• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Saturday, April 1, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
john on bloomberg2

Stem The Tide … Of Wasteful Energy Use

Stem Inc. has added to its California portfolio by winning a coveted contract to manage energy-storage assets owned by Korean liquefied natural gas supplier SK E&S and SUSI Partners, a Swiss fund manager that oversees $1.3 billion in clean energy investments.

by Chris Casacchia, Senior Writer, California Business Journal
A A
Share on FacebookShare on Twitter

When John Carrington (pictured) took the top post at Stem Inc. in late 2013, the energy storage builder and operator had four projects in its portfolio. Today, the Bay Area company has more than 1,000 sites in operation or contracted.

It closed the books on 2019 with more than 100 new installations as the top commercial energy storage installer in California, according to the California Solar & Storage Association in Sacramento.

“As much as the great growth we’ve had up to this point, our best days are ahead,” Stem’s chief executive says confidently. Earlier this month, the company added to its California portfolio after winning a contract to manage storage assets owned by Korean liquefied natural gas supplier SK E&S and SUSI Partners, a Swiss fund manager that oversees $1.3 billion in clean energy investments.

Energy storage takes on added significance in California during the dry, fire season as frequent power outages and aging grid infrastructure threatens energy accessibility. Under the agreement, the projects will utilize Stem’s artificial intelligence software, AthenaTM, to optimize 345 megawatt hours of energy for 25 commercial and municipal customers in the Southern California area.

The software is the secret sauce of the business, Carrington says. “That’s what makes everything work. Our Athena platform really allows customers to control their energy use and unlock additional revenue and save on their energy bills.”

The real-time platform digests and manages more than three billion unique data elements to optimize commercial and industrial energy loads by automatically switching between battery power, onsite generation and grid power. Updates are handled via the cloud.

Photo: Stem Inc.'s energy storage at California State University, Dominguez Hills
Photo: Stem Inc.’s energy storage at California State University, Dominguez Hills

Stem, which was established in 2009, is in a rare industry experiencing growth amid the coronavirus pandemic and recession. Most of its portfolio is comprised of educational, healthcare and retail properties, with nominal exposure to office buildings, which have yet to re-open nationwide.

“In the COVID world, reducing costs and saving money on energy is in focus,” says Carrington, who spent 16 years at General Electric before moving into the solar industry.

More customers are heeding that message as Stem’s client list now tops 350, and includes a roster of industry leaders such as Adobe, Home Depot, Walmart, Facebook and Kaiser.

Some major market forces beyond COVID-19 are fueling demand, including smart grid transformation, increased battery storage adoption, the growth of renewable energy sources, and global climate change, which has pushed shareholders to demand carbon-cutting measures and initiatives in the private sector.

“Storage will be bigger than solar and the jobs it can create are significant,” Carrington says.

Related Posts

Energy_predictions_1536x1536_Original
'Turning the energy-service sector upside down'
heat-steam
Harvesting Energy From Heat
Map Collective
How Map-Collective Can Assist California’s Cap-and-Trade Carbon Program
Green Energy
How Ygrene is democratizing access to clean energy and resiliency upgrades for California’s property owners

Stem employs about 150 people with 100 at its headquarters in Millbrae, Calif. The company is on a hiring push to attract data scientists, software developers and sales personnel.

The company has raised more than $230 million. Backers include GE Ventures, the venture capital arm of GE; Mitsui & Co.; Temasek, Singapore’s state-run investment fund; and Mithril Capital Management, the VC firm launched and backed by billionaire investor Peter Thiel.

The solid capital position along with a strong track record have allowed  Stem to finance all its projects – which typically carry 10-year management and maintenance contracts – and add new market value with software operated storage. This positioning also enables bankable projects through Stem’s growing partner channels based on proven performance.

“We are seeing more and more opportunities to monetize in various markets,” Carrington says of software applications. “We have the flexibility to go back, and with software updates, use those systems in place to capture new market value for our customers and Stem.

