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Stem Enters Energy Optimization Market with $10.2M in Venture Financing
April 17, 2012
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Stem, Inc., creator of an integrated cloud-based energy optimization solution, recently announced its commercial launch with $10.2M in Series A financing. The financing, underwritten by the Angeleno Group and Greener Capital, closed under Stem's predecessor Powergetics. Stem will use the funding to market a solution that it sees as radically transforming the economics of energy consumption in commercial businesses.
Stem is offering a service designed to increase the profitability of commercial businesses by reshaping their electricity consumption curve. The service leverages real time data, cloud-based predictive analytics, energy storage, and value-added services to help businesses optimize their energy use. Electricity continues to be one of the largest expenses for commercial businesses despite the proliferation of energy efficiency technologies. Stem approaches this problem from a different perspective by optimizing the electricity that businesses have to use.
"We are transforming the way people use electricity without changing what they do," says Brian Thompson, Founder and CEO of Stem. "For the first time we're using the cloud to run a completely automated system that optimizes how you pull power from the grid."
The company sees itself as the first to combine the scalable power of cloud computing with state-of-the-art energy storage to create savings that cannot be achieved with any other solution in the market.
"We have evaluated hundreds of companies in the cleantech sector. Stem is the only one that uses big data, cloud computing and energy storage to improve the bottom line," says Zeb Rice, Co-founder and Managing Partner at Angeleno Group, the lead Stem investor.
Source: Stem, Inc.
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