Stem, a US provider of energy storage, raised $12 million in the first tranche of a Series C funding round led by Mitsui.
Stem and Mitsui plan to collaborate on Stem’s entry into new markets by leveraging Mitsui’s customer base and sales and marketing resources. Through this investment, Mitsui will gain hands-on experience in the intelligent energy storage space.
Mitsui envisions that Stem’s business model will expand throughout the US and into international markets, delivering bill reduction and aggregated grid services for the energy future.
