The company intends to use the new fund to move into emerging markets like New York, where battery-based storage is increasingly being installed to relieve grid congestion. Stem already has begun marketing in New York City as a cornerstone to expand its commercial presence in the region.
The first energy storage project funded through the initiative – a 1.1 MW installation in New York – is scheduled to be complete in the first quarter of next year.
The new financing is being provided through affiliates of B Asset Manager, an investment adviser based in New York City.
“This fund is the latest step in Stem’s commitment to helping customers overcome the primary barrier to adoption for intelligent energy solutions – access to capital,” said John Carrington, CEO of Stem. “Working with a respected organization like B Asset Manager is crucial to this endeavor, as it provides a stable, long-term vehicle to accelerate the deployment of our systems across the country.
Stem combines advanced energy storage and real-time data analytics to help businesses manage energy costs.The rapid-response system automatically draws on stored energy to shave peak loads, thus helping customers avoid demand charges that increase electricity bills. Stem can dispatch its aggregated portfolio when demand is high on the grid and offset the need for utilities to run peaking plants.
Headquartered in Millbrae, California, Stem is funded by a consortium that includes Angeleno Group, Iberdrola (Inversiones Financieras Perseo) and GE Ventures.
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