What is Stem?
Stem, Inc. operates as a global provider of energy storage hardware and software-enabled services, focusing on creating intelligent and renewable energy storage networks. The company's offerings include energy storage hardware sourced from original equipment manufacturers (OEMs), edge hardware for data collection and real-time control, and its proprietary software platform, Athena. Stem serves a diverse clientele, including commercial and industrial enterprises, independent power producers, renewable project developers, and utilities and grid operators. Founded in 2009 and headquartered in San Francisco, California, Stem is at the forefront of enabling grid modernization and the integration of renewable energy sources through advanced storage solutions.
How much funding has Stem raised?
Stem has raised a total of $1.9B across 8 funding rounds:
Debt
$2.9M
Series A
$10.2M
Series B
$15M
Private Equity
$27M
Series C
$15M
Private Equity
$100M
Series D
$106M
Stock Offering
$1.6B
Debt (2009): $2.9M, investors not publicly disclosed
Series A (2012): $10.2M led by Angeleno Group and Greenercap
Series B (2013): $15M supported by GE Ventures, Iberdrola, and Angeleno Group
Private Equity (2015): $27M featuring Total Energy Ventures and Constellation Technology Ventures
Series C (2016): $15M backed by Constellation Technology Ventures, Mithril Capital Management, Mitsui & Co., Ltd, GE Ventures, Iberdrola, and Angeleno Group
Private Equity (2016): $100M with participation from Starwood Capital Group
Series D (2018): $106M led by Magnesium Capital, BNP Paribas, Temasek Holdings, Ontario Teachers' Pension Plan, and Activate Capital
Stock Issuance/Offering (2021): $1.6B, investors not publicly disclosed
Key Investors in Stem
Temasek Holdings
Temasek is a global investment company headquartered in Singapore, known for its generational investment approach and focus on making a difference with tomorrow in mind.
Ontario Teachers' Pension Plan
The Ontario Teachers' Pension Plan is an independent organization responsible for administering defined-benefit pensions for school teachers in Ontario, Canada, and invests the plan's pension fund.
Mithril Capital Management
Mithril Capital is a venture capital firm that invests in teams leveraging technology to create valuable and enduring businesses, particularly in industries ripe for transformation.
What's next for Stem?
With its recent major strategic investment and substantial overall funding, Stem is well-positioned for accelerated growth and market leadership. The company's focus on intelligent energy storage solutions aligns with the global shift towards renewable energy and grid resilience. Future developments are likely to involve expanding its network capabilities, enhancing its Athena software platform with advanced AI and machine learning for optimized energy management, and forging new partnerships to broaden its geographical reach and customer base. Continued investment in R&D will be crucial for maintaining its competitive edge in the rapidly evolving energy technology landscape.
See full Stem company page
