Stem Inc., a provider of energy-storage technology, received $15 million in a Series B funding round to expand in North America.
General Electric Co. and Iberdrola SA participated in the funding, along with Angeleno Group LLC, which was part of Stem’s $14.2 million Series A round in 2011, the Millbrae, California-based company said today in a statement.
Stem’s batteries store power from the grid during non-peak hours for use during peak periods. Chief Executive Officer Salim Khan said the North American market for such technology is about $45 billion, and global demand may be three times that.
“We intend to get into heavy growth mode,” Khan said in a telephone interview. The funding will help Stem expand in the U.S. and Canada next year, and the company may expand into Asia and Europe in 2015. The company is targeting retail, hospitality and manufacturing customers.
The company said last month that it’s using $5 million from Clean Feet Investors I LLC to install about 15 megawatts of systems by offering long-term financing options including leases and power-purchase agreements, similar to the deals SolarCity Corp. and Sunrun Inc. offer for rooftop solar systems.