A 1.3 MW indoor energy storage system will be installed and completed by the end of this year at an Irvine, CA, mixed-used corporate complex with 2.1 million square feet of space. When it is finished, the Stem energy system will be the largest indoor energy storage installation in the United States. The complex is called Park Place, and is owned by LBA Realty.
“The installation of Stem’s cutting-edge technology is the most recent demonstration of this commitment and once again highlights our status as a premier commercial real estate owner and operator,” explained Perry Schonfeld, the principal and COO of LBA Realty.
Stem’s energy storage systems charge when electricity rates are low, so they can provide electricity when rates are high, thereby saving their owner’s money on utility bills. The company also makes software that analyzes its customer electricity usage patterns and trends to make forecasts resulting in better electricity management.
“Beyond delivering the compelling economic benefits of intelligent storage, our goal is to empower organizations like LBA Realty to become active grid citizens who enable an efficient and sustainable electricity network,” said Stem CEO, John Carrington.
Stem has already successfully installed a number of its energy storage systems, and according to one of its case studies, one customer—a California food processing company—saves about $72,000 annually by using energy storage combined with a solar power array. Safeway, Wells Fargo, and Whole Foods are just several of its other customers.
Recently, Stem received a $15 million investment from Mithril Capital Management, which brought its total amount of venture capital backing to over $110 million.
Founded in 2009, Stem has between 101 and 250 employees and is located in Millbrae, which is about 15 miles south of San Francisco.
LBA Realty has its corporate office in Irvine, CA, with regional offices in San Francisco, Seattle, Denver, Los Angeles, San Diego, and Phoenix. It operates over 26 million square feet of industrial building space, according to its website.
Image Credit: Brad Pinney, Public domain
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