Stem and SB Energy Announce Technology and Commercial Alliance to Advance AI-Enabled Energy Management of Utility Scale Renewables

Rhea-AI Summary

Stem and SB Energy have entered a multi-year technology and commercial alliance to deploy clean energy at scale. Stem will be SB Energy's preferred partner for the energy management system (EMS) for 10 GWh of energy storage projects. The alliance will combine SB Energy's Digital Platform with Stem's technology development capabilities to deliver high-value energy products.

• Technology alliance to leverage Stem’s AI-driven software and SB Energy’s Digital Platform to deploy flexible, reliable, and cost-effective clean energy at scale.
• Multi-year commercial agreement to span SB Energy’s development pipeline of 10 gigawatt hours (GWh) of energy storage projects.

SAN FRANCISCO--(BUSINESS WIRE)-- Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, and SB Energy, a leading U.S. developer, owner, and operator of utility scale solar and energy storage assets, today announced that the two companies have entered a multi-year technology and commercial alliance.

Stem and SB Energy have agreed in principle to terms for a technology joint venture that will combine SB Energy’s Digital Platform and acumen in developing, building, and operating infrastructure assets with Stem’s best-in-class technology development capabilities to deliver high-value energy products. In addition, Stem will be SB Energy’s preferred partner for the energy management system (EMS) for 10 GWh of SB Energy’s energy storage pipeline across North America, including CAISO and ERCOT, over the next five years. As energy buyers seek to decarbonize around-the-clock operations, the combination of these technologies will be crucial to deliver the most innovative products, enabling dispatchable renewable energy at scale.

“As a leader in developing and operating high value renewable energy projects at scale, SB Energy has greatly contributed to North America’s clean energy transition. Stem is honored to be selected as SB Energy’s preferred EMS partner in this first-of-its-kind collaboration,” said John Carrington, Chief Executive Officer of Stem. “We are happy to collaborate with SB Energy as we push the boundaries of the clean energy market with forward-thinking strategies and services across the front-of-the-meter project lifecycle, giving Stem critical insights to continuously evolve AI-driven software solutions ahead of market needs.”

SB Energy co-CEO Rich Hossfeld said, “Integrating storage and AI-driven software throughout our platform is critical to our mission of providing flexible renewable energy at scale. Our alliance with Stem, a market leader in AI-driven clean energy solutions and services, supports the growth of SB Energy’s Digital Platform and our ability to provide innovative solutions across the project lifecycle. We’re especially excited that this alliance will further accelerate the deployment of lithium ion and long duration storage in our portfolio and our ability to provide cutting-edge and cost-effective energy power structures to our customers.”

SB Energy develops, owns, and operates some of the most technically advanced large-scale renewable projects across the U.S. SB Energy currently owns and operates 2 GW of clean power, increasing to 3 GW by mid-2024. In just four years, SB Energy has built one of the largest U.S. operating and development platforms, demonstrating its ability to develop, secure supply chain, finance, invest in forward-looking technology, and operate at scale. SB Energy selected Stem for its established energy storage expertise with more than 31 million run-time hours and 3 GWh of storage projects contracted or deployed on Athena, Stem’s award-winning AI clean energy platform.

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 SB Energy

SB Energy is a leading utility scale solar, energy storage, and technology platform backed by SoftBank Group Corp. and funds managed by the Infrastructure and Power strategy of Ares Management Corporation. In just four years, SB Energy has built one of the largest US operating and development platforms, demonstrating its ability to develop projects, secure supply chain, finance, invest in forward-looking technology, and operate at scale. SB Energy's mission is to provide flexible renewable energy at scale, accelerating the global energy transition, and benefiting our planet, customers, communities, and people. For more information, visit SBEnergy.com.

Source: Stem, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102855481/en/

Stem Investor Contacts

Ted Durbin, Stem

Marc Silverberg, ICR

IR@stem.com

Stem Media Contact

Suraya Akbarzad, Stem

press@stem.com

SB Energy Media Contact

Ally Copple

press@sbenergy.com

Source: Stem, Inc.

FAQ

What is the alliance between Stem and SB Energy?

Stem and SB Energy have entered a multi-year technology and commercial alliance to deploy clean energy at scale.

What is Stem's role in the alliance?

Stem will be SB Energy's preferred partner for the energy management system (EMS) for 10 GWh of energy storage projects.

What will the alliance deliver?

The alliance will combine SB Energy's Digital Platform with Stem's technology development capabilities to deliver high-value energy products.

How much energy storage projects will Stem be the preferred EMS partner for?

Stem will be the preferred EMS partner for 10 GWh of SB Energy's energy storage pipeline across North America over the next five years.

What is SB Energy's current clean power capacity?

SB Energy currently owns and operates 2 GW of clean power, increasing to 3 GW by mid-2024.

Why did SB Energy select Stem?

SB Energy selected Stem for its established energy storage expertise with more than 31 million run-time hours and 3 GWh of storage projects contracted or deployed on Athena, Stem's AI clean energy platform.