Stem Inc., a California-based provider of software-driven energy storage solutions, has closed $15 million in funding from technology growth investor Mithril Capital Management.
“Integrating cleantech solutions at scale is an important goal but a huge challenge,” says Ajay Royan, co-founder and managing general partner of Mithril. “You can’t have a truly smart grid until you have smart storage, and you can’t have smart storage without smart software. Stem’s technology creates a self-healing grid that increases efficiency and resilience through real-time co-optimization between generators, power users and utilities.”
Mithril’s investment brings Stem’s Series C raise to $68 million, reinforcing Series C support from industry leaders RWE Supply & Trading of Germany, Japan’s Mitsui & Co., and investors from previous rounds.
Stem says its fleet – which includes batteries from Samsung and Panasonic, as well as Powerpack battery systems procured from Tesla Energy – has surpassed 68 MWh of systems operating and under contract in a network spanning over 440 facilities in California and Hawaii.