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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. has completed its acquisition of Also Energy Holdings, Inc., enhancing its leadership in AI-driven software for clean energy. This move adds 32.85 GW of solar assets, solidifying Stem’s position globally. The transaction is expected to be accretive, boosting revenue and margins. AlsoEnergy contributed approximately $49 million in revenue for the fiscal year ending December 31, 2020, with a gross margin of 60%. The acquisition combines AlsoEnergy’s PowerTrack platform with Stem's Athena analytics, providing a comprehensive solution for C&I customers.
Stem, Inc. (NYSE: STEM) has partnered with NineDot Energy to deliver over 110MWh of energy storage projects in New York. This collaboration includes six front-of-the-meter standalone energy storage sites in Staten Island, with completion expected by May 2023. Utilizing Stem's Athena® software, the projects will optimize revenues via New York’s Value of Distributed Energy Resources (VDER) program. The partnership aims to support New York's initiative for 100% clean energy by 2040.
Stem, Inc. has announced a Co-Marketing Agreement with ENGIE North America to enhance eMobility solutions across the U.S., particularly targeting schools, transit agencies, and commercial fleets. The collaboration will integrate Stem's Athena® software with ENGIE's turnkey EV charging solutions, streamlining operations and optimizing energy management. This combined offering aims to simplify the electrification process amid a projected 26% annual growth in EV charging installations by 2030. Alan Russo, Stem's CRO, emphasized the importance of cohesive strategies for managing energy consumption and environmental impact.
Stem, Inc. (NYSE: STEM), a leader in AI-driven energy storage, will participate in two key virtual investor conferences: the Goldman Sachs Global Energy and Clean Technology Conference on
Stem has announced the acquisition of AlsoEnergy for $695 million, combining their strengths in AI-driven energy storage and solar asset management. The deal will enhance Stem's software revenue and improve margins, expanding assets under management by 32.5 GW across over 50 countries. The acquisition aims to provide a unified platform for energy projects, allowing customers to optimize both solar and storage solutions. Management believes this transaction will accelerate growth and add significant value to customers through improved technology integration.
Stem, Inc. (NYSE: STEM) has priced $400 million of 0.50% Green Convertible Senior Notes due 2028, an increase from the initial $350 million offering. The notes, aimed at qualified institutional buyers, will mature on December 1, 2028, with an initial conversion rate of 34.1965 shares per $1,000 principal. The capital raised will support green projects and reduce common stock dilution via capped call transactions. The offering is set to close on November 22, 2021, subject to customary conditions.
Stem, Inc. (NYSE: STEM) plans to offer $350 million in green Convertible Senior Notes due 2028, with an option for initial purchasers to acquire an additional $52.5 million. The notes are senior, unsecured obligations and will accrue interest semi-annually. They will be convertible into cash, shares, or a combination, and redeemable from December 5, 2025, under specific conditions. Proceeds will fund capped call transactions and finance Eligible Green Expenditures to enhance energy systems. The offering will not be registered under the Securities Act, limiting sales to qualified institutional buyers.
Stem (NYSE: STEM) reported record financial results for Q3 2021, achieving revenues of $39.8 million, marking a 334% increase YoY. The company experienced a positive gross margin of 8%, compared to a negative 19% in Q3 2020. Net income reached $115.6 million, significantly up from a loss of $18.8 million last year, primarily due to a non-cash warrant revaluation. The company ended the quarter with $576 million in cash and zero debt. Its 12-month pipeline grew to $2.4 billion, and bookings surged 183% to $104 million.
Stem, Inc. (NYSE: STEM) will hold a conference call on November 9, 2021, at 5:00 p.m. ET to discuss its financial results for the quarter ending September 30, 2021. A press release containing these results will be issued at approximately 4:05 p.m. ET on the same day. The call will be accessible via a live webcast and by telephone for both domestic and international participants. A replay will be available for one week after the call.
Stem, Inc. (NYSE: STEM) has expanded its Athena® smart energy software to support seven value streams for project developers in ISO-New England. The enhancements include Athena Supervisor and Athena Bidder, which automate market participation and optimize revenue for front-of-meter and behind-the-meter projects. Recent achievements include automated participation in day-ahead and real-time energy markets, as well as new offerings for CAISO, ERCOT, and PJM markets, enhancing revenue potential. The company aims for increased market value and returns for customers through advanced AI-driven solutions.
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