Case Studies

Stem’s Growth Equity Financing


  • On January 23, 2018, Stem, Inc. (“Stem”) announced it closed on $80mm for its Series D growth equity financing, led by Activate Capital
  • On July 24, 2018, Stem announced it closed on an additional $26mm for its Series D growth equity financing, led by BNP Paribas and Magnesium Capital
  • As the leader in advanced intelligence powered energy storage, Stem will use the funding to expand into new markets and invest in its team


  • Stem utilizes predictive software, underpinned by approximately 130mm device operating hours, to simultaneously provide businesses with energy savings and utilities with infrastructure reliability
  • Stem now has hundreds of systems under management across three countries (U.S., Japan and Canada), which form networks for capacity and grid services with multiple utilities across North America and Tokyo Electric Power in Japan
  • Athena by Stem is the first platform to use artificial intelligence for customer-sited energy storage and virtual power plants


  • Activate Capital is a growth equity firm exclusively focused on companies providing innovative products and solutions across the sustainable energy and industrial technology markets
  • Ontario Teachers’ Pension Plan is Canada’s largest single-profession pension plan
  • Temasek Holdings is an investment company headquartered in Singapore, with $235bn of assets under management
  • BNP Paribas is a leading European provider of banking and financial services
  • Magnesium Capital is a London-based private equity firm focused on mid-market buy-outs and growth equity investments in technology and tech-enabled services for the energy sector


  • Greentech served as the exclusive financial advisor to Stem on the financing and was closely involved in all aspects of the transaction, including preparation of all process materials, leading outreach, due diligence, negotiation, and closing
  • Greentech’s deep industry relationships and knowledge of the dynamic energy technology landscape and current market trends provided a unique perspective to the Stem team throughout the capital raise process


  • This transaction demonstrates financial investors’ interest in advanced energy storage companies, which benefit from the multiple value streams provided by behind-the-meter energy storage systems, including reductions in peak energy consumption and providing grid stability
  • Interest in long-term investments in the energy storage space validates the fact that as the unit economics for energy storage continue to improve and power markets begin to deregulate, the energy storage market will benefit from strong growth globally in the coming years

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