NineDot Energy Selects Stem’s Athena AI Platform for New York City Site

Rhea-AI Summary

Stem plays a key role in the development of the first community battery energy storage site in the Bronx, New York City. The site features a 3 MW/12 MWh battery energy storage system and is co-optimized by Stem's AI-driven Athena platform. Stem expects to install over 700 MWh of energy storage assets in New York in the next two years.

Positive

• Stem's AI-driven Athena platform is co-optimizing multiple value streams for the community battery energy storage site in the Bronx, including New York's Value of Distributed Energy Resources (VDER) program incentives.
• Stem expects to install more than 700 MWh of energy storage assets in New York over the next two years.

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• None.

Software-only arrangement co-optimizing multiple value streams

Stem expects to install more than 700 MWh in New York

SAN FRANCISCO--(BUSINESS WIRE)-- Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, today announced the company’s key role in the development and recent completion of the first community battery energy storage site in the Bronx, New York City. The site is owned and operated by NineDot Energy^®, a leading developer of community-scale clean energy projects backed by global investment firm Carlyle. NineDot’s first Bronx site features a 3 megawatt (MW)/12 megawatt-hour (MWh) battery energy storage system, a solar canopy, and infrastructure ready for bi-directional electric vehicle chargers. Stem’s AI-driven Athena ^® platform is co-optimizing multiple value streams, including New York’s Value of Distributed Energy Resources (VDER) program incentives. For NineDot Energy, this Bronx site is a model for developing future urban clean energy projects and supports the company’s goal of strengthening the local power grid and providing stable, reliable, and resilient power to tens of thousands of New York City households and businesses.

“With more than 700 MWh of energy storage assets expected to be installed in New York over the next two years, Stem is proud to be a proven partner to help customers navigate the challenges that come with these highly complex energy regions,” said John Carrington, Chief Executive Officer of Stem. “We appreciate the trust NineDot has placed in Stem’s Athena platform to maximize the value of their renewable energy assets in New York City, while supporting the grid and reducing reliance on fossil fuel-based power generation.”

“Building battery storage sites in a dense urban environment requires a specialized set of skills and experience all brought together in NineDot Energy, as well as support from a wide range of visionary regulators, policymakers, partners, and others,” said David Arfin, NineDot Energy CEO and Co-founder. “Stem’s expertise in integrating energy storage with renewable energy assets was integral in helping NineDot advance our environmental commitments and bringing more reliable, clean energy to the communities we serve, and we look forward to future projects with Stem.”

Stem’s Athena software intelligently manages the battery site’s energy storage system to help make the local grid more robust while integrating more clean energy into the grid during times of peak demand. Athena automatically responds to grid calls within ten minutes, while simultaneously optimizing for VDER tariff rates as well as seasonal system peaks under the VDER capacity program. Stem’s software development team leveraged Athena’s past success in coincident peak prediction in other power markets to develop the New York algorithms, a demonstration of our operating leverage as we expand into new markets. Stem and NineDot are engaged in multiple additional projects in the New York region.

About Stem

Stem (NYSE: STEM) provides clean energy solutions and services that maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena^®, enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions that can improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.

About NineDot Energy

As a leading developer of community-scale energy projects, NineDot Energy creates innovative urban energy solutions that support a more resilient grid, deliver economic savings, reduce carbon emissions, and improve environmental equity. NineDot Energy is currently focused on developing battery energy storage sites in the New York City metropolitan area while enabling solar systems and electric vehicle supply equipment (EVSE) capabilities at many of our future locations. NineDot Energy’s name derives from the classic mathematical puzzle for sparking out-of-the-box solutions; we are based at the NYU Urban Future Lab in Brooklyn, NY and backed by the global investment firm Carlyle (NASDAQ: CG). Learn more at nine.energy.

Source: Stem, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231024890570/en/

Stem Investor Contacts

Ted Durbin, Stem

Marc Silverberg, ICR

IR@stem.com

Media Contacts

Suraya Akbarzad, Stem

press@stem.com

Karen Alter, NineDot Energy

650-383-8552

karen@nine.energy

Source: Stem, Inc.

FAQ

What is the role of Stem in the development of the community battery energy storage site in the Bronx?

Stem plays a key role in the development and completion of the first community battery energy storage site in the Bronx, New York City.

What is the capacity of the battery energy storage system at the Bronx site?

The battery energy storage system at the Bronx site has a capacity of 3 MW/12 MWh.

What is Stem's AI-driven platform optimizing for at the Bronx site?

Stem's AI-driven Athena platform is co-optimizing multiple value streams at the Bronx site, including New York's Value of Distributed Energy Resources (VDER) program incentives.

How much energy storage assets does Stem expect to install in New York?

Stem expects to install more than 700 MWh of energy storage assets in New York over the next two years.