US-based intelligent energy storage technology provider Stem closed its series C round at $45m today after securing funding from RWE Supply & Trading, the energy trading subsidiary of energy company RWE.
Stem closed the first tranche of the round, led by diversified conglomerate Mitsui, at $12m in April this year. RWE Supply & Trading led the round’s $33m second tranche and will take a seat on Stem’s board in conjunction with the funding.
Founded in 2009, Stem’s system combines advanced battery energy storage with software that learns a customer’s energy use habits, providing displays communicating real-time and predicted energy use, together with recommendations on how the user could save energy, and therefore money.
John Carrington, Stem’s CEO, said: “RWE brings more than a decade of successfully integrating high penetrations of renewables, across Western Europe and provides valuable case studies on the evolving grid – and the opportunity for Stem to help reshape energy delivery and consumption.
“Stem is fortunate to count the organisation as a partner as we strategically expand our presence globally.”
The round, which was oversubscribed by 50%, also included undisclosed existing investors. Stem has raised about $82m in equity and $8m in debt altogether.
A total of $27m of that came from a series B round raised between late 2013 and January 2015 which was backed by GE Ventures, the corporate venturing arm of industrial conglomerate GE; Total Energy Ventures and Constellation Technology Ventures, which fulfil the same function for petroleum company Total and energy company Exelon; energy utility Iberdrola and investment firm Angeleno Group.
– Photo courtesy of Stem, Inc.