Stem, Inc., a Millbrae, California-based provider of intelligent energy storage, closed $45m Series C funding round.
The second tranche in the round was led by RWE Supply & Trading, which will also take a seat on Stem’s board of directors. The Series C opened earlier this year with a $12M tranche led by Japan-based Mitsui & Co.
The company intends to use the funds to expand its presence globally.
Led by John Carrington, CEO, Stem provides a customer-sited energy storage system which enables businesses to simultaneously reduce electricity bills and in aggregate deliver services to the grid. The company’s software learns a customer’s unique energy profile to maximize savings and displays real-time and predicted energy use alongside actionable recommendations.
Other investors include Angeleno Group, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Constellation New Energy, and Total Energy Ventures.