae, California–based provider of artificial intelligence (AI)-powered energy storage, held the first close of its Series D financing with an $80m investment.
The round was led by Activate Capital, with participation from Ontario Teachers’ Pension Plan, and Temasek.
The company intends to use the funds to continue to expand its network.
Led by John Carrington, CEO, Stem builds and operates a digitally connected energy storage network featuring analytics which optimize the value of customer’s energy assets and facilitate their participation in energy markets.
Stem now has hundreds of systems under management across five states and three countries (US, Japan, and Canada). These systems form networks for capacity and grid services with eight utilities across North America and Tokyo Electric Power in Japan. Of the company’s over 1,100 sites, 330 locations are standalone PowerMonitor controls and software for utility use. These sites provide utility customers with additional grid edge visibility and control in areas with high rooftop solar penetration.