Investment from Constellation Technology Ventures, the venture capital arm of Exelon Corporation, validates Stem’s momentum as an energy management solution for both businesses and utilities.
“Energy storage is becoming an increasingly important energy and demand management solution for customers and utilities,” said Michael Smith, Constellation vice president and head of Constellation Technology Ventures. “We view Stem among the leaders in this market and look forward to taking an active role in facilitating Stem’s nationwide expansion.”
Total Energy Ventures, the venture capital arm of energy company Total, will help Stem expand its reach with channel partners and several international opportunities.
“Total is always looking for ways to optimize its operations, and smart energy solutions like Stem’s play an important role in strengthening the service we offer our customers,” says Bernard Clément, Senior Vice President, business and operations of Total New Energies. “We believe Stem’s combined storage and software system adds considerable value to our offering and that of our affiliates.”
Stem technology combines advanced energy storage and real-time data analytics to help businesses more effectively manage energy costs, with no impact to operations. The rapid-response system automatically draws on stored energy to shave peak loads before they can impact customers’ electricity bills in the form of costly demand charges. In aggregate, Stem’s customer portfolio mitigates utilities’ need to draw on peaker plants by serving as dispatchable assets during periods of grid need.
“Energy companies like Exelon and Total as investors will further Stem’s momentum as a leader in energy optimization for commercial and industrial customers,” said John Carrington, CEO of Stem. “We’re pleased that this latest round of funding will enable additional value for our C&I customers and utilities in both existing and emerging markets.”