Stem Announces New Additions to Executive Team and Advisory Board
Strategic additions of finance expert and senior advisor enhance leadership team at innovative energy optimization startup
MILLBRAE, Calif., April 2, 2013 /PRNewswire/ -- Stem, a leader in energy optimization combining cloud analytics and intelligent energy storage to reduce commercial electricity costs, today announced the appointment of energy financing veteran Prakesh Patel in the newly created position of Vice President of Capital Markets and Strategy.
In this role, Patel will apply his knowledge from over a decade of experience financing technology and energy ventures across a variety of industries to lead Stem's financing strategy and corporate fundraising initiatives. He will work to establish Stem's product financing program, enabling Stem to accelerate adoption of its industry-leading energy optimization and savings system.
"I look forward to joining the forward-thinking team at Stem," said Prakesh Patel. "Stem has already shown great ingenuity in both its product and business model innovations, and I'm excited to accelerate progress in a space that looks to experience significant growth in the coming years."
Patel joins Stem from Angeleno Group, a leading growth equity and venture capital firm focused on next generation clean energy and natural resources companies, where he helped to lead their investment in Stem and led transactions across a range of sectors. Previously, he helped to build and manage a portfolio of private equity investments in technology and energy businesses at Nova Capital and Deutsche Bank. At Deutsche Bank, he structured the divestiture and financing of one of the largest rental equipment fleets of industrial equipment in North America in addition to leading a 'first of its kind' financing of a fleet of satellites for a global services business providing communications to 99 percent of the world's populated regions. Patel holds a B.A. in Economics from University of California, Berkeley, an M.B.A from the Yale School of Management.
"Prakesh worked to put together Stem's original investment from Angeleno Group and has deep knowledge of the company and established rapport with the team," said Stem CEO, Salim Khan. "His institutional knowledge and enthusiasm for the space will be a tremendous asset to our team, and his interest in joining Stem is an indication of his confidence in the potential of both Stem's system and the energy storage category."
In addition to Prakesh Patel, Stem also welcomes Mike Allman as a new advisor. Allman is an accomplished CEO and Chairman with a highly successful career growing, restructuring, and optimizing business strategy and operations in both the corporate world and with a top-tier global consulting firm. Since 1998, he has held a number of leadership positions with Sempra Energy, a $33 billion Fortune 300 energy services holding company in San Diego, CA. His most recent position was Chairman, President and CEO of Southern California Gas Company, the $4 billion, largest natural gas distribution company in the United States. Previously, he was President and CEO of Sempra Generation, a $2 billion electric generation business. Allman received an MBA from the University of Chicago Booth School of Business, and a B.S. in Chemical Engineering from Michigan State University. Allman will be instrumental in helping Stem establish its grid services business with utility customers.
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 leading investors Angeleno Group and Greener Capital. For more information, please visit http://stem.com.
SOURCE Stem, Inc.
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