January 23 (Renewables Now) - US intelligent energy storage provider Stem Inc said today it has raised USD 80 million (EUR 65.3m) in the first close of a Series D round of financing, welcoming new investors from the US, Canada and Singapore.
The growth equity financing round was led by growth equity firm Activate Capital, which invests in companies from the sustainable energy and industrial technology fields. Ontario Teachers’ Pension Plan and Singapore-based Temasek also participated in the transaction.
Stem, which offers artificial intelligence (AI)-powered energy storage solutions, had more than 1,100 sites in operation or under construction in 2017, with the average size of the systems being 500 kWh. It has systems under management across five states and also in Japan and Canada. In the province of Ontario it had a “strong year” and plans to further expand its footprint with a product tailored specifically for large manufacturing plants and other industrial operations there.
Andrew Claerhout, Ontario Teachers’ Pension Plan senior managing director, said that according to the pension fund more investment is needed in the transition to a low-carbon electricity system and that battery storage would play a key role there. “ Ontario Teachers’ will support Stem’s growth by leveraging our strategic partnerships globally,” Claerhout added.