Stem, a provider of advanced energy storage systems, has closed a $15.4 million Series B funding round from Iberdrola and GE Ventures, as well as returning investor Angeleno Group. Founded in 2009, the company offers a data analytics and intelligent energy storage system that enables businesses to reduce electricity expenses without changing day-to-day operations. The Stem system offers an autonomous, real-time decision engine that alternates between battery power and grid power to optimize energy costs.
The company, which serves a range of industries including manufacturing, retail, services and hospitality, will use the proceeds to expand to new commercial and industrial sectors and geographies. Stem has now raised about $39 million in funding to date, including a $14.8 million Series A investment that valued the company at over $20 million in 2011.