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by Julian Spector
February 05, 2020

Stem's confirmation this week that it's accepting bids from potential acquirers is worth taking a moment to process.

Stem is one of the highest rollers among venture-backed storage companies, setting aside the EV battery companies, which operate in a very different world. Stem's last round, 2018’s Series D, netted $106 million, and it raised more than $200 million in total equity investment. Project finance facilities brought in another several hundred million to put batteries in the ground.

With more chips on the table, Stem will either pay out bigger or flop harder than anyone else in the sector right now.

This week in Storage Plus, we’ll scrutinize the new sales strategy Stem is touting to fuel its growth and compare its prospects heading into a possible acquisition with other recent storage exits. Stem has little in common with any of them, but the forerunners can shed some light on the process even as Stem forges its own future.