Millbrae, California – November 5, 2014 — Stem, Inc., a leader in advanced energy storage technology, software and data analytics, has been awarded 85 MW in the local capacity procurement from Southern California Edison (SCE). Under the terms of this multi-year agreement, Stem will deploy its advanced, behind-the-meter energy storage solution at customer locations in the Western Los Angeles Basin to act as dispatchable capacity to enhance the local reliability of the region.
“SCE has a track record of leadership and national influence in embracing innovative preferred resources, from its support of solar power and energy efficiency to its rollout of demand response programs,” said John Carrington, CEO of Stem. “We have spent several years building software, financing, and innovative distributed storage solutions that provide a dynamic grid resource. The result is a solution that looks and feels familiar to utilities and benefits their customers.”
Through the combination of reliable storage and a proprietary software platform, Stem empowers customers to more efficiently monitor and manage energy use while providing additional capacity to SCE. The Stem Zero financing program, backed by more than $100M in funding, enables immediate energy savings with no upfront cost.
“This is a major win for behind-the-meter storage, demonstrating that this technology is a valuable tool for both utilities and their commercial and industrial customers,” said Janice Lin, co-founder and executive director for the California Energy Storage Alliance (CESA). “SCE is a pioneer in leveraging customer-sited storage for local capacity requirements and should be commended for its efforts to make storage an integral part of its operations.”
Stem was previously selected for projects with the Sacramento Municipal Utility District (SMUD) and Hawaiian Electric Company (HECO), and is active in the California Independent System Operator (CAISO) wholesale energy market.
Stem will begin system deployment following approval from the California Public Utilities Commission.
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 changes to customer operations 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.
Zoe Fishman | Antenna for Stem