California-based Stem Inc. has secured $5 million in funding from Clean Feet Investors I LLC to develop and market Stem's energy storage systems to commercial and industrial customers.
Stem says the financing is intended to support deployment of up to 15 MW of energy storage systems through a program of third-party ownership. Stem and Clean Feet are planning other financing programs, including performance-based and shared savings funds.
‘Deployment capital is essential for Stem to get their technology in the hands of its customers – many of whom prefer a 'pay as you save' offering,’ says Jigar Shah, a principal at Clean Feet.
