Stem Lands $80 Million to Fuel Its Growing Behind-the-Meter Battery Business

By [email protected] Behind-the-meter battery startup Stem has raised $80 million in a Series D round, with three new investors — including one that’s helping bring the company’s lithium-ion battery systems to a new international market.

The oversubscribed round was led by growth equity firm Activate Capital. It was joined by Singapore-based investment firm Temasek and the Ontario Teachers’ Pension Plan, which manages about CAD $180 billion Canadian (USD $145 billion) in Canada’s largest single-profession pension fund.

The Ontario Teachers’ Pension Plan is interested in projects serving the province’s unique renewable energy integration needs, Stem CEO John Carrington noted in an interview. While

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