Stem, Inc., a Millbrae, Calif.–based artificial intelligence (AI)-powered energy storage company, received a C$200m (US$153.3m) commitment from Ontario Teachers’ Pension Plan.
In addition, the company announced its second close of Series D financing with a US$26m investment led by BNP Paribas and Magnesium Capital, among others. This second close brings Stem’s total Series D round to nearly US$110m. Ontario Teachers’ Pension Plan is an original Series D investor in the company.
The investment will finance the acquisition of AI-driven energy storage projects in the Ontario market within the next 12 months.
Led by John Carrington, CEO, Stem creates innovative technology services. Athena TM by Stem is an AI for energy storage and virtual power plants, which optimizes the timing of energy use and facilitates consumers’ participation in energy markets, yielding economic and societal benefits while decarbonizing the grid.
The company entered the Canadian market in January 2018 with its Global Adjustment offering—specifically designed for Ontario—which enables large manufacturing plants and other industrial operations to improve control over energy costs.