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STEM Case Study

Commercial Strategy and Relationships in Latin America

Stem + WIND Ventures

Founded in 2009, Stem delivers battery storage solutions that maximize renewable energy generation and help build a cleaner, more resilient grid. Stem’s Athena® software helps lower energy costs and solve renewable intermittency across the world’s largest network of distributed energy storage systems. Having closely followed the potential impact of Stem’s platform for a number of years, WIND Ventures started formally working with the company in 2019 through its $30 million investment while helping launch the company into Latin America. In 2021, Stem became the first pure-play smart energy storage company to go public on the NYSE via SPAC with Star Peak Energy Transition Corporation. Today its customers include Fortune 500 companies, project developers, utilities, and independent power producers.

The Challenge

Stem (NYSE: STEM) knew its energy storage platform could be a game-changer in addressing key energy challenges in Latin America – a region quickly moving from micro-grids to commercial and industrial installations. But launching in such a diverse region like LatAm posed daunting challenges and they couldn’t go at it online. The company needed a strategic partner who could not only navigate the local political landscape but also had commercial influence to help them scale quickly. Enter WIND Ventures and Copec’s vast network.

“With its strong ties to Copec, WIND Ventures became our continuous partner and played a crucial role to Stem’s growth in the region.”

The WIND Advantage

Within 12 months after WIND Ventures’ initial investment in 2019, Stem had a firm deal in place to scale its technology in Chile, Colombia, and beyond. The key was WIND Ventures’ team guiding the company every step of the way, and providing Stem the roadmap no other investor was able to do. Most notably:

  • Quick and Agile: Facilitated immediate introductions to vital local contacts at Copec, while providing insight into how to expand throughout the region quickly.
  • Total Addressable Market (TAM) expansion: Enabled Stem’s joint venture and strategic partnership with Copec that scaled its technology throughout Chile and Colombia – driving significant value for both organizations.
  • Local know-how: Through WIND’s Copec relationship, Stem was able to develop South America’s first virtual power plant as well as the completion of their first smart energy storage system in Chile.