As energy storage becomes increasingly critical to the solar industry’s success, investors are starting to notice companies specializing in the technology as opportunities to put money in the market.
In that vein, Stem, a California company specializing in artificial intelligence (AI)-powered energy storage, found three investors willing to pony up $80 million in Series D financing.
Activate Capital, a growth equity firm, collaborated with the Ontario (Canada) Teachers’ Pension Plan and Singapore-based investment firm Temasek, to raise the money.
“We are excited to announce that international investors like Activate Capital, Ontario Teachers’, and Temasek are joining us in transforming the way energy is distributed and consumed,” said John Carrington, CEO of Stem. “Our investors recognize Stem’s innovative value in energy superintelligence and real-time energy optimization that benefits the customer, the utility, and the grid.”
Stem says it will use the money to expand its operations, which by the end of 2017 included more than 1,100 sites operational or in construction with an average system size of 500 kWh. It plans to expand into new markets and establish partnerships with utilities and companies as it did last year with CPower, Constellation and Sunpower.
Currently, Stem has its artificial intelligence Powermonitor control systems in 330 customer-sited locations, which the company says allows utilities additional grid edge visibility and control in areas with high rooftop solar penetration.