To date, most of Stem's work has been in North America, although the company recently took on its first project in Japan. Stem has created C&I offerings specifically to target Ontario’s Global Adjustment charge scheme, the company said. Similarly to demand charges in the US, these charges can comprise as much as 50% of a monthly bill. C&I customers with over 500kW load are charged fees calculated from the five highest monthly peaks in electricity demand for the province. Ontario levies what are known as Global Adjustment charges onto all of its customers. “These elements will be critical in advancing our next stage of growth as we continue to lead innovation in the distributed energy industry”. “In addition, these firms bring deep relationships, a long history of investment in innovative platforms, and credibility with global financial institutions,” Carrington said. Stem CEO John Carrington pointed out that between them, the pension fund and Temasek have more than US$300 billion in their investment portfolios. Also involved were Singapore-headquartered investment company Temasek and an institutional investor, Ontario Teachers’ Pension Plan. Participants in the latest funding round included leader Activate Capital, a growth equity company which invests in innovative technologies and solutions in sustainable energy and industrial technology, which is perhaps an apt description of where Stem’s offerings sit in the market.
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