Collaboration between clean energy storage solutions provider Stem and investment company CleanCapital aims to accelerate the rollout of small utility-scale storage projects in the US.
Stem will provide its energy storage technologies and related construction, management, operation and maintenance services whilst CleanCapital will provide funding for the projects.
Stem will provide its energy storage hardware and software. The partnership follows CleanCapital announcing a $300 million corporate investment commitment from Manulife Investment Management to expand its portfolio of clean energy assets in April 2021.
Stem will leverage financial support from CleanCapital to expand its portfolio of standalone energy storage, solar retrofits to add storage and build new solar plus storage plants.
The project of the collaboration will be on mid-market commercial energy storage and small utility front-of-meter (FTM) projects up to 30MW through targeting commercial & industrial (C&I) end users and electric cooperatives.
Alan Russo, Chief Revenue Officer at Stem, said: “Partnering with CleanCapital, which has the financial backing of one of the world’s largest institutional investors, means we can help more renewable energy companies contribute to the clean energy revolution.”
Jon Powers, president of CleanCapital, adds: “Energy storage represents a tremendous opportunity as the world transitions to clean energy.