Stem, a US-based energy storage systems company which makes lithium-ion battery devices connected to cloud analytics, has raised $15m series B funding from GE Ventures, the corporate venturing unit of industrial conglomerate GE, Spain-based energy company Iberdrola, and existing investor Angeleno Group, a clean energy-focused growth capital investment firm.
The series B funds will enable Stem to expand into to new commercial and industrial sectors and geographies.
Previously, in September 2011, Stem raised $10.2m series A funding from Angeleno Group and Greener Capital. In October 2013, Clean Fleet Investors provided $5m in project finance for carrying out storage installations.
Diego Diaz, head of Iberdrola´s Corporate Venture Capital program, said: “We are very excited to collaborate with companies that are changing – and shaping – the future of energy. Stem’s energy storage solution has already provided very promising results in improving the energy efficiency of its customers while helping at integrating renewable energy in the grid.”
Colleen Calhoun, senior executive director, GE Ventures-Energy, said: “Stem is a company to keep an eye on as their combination of sophisticated predictive analytics and machine learning applied to energy storage will provide cost savings for industrial customers and businesses. We look to invest in and partner with companies creating cutting edge technologies that can improve energy productivity and efficiency and Stem has been a leader in helping transform the economics of energy consumption without disrupting the way people use electricity.”
Salim Khan, chief executive officer of Stem, said: “The support of these world class investors has positioned Stem as the leading solutions provider for the rapidly growing energy storage market.”
Stem states that according to a report by Lux Research, the global grid storage market will grow nearly nine-fold to $10.4bn in 2017.
Stem was founded in 2009 and originally named Powergetics.