Stem closes USD-45m funding round led by RWE unit

US intelligent energy storage provider Stem Inc said on Thursday it has raised USD 45 million (EUR 40.5m) from a Series C funding round led by the energy trading arm of Germany-based RWE AG (ETR:RWE).

Following its investment, RWE Supply & Trading will now take a seat on Stem’s board of directors. Earlier this year the Series C financing round opened with a USD-12-million tranche led by Japanese trader Mitsui & Co Ltd (TYO:8031).

California-based Stem's other investors include Angeleno Group, Iberdrola, GE Ventures, Constellation New Energy and Total Energy Ventures.

Stem's system combines predictive software and advanced energy storage. It is designed to help businesses reduce energy costs, while, when aggregated, the company's customer-sited energy storage network can provide capacity in place of fossil fuel-based peaker plants.

(USD 1.0 = EUR 0.900)

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