Distributed Energy Storage Attracts Funding from Major Infrastructure Investors

Distributed storage firm Stem, which combines software and batteries, increased its project financing pool to more than $350 million with the addition in August of up to $100 million from Starwood Energy Group, a private investment firm focused on energy infrastructure with $1.9 billion in assets under management. Stem received a $100 million project finance round in 2014 from New York-based B Asset Manager and also received project financing from Clean Feet Investors in 2013 to finance no-money-down behind-the-meter smart storage projects with commercial and industrial customers.

“We think [batteries] are becoming a viable and important option,” said Brad Nordholm, senior managing director and co-head at Starwood, speaking at the Renewable Energy Finance Forum in June.

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