Stem Adds $100M in Financing
Stem Inc. has received $100 million in financing from Starwood Energy Group Global LLC.
The company says that it now has a project financing pool of more than $350 million. Stem, which provides energy storage for commercial and industrial facilities, says it has more than 75 MWh of projects deployed or under contract in more than 480 locales in the United States.
The company’s customers include Safeway, Wells Fargo and Adobe, the release says. Stem says that it is build on a “storage-as-a-service” approach that requires no upfront cost for equipment or installation. It claims that its customers realize energy savings of as much as 20 percent.
Innovative ways to power industrial and commercial operations are taking center stage. Another important recent step is Tesla’s proposed acquisition of solar energy firm SolarCity.
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