Stem Distributed Storage Participating Directly in the California ISO Market
MILLBRAE, Calif. --(Business Wire)--
Stem, Inc., a leader in advanced energy technology, today announced it is actively participating in the California ISO (Independent System Operator) market with distributed energy storage devices on the California grid. The milestone marks the first time an energy storage company has achieved market participation with aggregated, behind-the-meter energy storage. Host customers for the energy storage devices, who are contributing to this pioneering effort, include the InterContinental San Francisco and InterContinental Mark Hopkins hotels.
Stem combines advanced, behind-the-meter energy storage and real-time data analytics to help commercial and industrial businesses more effectively manage energy expenses. By aggregating these resources, Stem can also quickly dispatch power to the grid when it needs it most, without impacting customers' operations. These grid response solutions are particularly critical in major cities like San Francisco, where electricity needs are high, but space limitations, air quality restrictions and other limits on fossil fuel production prevent the construction of new local power plants.
Stem's participating customers will receive financial incentives for opting into the California ISO's grid optimization programs. Olivine, a registered CAISO market participant, serves as the program administrator for the initiative.
"Stem's distributed approach reflects the expanding scope of storage in grid operations, and marks a milestone for the storage industry," said Janice Lin, Co-Founder and Executive Director, California Energy Storage Alliance. "Stem has moved the industry forward by unlocking multiple value streams from behind-the-meter energy storage systems."
Stem, a leading provider of energy optimization services, combines big data, predictive analytics and energy storage to reduce electricity costs for businesses. The company's solution requires no compromises on building occupant comfort and offers unparalleled energy insights, allowing a comprehensive view into past, present and future energy use. As demands on the grid continue to increase, Stem's system enables good energy citizenship and unlocks the potential for expanded renewable energy integration. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo) and GE Ventures.
About the California ISO
The California ISO provides open and non-discriminatory access to one of the largest power grids in the world. The vast network of high-voltage transmission power lines is supported by a competitive energy market and comprehensive grid planning. Partnering with about a hundred clients, the nonprofit public benefit corporation is dedicated to the continual development and reliable operation of a modern grid that operates for the benefit of consumers. Recognizing the importance of the global climate challenge, the ISO is at the forefront of integrating renewable power and advanced technologies that will help meet a sustainable energy future efficiently and cleanly.