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Stem, Inc. (Symbol: STEM) is a prominent provider of energy storage systems, leveraging the power of big data, predictive analytics, and cutting-edge technology to revolutionize the energy sector. The company offers an all-encompassing solution by bundling third-party hardware with its proprietary Athena software, catering to commercial and industrial customers, independent power producers, and renewable developers.
Stem Inc.'s core business focuses on optimizing energy usage for businesses, reducing electric costs, and contributing to a cleaner, more resilient grid. By integrating energy storage with advanced analytics, the company helps clients maximize renewable energy generation, ensuring efficient energy distribution and consumption.
Recent achievements and current projects underline Stem's commitment to innovation and sustainability. The company continues to enhance its Athena software, adding new features and capabilities to better serve its diverse clientele. Stem's financial condition remains robust, with strategic partnerships and projects driving growth and expanding its market reach.
SAN FRANCISCO--(BUSINESS WIRE)--
Stem Inc. recently announced a series of new developments, reinforcing its position as a leader in the energy storage sector. These include collaborations with major industry players and significant advancements in their technology offerings.
With a focus on sustainability, reliability, and customer satisfaction, Stem Inc. stands at the forefront of the energy revolution, providing innovative solutions that address the evolving needs of the energy market.
Stem (NYSE: STEM), a leader in AI-driven clean energy solutions, has announced its upcoming second quarter 2024 earnings results conference call. The call is scheduled for Tuesday, August 6, 2024, at 5:00 p.m. Eastern Time. A press release detailing the financial results will be issued at approximately 4:05 p.m. Eastern Time on the same day.
Investors and interested parties can access the conference call via a live webcast at https://investors.stem.com/events-and-presentations or by dialing (844) 825-9789 for domestic callers or (412) 317-5180 for international callers. A replay will be available until September 6, 2024, and can be accessed by dialing (844) 512-2921 (US) or (412) 317-6671 (international) with the passcode 10191244. An archive of the webcast will be available on Stem's website for 12 months following the call.
Stem and AEPCO have partnered with Prometheus Power to deploy a 40 MWh energy storage system integrated with a 20 MW photovoltaic system for Sulphur Springs Valley Electric Co-op (SSVEC). This project is part of three similar deployments expected to be operational by the end of the year, leveraging Stem's AI-driven software, Athena®, to optimize performance.
John Carrington, CEO of Stem, highlighted the rapid growth and future potential of the electric co-op segment, which is forecasted to represent over 20% of future storage deployments. Patrick Ledger, CEO of AEPCO, emphasized strategic investments in renewable energy and battery storage to diversify their energy portfolio.
SSVEC has significantly reduced its coal-generated energy from over 80% in 2016 to 25% in 2023, with 18% now from renewables. The project aims to provide reliable, cost-effective clean energy to 53,000 members, driving sustainable practices in the energy sector.
A ribbon-cutting ceremony will be held on June 13, 2024, in Sahuarita, Arizona.
Stem, a global leader in clean energy solutions, announced the PowerTrack™ Asset Performance Management suite to streamline the management of storage, solar, and hybrid energy portfolios. The software aims to optimize asset performance, enhance operational efficiency, and ensure compliance as companies scale their clean energy portfolios.
Stem, Inc. announced its Q1 2024 results, highlighting a 42% increase in CARR-to-ARR conversion, the launch of a new PowerTrack APM suite, and reaffirmation of 2024 guidance. The financials showed a revenue decrease to $25.5 million, a net loss of $72.3 million, and operating cash flow improvement. Stem also reported booked contracts of $23.8 million, a contracted backlog of $1.6 billion, and a focus on higher-margin contracts.
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