STEM, a company that provides energy storage solutions for commercial and industrial customers, recently announced that it has raised $60 million in a Series D funding round led by Activate Capital, with participation from othe atozmp3 r investors including Temasek, R-ZWEI Capital, and Energy Impact Partners. The funding brings STEM’s total capital raised to $182 million.
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The new funding will be used to accelerate STEM’s growth and expand its energy storage offerings. The company provides battery-based storage solutions that enable businesses to reduce their energy costs and improve the reliability of their power supply. STEM’s platform uses predictive analytics and machine learning toonily to optimize energy usage and reduce peak demand charges.
“Energy storage is a critical component of the transition to a low-carbon economy, and we believe STEM is well-positioned to play a leading role in this transition,” said Raj Atluru, Managing Director at Activate Capital. “We’re excited to partner with the STEM team as they continue to innovate and scale their business.”
STEM has already established a strong track masstamilanfree record in the energy storage market, with a portfolio of more than 900 projects across the United States. The company’s customers include leading businesses in a wide range of industries, including manufacturing, healthcare, and hospitality.
One of the key factors driving the growth of energy storage solutions like those provided by STEM is the increasing adoption of renewable energy sources. As more businesses and organizations switch to solar and wind power, they need a way to store that energy for use during periods of high demand or when the sun isn’t shining or the wind isn’t blowing.
“Energy storage is the key to unlocking masstamilan the full potential of renewable energy,” said John Carrington, CEO of STEM. “With our platform, businesses can take full advantage of solar and wind power, reduce their energy costs, and improve their sustainability.”
STEM’s platform is designed to be easy to use and can be installed quickly and without disruption to the customer’s operations. The platform integrates with existing building management systems, allowing customers to monitor and manage their energy usage in real-time.
“We’ve designed our platform to be flexible justprintcard and scalable, so we can work with businesses of all sizes and in all industries,” said Carrington. “Whether you’re a small business looking to reduce your energy costs or a large corporation with complex energy needs, we can help you achieve your goals.”
The new funding round comes at a time of significant growth for STEM. The company recently expanded into new markets in the Northeast and West Coast regions of the United States and has plans to continue its expansion into new markets both in the US and internationally.
“We see a huge opportunity to bring our energy storage solutions to businesses around the world,” said Carrington. “With this new funding, we’ll be able to accelerate our growth and bring the benefits of our platform to even more customers.”
STEM’s success highlights the growing demand for energy storage solutions in the commercial and industrial sectors. As businesses increasingly look for ways to reduce their energy costs and improve their sustainability, companies like STEM are well-positioned to play a key role in the transition to a low-carbon economy.
