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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) and Copec have launched South America’s first virtual power plant (VPP) and completed a smart energy storage system in Chile. This partnership, established in July 2020, aims to optimize energy use and reduce costs. Stem’s Athena® software will integrate local grid data to enable efficient power usage and enhance resilience for commercial and industrial customers. The VPP will provide stability during peak demand, supporting Chile's goal of 70% renewable energy by 2030. This project positions Copec as a leader in smart grid technology.
Stem, Inc. (NYSE: STEM), a leader in AI-driven energy storage, announced its participation in the Barclays CEO Energy-Power Conference on September 9, 2021. The event will be virtual, and an investor presentation will be available on the Company’s Investor Relations website on the same date. Stem's innovative solutions integrate advanced energy storage with its AI-powered platform, Athena, enabling businesses to optimize energy usage and achieve sustainability goals. This initiative supports companies in enhancing their energy infrastructure while promoting environmental responsibility.
Penske Truck Leasing is advancing its fleet electrification efforts by piloting Stem, Inc.'s Athena® smart energy storage software. This initiative includes a 350 kW/800 kWh battery system at charging locations in Ontario, California. Since starting the pilot in April 2021, the system has led to a 40% reduction in peak energy consumption at Penske's sites. The collaboration aims to optimize energy use and reduce costs for commercial electric truck charging, supported by incentives from California's air quality programs.
Stem, Inc. announced the redemption of all outstanding public warrants with a redemption price of $0.01 per warrant. The warrants will cease trading on September 17, 2021, and will be delisted from the NYSE on the Redemption Date of September 20, 2021. Holders of the warrants have until 5:00 p.m. NY time on the Redemption Date to exercise them. The company has met the necessary conditions for redemption, with the common stock closing above $18.00 for 20 trading days prior to August 17, 2021.
Stem, Inc. (NYSE:STEM) reported its Q2 2021 results, revealing a substantial 339% increase in revenues to $19.3 million from $4.4 million year-over-year. The company improved its Non-GAAP Gross Margin to 11%, up from 5% the previous year, though it posted a net loss of $(100.2 million), primarily due to non-cash charges. Stem ended the quarter with $474 million in cash and no debt. The 12-month pipeline grew to $1.7 billion, while contracted backlog rose 13% to $250 million, indicating strong future potential.
Stem, Inc. (NYSE: STEM) announced a conference call on August 11, 2021, at 5:00 p.m. ET to discuss its financial results for Q2 2021, ending June 30, 2021. A press release with financial details will precede the call at 4:05 p.m. ET. Stakeholders can join the call via a live webcast on Stem's Investor Relations website or by phone at 877-705-6003 (international: 201-493-6725). The call's replay will be accessible for one month post-event. Stem leverages AI for energy storage solutions, aiding businesses in optimizing energy use and achieving sustainability goals.
Stem, a leader in AI-driven energy storage, reported the successful dispatch of over 500 MWh of energy during June's heat waves across the U.S. and Canada. Utilizing its Athena® software, Stem responded to nearly 4,000 site events in ten utility programs, supporting grid stability during peak demand. The company has a total of 950 systems representing approximately 1.1 GWh contracted or operational. Stem’s services are vital for utilities managing energy demands without disrupting customer operations.
Stem, Inc. (NYSE: STEM), a leader in AI-driven clean energy storage, has been added to the Russell 2000 Index, emphasizing its growth potential in the ESG investment landscape. This index reconstitution highlights Stem's alignment with investor interests in energy storage amidst a rapidly expanding market. The company offers advanced battery storage solutions through its Athena software, aiming to lower energy costs and enhance sustainability for enterprise clients. With $10.6 trillion in assets benchmarked to Russell Indexes, Stem's inclusion could enhance its visibility and growth prospects.
Stem, Inc. (NYSE: STEM) has entered into a partnership with Altus Power America to provide smart energy storage services for a 2.9 MW solar project in New Marlborough, Massachusetts. This project, utilizing Stem's Athena™ AI platform, aims to enhance clean energy delivery and optimize economic benefits during peak demand. With over 180 MWh of storage capacity deployed since 2017, Stem continues to establish a significant presence in the Massachusetts energy market, which is projected to grow further in 2021.
Stem, Inc. (NYSE: STEM) announced its participation in the Cowen Sustainability and Energy Transition Summit, set for June 9, 2021, at 11:50 AM EST. The event will feature a live webcast, accessible through registration. Stem integrates AI-driven solutions for energy storage, aiming to optimize energy usage and support sustainability goals. The company's platform, Athena™, is designed to enhance energy infrastructure, benefiting enterprise customers with cost reductions and increased resilience. A replay of the webcast will be available until September 8, 2021.
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