US intelligent energy storage provider Stem Inc has pocketed USD 26 million (EUR 22m) in a second close of its Series D round of financing, and it has also secured significant support for projects in Ontario from one of its investors.
Funds in the round came from BNP Paribas and Magnesium Capital among other investors, Stem said Tuesday.
Back in January the company raised USD 80 million in the first close of the Series D round. It was led by Activate Capital, and also included investments by Singapore-based Temasek and Ontario Teachers’ Pension Plan. The latter has now provided Stem with a CAD-200-million (USD 153m/EUR 131m) commitment to back energy storage projects in Ontario. The company said it and its partners expect the funds to be fully utilised in the next 12 months.
Having entered the Canadian market this January, Stem said it would be working to grow its business in Ontario with a product tailored specifically for large manufacturing plants and other industrial operations.
Stem has 860 energy storage systems under management in the US, Japan, and Canada.