A Hot Trend in Cleantech: Startups Targeting Energy Data and Analytics
Startup Stem is one of a growing number of young cleantech startups that are using data, analytics and energy storage, like batteries, to manage companies’ energy consumption. It’s an area that can take advantage of the latest trends in information technology like big data, cloud computing and cheap batteries.
Founded in 2009 and formerly called Powergetics, Stem plans to announce its first customer installation on Nov. 15. and this week announced a new CEO, Salim Khan, the former COO of smart grid company Trilliant. Khan replaced founder Brian Thompson, who is now the company’s executive vice president; the new appointment came after Stem rebranded itself and presented its new business plan publicly in April this year.
Stem’s software uses data — from weather, from buildings’ energy consumption, from electricity rates — to show its customers their energy use patterns, and how much they’re paying across different buildings. The analytics then allow them to forecast their electricity use and control their energy budgets.
Stem also employs energy storage systems, like batteries, to send electricity to its customers at times when energy from the grid is more expensive, such as during hot summer days. Its customers could pair the energy storage service with a set of solar panels so that they could generate their own power and further reduce their reliance on their local utilities.