Stem Unlocks $100M in Project Financing
Stem is creating a new fund to finance up to $100 million in new projects featuring its energy storage systems. Support for the fund is being provided through affiliates of investment firm B Asset Manager based in New York City.
Stem combines advanced energy storage and real-time data analytics. Its system automatically draws on stored energy to shave peak loads before they can impact businesses electricity bills in the form of costly demand charges.
Stem says the fund will help customers overcome the primary barrier to adoption of energy storage – access to capital.
The relationship with B Asset Manager will help Stem tap into emerging markets like New York State, where public-private investments and new incentive programs are driving battery-based storage. Stem recently initiated sales in New York City as a cornerstone to expand its commercial presence in the region.
The first project funded through this initiative – a 1.1 MW installation in New York – is scheduled for completion in Q1 2015.
Earlier this year, Agrion, Con Edison and the New York State Energy Research and Development Authority (NYSERDA) created a new web platform to help promote the use of energy storage in New York buildings. The site, GridMarket.com, aims to simplify the process for a building owner or manager to implement an energy storage project to reduce grid demand at times of peak use.
- Four Key Questions to Ask Before Your Next Energy Purchase
- 2015 Insider Knowledge
- Strategies for a Successful EHS&S Software Selection
- Improve Occupant Comfort & Reduce Energy Costs Through Humidity Control
- 2016 Energy and Sustainability Predictions Findings from Facilities Professionals
- 2016 Environmental Leader Product & Project Awards
- Building Energy Benchmarking & Transparency Laws
- Solar Request for Proposal (RFP) Guide
- There’s Money in the Trash
- Energy Manager Today Awards Top Products and Top Projects of the Year