Stem Inc., which recently closed its $15 million Series B funding round with investment by GE Ventures, Iberdrola (Inversiones Financieras Perseo), and Angeleno Group, has named John Carrington as chief executive officer. Prior to Stem, Carrington was CEO of MiaSole, a CIGS-based solar company.
Stem Inc., a leader in advanced energy technology, today announced the appointment of John Carrington as Chief Executive Officer. Carrington has a distinguished track record with over 25 years of proven leadership in technology, energy and industrial companies.
“Stem is at the forefront of bringing intelligence to the edge of the grid through its software-driven approach to energy storage,” said Carrington. “With strong demand among commercial and utility customers, I’m excited to join Stem to build on this momentum and accelerate our market expansion.”
Prior to joining Stem, Carrington was Chief Executive Officer at MiaSole, the largest CIGS-based solar company globally with over $550 million of investment. John executed the sale of MiaSole to Hanergy in December 2012. Previously, Carrington was Executive Vice President, Marketing and Business Development at First Solar, where he grew the company’s revenue from $400 million to $2 billion, opening markets in the US, Asia and Europe. John also spent over 16 years at General Electric, most recently as General Manager and Chief Marketing Officer of the $7 billion GE Plastics global organization where he led global innovation, new technology efforts, and product strategy for over 30,000 customers. John was part of a small executive team that executed on the $12 billion sale of GE Plastics to SABIC in 2007. While at GE, John led innovation efforts in the healthcare, electronics, business equipment, transportation and aviation, solar, wind, defense, telecommunications, security and media sectors.
“John is unique in the energy industry,” said Zeb Rice, Stem board member. “He has deep experience in overseeing established, multi-billion dollar multinational businesses, and has also led high-growth, entrepreneurial companies – in both cases, building substantial investor value. We’re thrilled to have him on board to lead Stem through the next phase in its trajectory.”
Founded in 2009, Stem’s proprietary data analytics and intelligent energy storage system enables businesses to reduce their electricity expenses without changing day-to-day operations. The Stem system offers an autonomous, real-time decision engine that alternates between battery power and grid power to optimize energy costs.
The company recently announced the closing of its $15 million Series B funding round with investment by GE Ventures, Iberdrola (Inversiones Financieras Perseo), and Angeleno Group, and launched a first-of-its-kind $5 million project finance fund in association with Clean Feet Investors that enables customers to generate immediate energy bill savings with a fixed, low monthly fee and no upfront cost.
Stem’s current CEO, Salim Khan, will remain with the Company until December 31, 2013 to assist in transitioning his responsibilities to Mr. Carrington. “Stem thanks Mr. Khan for his valuable contributions to Stem during his tenure at the company,” said David Buzby, Board Member of Stem. Under Mr. Khan’s leadership, Stem achieved several important milestones in 2013 including completion of product certification to UL standards, system deliveries and revenues, setting up a first of a kind energy storage project finance fund and recently closing an important financing round for Stem.
Stem, a leading provider of energy optimization services, combines big data, predictive analytics and energy storage to reduce electricity costs for businesses. The company’s solution requires no compromises on building occupant comfort and offers unparalleled energy insights, allowing a comprehensive view into past, present and future energy use. As demands on the grid continue to increase, Stem’s system enables good energy citizenship and unlocks the potential for expanded renewable energy integration. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo) and GE Ventures.