US-based energy optimisation service provider Stem secured funding from energy company Exelon and petroleum producer Total yesterday, enabling it to close a $27m series C round.
Founded in 2009 as Powergetics, Stem’s cloud-based system links big data and predictive analytics with an advanced battery system, allowing businesses to source energy outside peak times and reducing their electricity costs.
Total, which invested through its Total Energy Ventures unit, also intends to partner with Stem to help it expand internationally.
Stem received $15m in the round’s first tranche in December 2013 from GE Ventures, the corporate venturing unit owned by conglomerate General Electric, energy company Iberdrola, and investment firm Angeleno Group, and has now raised approximately $40m in total equity and debt.
Michael Smith, head of Constellation Technology Ventures, the Exelon-owned corporate venturing unit that invested on its behalf, said: “Energy storage is becoming an increasingly important energy and demand management solution for customers and utilities.
“We view Stem among the leaders in this market and look forward to taking an active role in facilitating Stem’s nationwide expansion.”