US storage co Stem raises further USD 15m of Series C funding

US intelligent energy storage provider Stem Inc this week said it has raised USD 15 million (EUR 13.4m) from technology growth investor Mithril Capital Management, bringing its Series C raise to USD 68 million.

The California-based company also announced it has surpassed 68 MWh of systems operating and under contract. Its portfolio now includes more than 440 facilities in California and Hawaii, and uses batteries from Samsung and Panasonic, as well as Tesla Energy's Powerpack battery systems.

Stem previously raised Series C funding from the energy trading arm of Germany-based RWE AG and Japan's Mitsui & Co Ltd.

The company's systems combine big data, predictive analytics and energy storage. They are designed to help businesses reduce energy costs, while, when aggregated, Stem's customer-sited energy storage network can provide capacity to the grid.

(USD 1.0 = EUR 0.894)

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