Through its Perseo Financial Investments fund, IBERDROLA has invested $15 million (along with General Electric and the Angeleno Group venture capital fund) in Stem Inc., which is based in Silicon Valley, and specialises in the development of energy storage systems. 

This California-based company develops solutions that combine predictive analysis techniques, cloud computing and big data(*), with batteries to enhance energy efficiency at retail and industrial clients' facilities.  

The technology developed by Stem provides an automatic tool that decides in real time to load or offload energy from the client's energy storage system in order to optimise energy consumption levels. This solution also allows to offer frequency regulation services that enable renewable energies to be integrated into electricity grids.

It is the first investment made by IBERDROLA in this field and is an example of the activities undertaken under its corporate venture capital programme, Perseo, which was set up in the year 2008 and allocated over €70 million for investment in technologies and new business models to guarantee that the Group remains at the forefront of the energy sector, by providing access to the most advanced and sustainable technologies.

Under this initiative, IBERDROLA invests directly in technological start-ups as well as in other venture capital funds. It has already allocated over €40 million to new entrepreneurial projects focusing on energy efficiency and renewable energies.  

Agustín Delgado, the company's Director of Innovation, said: "we collaborate with companies that are changing and shaping the future of the sector; in particular, the solution developed by Stem which has already showed very promising results for enhancing clients' energy efficiency”.

IBERDROLA, committed to entrepreneurs

This shareholding in Stem ratifies IBERDROLA's commitment to promoting new industrial initiatives and providing support to entrepreneurs.  In this regard, and to reinforce the activity of the Perseo scheme in Spain, the company entered into an agreement with the Centre for Industrial Technological Development (CDTI) as part of the Innvierte programme.

Under the terms of this agreement, which was signed in June 2012, IBERDROLA plans to invest a further €25 million on a joint basis with the Spanish Government over the next five years, in supporting Spanish technological start-ups in the energy sector.  The first such deal was signed last May with the Salamanca-based firm Arbórea Intellbird.

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