The Week in Cleantech: Oct. 21 – 27
The i3 Platform tracked exciting news from across cleantech sectors last week. Stem, a company marketing battery energy storage systems designed to enable commercial utility customers to better manage their energy use and avoid peak rates, announced a financing partnership with Clean Fleet Investors. Through the program, which has an initial sum of $5 million to work with, Stem will begin offering its battery energy management systems at no or low up-front cost, much the way residential solar companies have spurred higher demand through lease and power purchase agreements.
In another interesting partnership, Automatic, a provider of vehicle monitoring solutions designed to help drivers become more fuel-efficient, got a boost from Apple, which said it would begin offering Automatic’s product in its stores.
In New Zealand, renewable energy generation company Meridian Energy announced its intent to conduct an initial public offering worth $1.7 billion. At that size, the offering would be the New Zealand exchange’s largest ever. While the majority of the company’s generation portfolio comes from traditional hydro-electric plants, which provide more predictable baseload power, it also operates almost 400 MW of wind power.
Several companies raised venture funding during the week. WiTricity, a company developing wireless charging technology, raised $25 million in a Series E round from Intel Capital and Foxconn. The company indicated only that the funding would support its growth strategy across the consumer electronics, electric vehicles, defense and medical device industries.
In Israel, building efficiency company Panoramic Power raised $8 million from Israel Cleantech Ventures, Greylock Partners, Clal Industries and Investments, and Qualcomm Ventures to expand its sales, marketing, and business development efforts, while also accelerating product development.