MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., a leader in advanced energy storage and data analytics, announced that Constellation Technology Ventures and Total Energy Ventures are investing in the Company to partner in accelerating growth. This capital enables Stem to expand its predictive analytics energy optimization software platform and global market expansion.
Investment from Constellation Technology Ventures, the venture capital arm of Exelon Corporation, validates Stem’s momentum as an energy management solution for both businesses and utilities.
“Energy storage is becoming an increasingly important energy and demand management solution for customers and utilities,” said Michael Smith, Constellation vice president and head of Constellation Technology Ventures. “We view Stem among the leaders in this market and look forward to taking an active role in facilitating Stem’s nationwide expansion.”
Total Energy Ventures, the venture capital arm of energy company Total, will help Stem expand its reach with channel partners and several international opportunities.
“Total is always looking for ways to optimize its operations, and smart energy solutions like Stem’s play an important role in strengthening the service we offer our customers,” says Bernard Clément, Senior Vice President, business and operations of Total New Energies. “We believe Stem’s combined storage and software system adds considerable value to our offering and that of our affiliates.”
Stem technology combines advanced energy storage and real-time data analytics to help businesses more effectively manage energy costs, with no impact to operations. The rapid-response system automatically draws on stored energy to shave peak loads before they can impact customers’ electricity bills in the form of costly demand charges. In aggregate, Stem’s customer portfolio mitigates utilities’ need to draw on peaker plants by serving as dispatchable assets during periods of grid need.
“Energy companies like Exelon and Total as investors will further Stem’s momentum as a leader in energy optimization for commercial and industrial customers,” said John Carrington, CEO of Stem. “We’re pleased that this latest round of funding will enable additional value for our C&I customers and utilities in both existing and emerging markets.”
About Stem
Stem, a leading provider of energy optimization services, combines big data, predictive analytics and energy storage to reduce electricity costs for businesses. The company’s solution requires no compromises on building occupant comfort and offers unparalleled energy insights, allowing a comprehensive view into past, present and future energy use. As demands on the grid continue to increase, Stem’s system enables good energy citizenship and unlocks the potential for expanded renewable energy integration. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo) and GE Ventures.
About Constellation
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves more than 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's leading competitive energy provider, with 2013 revenues of approximately $24.9 billion, and more than 35,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
About Total
Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. Its 100,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining, chemicals, marketing and new energies. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com
