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STEM Case Study

Commercial Strategy and Relationships in Latin America

Stem + WIND Ventures

Founded in 2009, Stem delivers battery storage solutions that maximize renewable energy generation and help build a cleaner, more resilient grid. Stem’s Athena® software helps lower energy costs and solve renewable intermittency across the world’s largest network of distributed energy storage systems. Having closely followed the potential impact of Stem’s platform for a number of years, WIND Ventures started formally working with the company in 2019 through its $30 million investment while helping launch the company into Latin America. In 2021, Stem became the first pure-play smart energy storage company to go public on the NYSE via SPAC with Star Peak Energy Transition Corporation. Today its customers include Fortune 500 companies, project developers, utilities, and independent power producers.

The Challenge

Stem (NYSE: STEM) knew its energy storage platform could be a game-changer in addressing key energy challenges in Latin America – a region quickly moving from micro-grids to commercial and industrial installations. But launching in such a diverse region like LatAm posed daunting challenges and they couldn’t go at it online. The company needed a strategic partner who could not only navigate the local political landscape but also had commercial influence to help them scale quickly. Enter WIND Ventures and Copec’s vast network.

“With its strong ties to Copec, WIND Ventures became our continuous partner and played a crucial role to Stem’s growth in the region.”

The WIND Advantage

Within 12 months after WIND Ventures’ initial investment in 2019, Stem had a firm deal in place to scale its technology in Chile, Colombia, and beyond. The key was WIND Ventures’ team guiding the company every step of the way, and providing Stem the roadmap no other investor was able to do. Most notably:

  • Quick and Agile: Facilitated immediate introductions to vital local contacts at Copec, while providing insight into how to expand throughout the region quickly.
  • Total Addressable Market (TAM) expansion: Enabled Stem’s joint venture and strategic partnership with Copec that scaled its technology throughout Chile and Colombia – driving significant value for both organizations.
  • Local know-how: Through WIND’s Copec relationship, Stem was able to develop South America’s first virtual power plant as well as the completion of their first smart energy storage system in Chile.

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75F Case Study

Unprecedented Access to Key Markets in South America

75F + WIND Ventures

Launched after veteran software engineer Deepinder Singh realized IoT technology could help him better control the temperature in his baby’s room, 75F today is a smart HVAC solution that is building automation for commercial buildings. This past year, WIND Ventures partnered with 75F through its series A investment round after recognizing the impact the technology can have on making buildings more energy efficient – a crucial part of mitigating climate change.

The Challenge

When 75F decided to expand into Latin America, they knew they had to find the right partner. Progress in each region would be challenging so it would require partnerships and relationships – none of which they had – so the first thing they did was partner with WIND Ventures.

“We were looking for partners that would help us expand into some strategic geographies and WIND Venture’s connection with Copec was exactly the kind of relationship we needed. The backing of Copec was a major factor in our success.”

The WIND Advantage

With previous experience expanding into international markets not going as well as they would have liked, 75F knew there would be no substitute for working with a great partner who had local connections, context and language competency. And this is exactly what they found through the WIND and Copec partnership.

  • Agile and quick: The WIND team was active from day one in promoting 75F. It took under six months to get the agreement signed – which was an amazing achievement given the scope of the agreement and the disruptions wrought by Covid.
  • Total Addressable Market (TAM) expansion: 75F formed a distribution and seller agreement with Copec for Chile and Colombia and saw immediate impact after investment.
  • Strong local relationships: Delivering on its promise to help 75F quickly grow in the region, the WIND Ventures’ team became tireless champions who actively facilitated critical meetings that helped scale 75F into key regions.

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Wallbox Case Study

Charting a New Path for EV Charging in Latin America: Leveraging COPEC’s knowledge, expertise and resources

Wallbox Chargers + WIND Ventures

In 2015, Wallbox co-founders Enric Asunción and Eduard Castañeda, were on a mission to transform how the world uses energy in the electric vehicle industry when they noticed a lack of charging solutions designed specifically for the home. Most companies were only focused on public spaces, so they decided to seize the opportunity. Six years later, the company is worth $1.5 billion on the New York Stock Exchange via SPAC, with EV charging solutions for homes, businesses and cities spanning three continents.

The Challenge

Wind Ventures first met Wallbox (NYSE:WBX) in 2021 as the company sought to expand in Latin America. Having achieved success in Europe, China, and the US, Wallbox was looking for an investment partner who could help guide it in a region that was notoriously difficult to navigate. And given the market lacked any kind of mature EV ecosystem, they needed an investor and partner already on the ground and committed to the region long term.

“We needed a partner that had clear geographical synergies, alignment of business strategy, an innovative mindset toward EV, and a long term commitment to Latin America”

The WIND Advantage

Recognizing WIND Ventures’ strong strategic connections to energy companies like Copec in Latin America as well as the team’s professional venture capital background, Wallbox joined forces with WIND Ventures in Feb. 2021 when WIND participated in the company’s $38M funding round. This set into motion key agreements and relationships for Wallbox’s growth in Latin America:

  • Total Addressable Market (TAM) expansion: Wallbox and Copec signed a partnership to support the development of the EV charging infrastructure throughout the entire Latin American corridor.
  • Agile and quick: This partnership was signed within a matter of weeks after the financing closed.
  • A reliable local partner: Copec’s EV Charging business unit, Voltex, became Wallbox’s perfect local partner, guiding it through local requirements and nuances, making the difference in finding the right product market fit quickly and effectively.

“WIND Ventures was incredibly supportive in helping us implement our existing AC charging solutions, while also giving us their commitment to purchase our DC fast charging solution Supernova, which is currently on track to be produced by the end of this year.“