MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, the global leader in artificial intelligence (AI)-driven energy storage services, is deploying a 2.5 MWh energy storage system in St. Mary’s, Ontario at INOAC Interior Systems. INOAC, a leading supplier to the automotive industry, will save money and help reduce the expensive electricity peaks that impact all electricity consumers in the province. With Stem, INOAC will reduce their Global Adjustment and energy costs automatically—without changing plant operations or making a capital investment.
Based in Japan, INOAC is a privately-held, diversified manufacturing company established in 1926, with over 100 facilities operating in 20 countries and over 20,000 employees.
“As an environment-friendly manufacturer, INOAC has strong environmental policies that guide our corporate operations. The opportunity to leverage an emissions-free resource while improving cost efficiency were the driving factors in our decision,” said Roger Dawes, President of INOAC Interior Systems Inc. “Stem’s AI-driven platform and execution experience enables an automated way to reduce energy costs with no interference in our operations.”
Each year, the Independent Electricity System Operator (IESO) determines Ontario’s five highest hours of net energy demand for the previous 12 months. Class A eligible customers that participate in the Industrial Conservation Initiative pay Global Adjustment based on their percentage contribution to the top five peak demand hours.
“Unleashing the benefits of energy storage technology is a key focus of Ontario’s 2017 Long-Term Energy Plan and an important part of our continued commitment to improve energy affordability for our province’s job creators. Through our Industrial Conservation Initiative (ICI) program, we’re also providing incentives for large electricity consumers, like INOAC Interior Systems, to reduce their consumption during peak hours and lower their electricity costs. This program is benefiting both families and businesses, and the electricity system as a whole by deferring the longer-term need for investments in new peaking generation,” said Glenn Thibeault, Minister of Energy.
Stem’s Global Adjustment offering—specifically designed for Ontario—is ideal for large manufacturing plants and other industrial operations that seek improved control over energy costs and a way to make the electric grid more sustainable. Athena™, Stem’s artificial intelligence platform, enables Ontario businesses to reduce their peak usage which drives their Global Adjustment. Using predictive analytics and high speed data feeds from the buildings, weather services, and the wholesale market to anticipate peak hours, Athena is able to release stored energy at exactly the right times to help customers. With Stem’s superintelligent Ontario offering, customers enter into a simple service agreement to access the power of flexible, fast-acting energy storage to maximize savings and help the grid.
“Manufacturers and industrial companies typically have intense energy needs. With Ontario Teacher’s Pension Plan recently joining the ranks of Stem’s global investors, a growing Ontario-based team, and Athena’s ability to incorporate fast changing market information, Stem has everything needed to help businesses and further Ontario’s clean energy goals,” said John Carrington, CEO of Stem. “We’re excited to partner with INOAC to reduce their energy costs and support their sustainability efforts in Canada.”
Stem is the global pioneer of energy storage-based real-time energy optimization for commercial and industrial customers, and is backed by the industry’s largest project finance pool of US $500 million. Visit Stem’s website to learn more about Stem’s Global Adjustment offering, at http://www.stem.com/canada/.
About Stem, Inc.
Stem creates innovative technology services that transform the way energy is distributed and consumed. AthenaTM by Stem is the first AI for energy storage and virtual power plants. It optimizes the timing of energy use and facilitates consumers’ participation in energy markets, yielding economic and societal benefits while decarbonizing the grid. The company’s mission is to build and operate the smartest and largest digitally-connected energy storage network for our customers. Headquartered in Millbrae, California, Stem is directly funded by a consortium of leading investors including Activate Capital, Angeleno Group, Constellation Technology Ventures, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Mithril Capital Management, Mitsui & Co. LTD., Ontario Teachers’ Pension Plan, RWE Supply & Trading, Temasek, and Total Energy Ventures. Visit www.stem.com for more information.
About INOAC
For over 50 years, INOAC has been in the business of creating value. While many focus on providing solutions, INOAC's commitment is in working with partners to look forward and not simply solve for today, but to create products and materials for tomorrow. INOAC was the very first to introduce polyurethane foaming technology in Japan and has become a leading innovator of polyurethane technology worldwide. However, rather than specializing in a single area of business, INOAC has added other materials such as rubber, plastics and compound materials. As our material expertise has expanded, so too have the industries that we contribute to including: automotive, electronics, home furnishings, consumer products, building materials, and healthcare. For more information, please visit www.inoacusa.com.
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