Energy-Storage Company Stem Gets Funding for Projects in Canada
(Bloomberg) -- Stem Inc., a U.S. provider of energy-storage systems, arranged C$200 million ($152 million) in commitments from the Ontario Teachers’ Pension Plan to finance projects in the province.
The pension plan also contributed to Stem’s $80 million Series D financing announced in January. Stem said in a statement Tuesday that it has raised an additional $26 million for the round from investors including BNP Paribas SA and Magnesium Capital.
Stem’s systems store electricity when it’s cheap and help customers save money by using the stored energy when grid power is expensive. The Millbrae, California-based company manages 860 installations in the U.S., Japan and Canada, and entered the Canadian market in January.
The company now has a project-finance pool of more than $650 million. Having access to such capital is “key to our model,” John Carrington, Stem’s chief executive officer, said in an interview. “We want to say to customers: ‘We can fully finance this.’ ”
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