Venture • Information Technology

Angeleno Group, Lotus Infrastructure Partners, Ontario Teachers Pension Plan, Temasek Holdings and Magnesium Capital Invest In Stem

On July 1, 2012, growth capital firm Angeleno Group, private equity firm Lotus Infrastructure Partners, pension Ontario Teachers Pension Plan, sovereign wealth fund Temasek Holdings and private equity firm Magnesium Capital invested in information technology company Stem

Investment Context
  • This is Angeleno Group’s 1st, Lotus Infrastructure Partners’ 1st, Ontario Teachers Pension Plan’s 4th, Temasek Holdings’ 1st and Magnesium Capital’s 1st transaction in the Information Technology sector.
  • This is Angeleno Group’s 14th, Lotus Infrastructure Partners’ 7th, Ontario Teachers Pension Plan’s 23rd, Temasek Holdings’ 3rd and Magnesium Capital’s 1st transaction in the United States.
  • This is Angeleno Group’s 9th, Lotus Infrastructure Partners’ 2nd, Ontario Teachers Pension Plan’s 8th, Temasek Holdings’ 2nd and Magnesium Capital’s 1st transaction in California.
Investment Fate
  • Stem went public in 2021.

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Investment Summary

Date July 1, 2012
Target Stem
Sector Information Technology
Investor(s) Angeleno Group
Lotus Infrastructure Partners
Ontario Teachers Pension Plan
Temasek Holdings
Magnesium Capital
Deal Type Venture

Target Company

Stem

San Francisco, California, United States
Stem is a provider of commercial energy storage systems. Stem delivers innovative technology services that transform the way energy is distributed and consumed. Through its AI platform Athena, Stem powers the largest, most reliable network of energy storage systems in the world. Stem was founded in 2009 and is based in San Francisco, California.
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Investors Overview 5

Investor

Angeleno Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Angeleno Group is a private equity firm focused on high growth investments within the energy sector. The Firm pursues a wide range of opportunities and will consider transactions across the US. Angeleno looks for companies that are heavily involved in the development of innovative products and services that are emerging as potential solutions to global energy and environmental challenges. Specific sub-sectors of interest include clean transportation, emissions control and carbon management, energy efficiency, power infrastructure, renewable energy, solar, waste management, and wind. The Firm looks to commit $10 to $30 million per investment and will consider a variety of deal types, including secondaries, first institutional equity, growth equity, and PIPEs. Angeleno Group was founded in 2001 and is based in Los Angeles, California.


Deal Context for Investor #
Overall 16 of 27
Sector: Information Technology 1 of 2
Type: Venture 11 of 16
State: California 9 of 16
Country: United States 14 of 23
Year: 2012 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-01 Konarka Technologies

Lowell, Massachusetts, United States

Konarka develops, manufactures and markets flexible, lightweight, plastic-based photovoltaic materials.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-01 Soraa

Fremont, California, United States

Soraa, Inc. developer of GaN-on-GaN (gallium nitride on gallium nitride) solid-state LED lighting technology for the general illumination market. Soraa’s products offer superior light quality and color rendering when compared to other LEDs while using a fraction of the energy of a comparable halogen lamp. Soraa was founded in 2008 and is based in Fremont, California.

Buy -
Investor

Lotus Infrastructure Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 7.6B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lotus Infrastructure Partners is a private equity firm that targets investments in energy infrastructure assets. Lotus Infrastructure Partners looks to invest in hard assets with strong contracted cash-flow. This includes opportunistic acquisitions as well as development-stage commitments. The Group's target investment size is $50 to $200 million. Lotus Infrastructure Partners was formed in 2005 and is based in Greenwich, Connecticut.


Deal Context for Investor #
Overall 7 of 20
Sector: Information Technology 1 of 1
Type: Venture 1 of 1
State: California 2 of 4
Country: United States 7 of 19
Year: 2012 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-17 Gainesville Renewable Energy Center

Gainesville, Florida, United States

Gainesville Renewable Energy Center is a 100 MW biomass power plant currently under construction in Gainesville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-15 Starwood Solar Sault Ste. Marie

Sault Ste. Marie, Ontario, Canada

Starwood Solar Sault Ste. Marie is a 69 MW DC solar photovoltaic project in Sault Ste. Marie, Ontario, Canada.

Sell -
Investor

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Pension
Founded 1990
PE ASSETS 116.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


Deal Context for Investor #
Overall 51 of 176
Sector: Information Technology 4 of 14
Type: Venture 1 of 14
State: California 8 of 17
Country: United States 23 of 74
Year: 2012 4 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-02 Maple Leaf Sports & Entertainment

Toronto, Ontario, Canada

Maple Leaf Sports & Entertainment is a sports enterprise, owns and operates four professional sports franchises (Toronto Maple Leafs, Raptors, FC and Marlies), the Air Canada Centre (a sports and entertainment venue), BMO Field, and Ricoh Coliseum, all located in Toronto.

Sell $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-13 Helly Hansen

Oslo, Norway

Helly Hansen develops professional-grade apparel that helps people stay and feel alive. Within its core categories of sailing, skiing, mountain, urban, rainwear, and workwear, Helly Hansen designs and delivers products used by professionals and outdoor enthusiasts around the world. Helly Hansen was formed in 1877 and is headquartered in Oslo, Norway.

Buy -
Investor

Temasek Holdings

Investor Investor Investor Investor Investor


Category Sovereign Wealth Fund
Founded 1974
PE ASSETS 434.0B SGD
Size Mega
Type Sector Agnostic
DESCRIPTION

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.


Deal Context for Investor #
Overall 8 of 50
Sector: Information Technology 1 of 6
Type: Venture 1 of 9
State: California 2 of 5
Country: United States 3 of 15
Year: 2012 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-31 Virtu Financial

New York, New York, United States

Virtu Financial is an active market maker across all major financial centers including equities, fixed income, currencies, futures, energy products and other commodities. Virtu Financial was founded in 2008 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-21 Intapp

Palo Alto, California, United States

Intapp provides software and services that enable professional services and capital markets firms to thrive in an increasingly competitive marketplace, enhancing their ability to win more business, operate efficiently, manage risk and drive project and client success. Intapp offer a professional services platform – purpose-built for this industry – spanning the entire client life cycle, with solutions for client development, business acceptance and client delivery. Intapp was founded in 2000 and is based in Palo Alto, California.

Buy -
DESCRIPTION

Magnesium Capital is a growth-oriented private equity firm that focuses on investing in fast-growing technology and tech-led businesses that are transforming the way energy is produced, distributed, and consumed. Magnesium looks to partner with management teams and will consider opportunities throughout North America and Europe. Magnesium Capital is based in London.


Deal Context for Investor #
Overall 1 of 8
Sector: Information Technology 1 of 2
Type: Venture 1 of 1
State: California 1 of 1
Country: United States 1 of 2
Year: 2012 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Limejump

London, United Kingdom

Limejump Ltd. provides virtual power plant services through its network of demand response, storage and smart grid assets. Using machine learning and big data technology, Limejump partners with demand and supply side participants of the energy grid. Limejump was founded in 2013 and is based in London, United Kingdom.

Buy -