Its influential backers and market position has helped Stem win projects in Hawaii, Arizona, Massachusetts, and Texas as well as Japan and Canada. The company is announcing another international market expansion this month.

ADVERTISEMENT

“We are continuing to expand beyond the U.S. and Canada,” Carrington says. “And we’ll continue to innovate.”

Copyright © 2020 California Business Journal. All Rights Reserved.

This article was edited and published by Rick Weinberg, California Business Journal’s Founder, Publisher and Editor-in-Chief. Click here for Rick Weinberg’s biography.

For testimonials on the impact of California Business Journal articles, click here.

stem-inc
Tags: adoptionartificial intelligencebay areabestbooksBusinessCalif.CaliforniaCalifornia Business JournalCEOcloudcommercialcompanyCoronaviruscoronavirus pandemicCovid-19dataenergyenergy storageexecutiveexpansionfinancefirefirmfocusgrowthhealthcareInc.industrialinfrastructureinitiativesinvestmentinvestmentsinvestorjobsJohnjohn carringtonJournalmanagernaturalnatural gasportfoliopowerprivatepropertiesrenewable energyrevenueRickSacramentoSingaporesolarSouthernSouthern CaliforniaStem Inc.storagesystemsTexasTransformationvaluewalmart
ADVERTISEMENT
Chris Casacchia, Senior Writer, California Business Journal

Chris Casacchia, Senior Writer, California Business Journal

Chris Casacchia covers U.S. and global equity markets, finance, startups, venture capital, private equity, aerospace and SEC disclosures. A graduate of Arizona State University, Chris was Technology Editor for the Orange County Business Journal before joining California Business Journal as Senior Writer. He is also a Media Consultant.

Related Posts

Green Energy
How Ygrene is democratizing access to clean energy and resiliency upgrades for California’s property owners
Map Collective
How Map-Collective Can Assist California’s Cap-and-Trade Carbon Program
Energy_predictions_1536x1536_Original
'Turning the energy-service sector upside down'
heat-steam
Harvesting Energy From Heat
advertisement
ADVERTISEMENT

CBJ Newsletter

Facebook Twitter LinkedIn Instagram LinkedIn

Advertise With CBJ

Contact Rick@CalBizJournal.com

CBJ Rates and Demographics

Job Postings

CEO Wanted


Requirements: BS/BA + 2yrs of Business Managing Experience

Mail Resume: Grand Life, Inc. 14647 Northam St. La Mirada, CA 90638.

$114,754/year

ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN
Facebook Twitter LinkedIn LinkedIn Instagram Youtube
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • Gavel, scales of justice and law books

    Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0
  • How to Start a Telecommunication Business: A Step-By-Step Guide

    0 shares
    Share 0 Tweet 0

Latest Articles

How Strong Are Delta 8 Gummies?

How Strong Are Delta 8 Gummies?

AI Impact On The Automotive World

AI Impact On The Automotive World

Future Trends and Innovations in Camera for Computers Technology

Future Trends and Innovations in Camera for Computers Technology

The Most Difficult Aspects of Fishing Revealed

The Most Difficult Aspects of Fishing Revealed

What Actually Are Delta 10 Gummies, and How Do They Distinguish from THC?

What Actually Are Delta 10 Gummies, and How Do They Distinguish from THC?

When Is The Best Time To Move?

When Is The Best Time To Move?

Is Temu Fast Fashion? Separating Fact from Fiction

Is Temu Fast Fashion? Separating Fact from Fiction

Navigating Volatility: How Hedge Funds Use Analytics to Stay Ahead

Navigating Volatility: How Hedge Funds Use Analytics to Stay Ahead

Best Homecoming Dresses That Are Simply Stylish

Best Homecoming Dresses That Are Simply Stylish

Safer Onboarding Doesn't Have to Involve Friction

Safer Onboarding Doesn’t Have to Involve Friction

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR