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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, Inc. (NYSE: STEM), a leader in AI-driven clean energy solutions, will hold a conference call on May 4, 2023, at 5:00 p.m. Eastern Time to discuss its financial results for the quarter ending March 31, 2023. A press release will precede the call at approximately 4:05 p.m.. Investors can access the call via a live webcast at this link or by phone at (855) 327-6837 for U.S. callers and (631) 891-4304 for international participants. A replay will be available shortly after the call until June 4, 2023, accessible by dialing (844) 512-2921. Stem’s software platform Athena® enhances the value of clean energy assets, facilitating optimized management and improved returns for energy projects.
Stem, Inc. (NYSE: STEM) announced the pricing of $200 million in 4.25% Green Convertible Senior Notes due 2030, an increase from the original $175 million offering. The notes will be sold to qualified institutional buyers, with a potential additional $40 million option for initial purchasers. Settlement is anticipated on April 3, 2023. The notes will convert based on an initial rate of 140.3066 shares per $1,000 of notes at a price of approximately $7.13 per share. Stem plans to use about $99.8 million of the proceeds to cancel existing 2028 notes and allocate funds toward Eligible Green Expenditures.
Stem, Inc. (NYSE: STEM) announced plans to offer $175 million of green Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers. An additional $35 million may be issued if initial purchasers exercise their option. The Notes will be senior, unsecured obligations, accruing interest payable semi-annually. Stem intends to use proceeds to repurchase some of its 2028 Notes, fund capped call transactions, and for general corporate purposes. The offering aims to finance Eligible Green Expenditures related to clean energy initiatives. The Notes will not be registered under the Securities Act.
Stem has been recognized as the largest energy storage virtual power plant (VPP) operator in North America by Wood Mackenzie, with 2.5 GWh of contracted storage assets under management across 14 VPPs. This represents a 60% increase in assets from the previous year. Their AI-driven platform, Athena, optimizes energy management and has proven effective in addressing market challenges, such as price volatility.
Stem's leadership in California includes partnerships with commercial and industrial clients, contributing to grid resiliency. The company also aims to expand its reach into the PJM market, leveraging its successes.
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