Dive Brief:
- GE, Iberdrola and others have invested $15 million in Stem, a battery storage company. Stem plans to use the funds to increase production, expand to new commercial and industrial sectors and grow in areas outside California.
- Stem wants to grow in New York, New Jersey and Quebec, Canada, because they have high demand charges. Texas and Florida are also in the company's sights.
Dive Insight:
Stem focuses on lowering electric bills for C&I customers, but expects to be able to pool resources, which could help utilities and grid operators handle peak loads.
“Our storage system has a lot of synergies with solar," Stem CEO Salim Khan told GreenTech Media. "We don’t think of them as competitors, but rather as partners. Solar takes care of the energy; we take care of the demand charges.”