Stem, Inc., a Millbrae, California-based software-driven energy storage company, closed $15m in funding.
Mithril Capital Management made the investment, which brought Stem’s Series C raise to $68m.
Led by John Carrington, CEO, and Larsh Johnson, CTO, Stem combines big data, predictive analytics and energy storage to reduce electricity costs for businesses 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.
Stem has also announced it has surpassed 68 MWh of systems operating and under contract with customers such as Wells Fargo, Safeway, Whole Foods, and Reliance Steel and utility partners such as Southern California Edison (SCE), San Diego Gas & Electric (SDG&E) and the Hawaiian Electric Company (HECO).
The company is funded by investors including Angeleno Group, Iberdrola, GE Ventures, Constellation New Energy, Total Energy Ventures, Mitsui & Co., Ltd., RWE Supply & Trading and Mithril Capital Management.