Stem Appoints Albert Hofeldt as Chief Technology Officer

Rhea-AI Summary

Stem Inc. (NYSE: STEM) has appointed Albert Hofeldt, PhD as Chief Technology Officer (CTO), effective immediately. Previously serving as Executive Vice President of Technology since 2022, Dr. Hofeldt will report to interim CEO David Buzby. His primary focus will be combining Stem's PowerTrack™ and Athena® platforms into a single platform for asset management and optimization across solar and storage assets. During his two-year tenure at Stem, Hofeldt has led the integration of solar and storage technology teams, expanded the Technology Center in India, and developed next-generation software solutions including Athena and PowerTrack™ Asset Performance Management.

Positive

• Internal promotion ensures continuity and deep understanding of company's technology
• Strong technical background with proven experience in AI, cloud platforms, and energy markets
• Leadership in successful integration of solar and storage technology teams
• Track record of expanding technology operations and developing next-gen solutions

Negative

• None.

Stem’s C-Suite further fortified with proven software expertise to accelerate delivery of AI-enabled software innovation

SAN FRANCISCO--(BUSINESS WIRE)-- Stem Inc. (NYSE: STEM), a global leader in AI-enabled clean energy software and services, today announced Albert Hofeldt, PhD as Stem’s Chief Technology Officer (CTO), reporting to interim Chief Executive Officer (CEO), David Buzby, effective immediately. In his prior role as the Company’s Executive Vice President (EVP) of Technology, Dr. Hofeldt has successfully led the critical responsibilities of advancing the Company’s technology innovation since 2022 and will further advance Stem’s delivery of AI-enabled software solutions for the clean energy market as Stem’s CTO. His success with cloud platform architecture and tech transformations inclusive of AI and machine learning (ML), energy markets and trading, IoT and multi-cloud builds will be critical in executing a key pillar of Stem’s refreshed software strategy to accelerate the delivery of advanced software solutions and services that help drive the company’s growth and profitability.

Dr. Hofeldt will lead Stem’s efforts to deliver enhanced AI-enabled software and edge device capabilities as part of the company’s recently announced software and services-centric strategy. His primary focus will be to combine Stem’s award-winning, hardware-agnostic PowerTrack™ and Athena® platforms into a single platform that spans asset management and optimization software across both solar and storage assets, and other technologies over time.

Albert joined Stem two years ago as Senior Vice President (SVP) of Technology, and helped integrate Stem’s solar and storage technology teams, extended the Company’s software development expertise through key hires, and expanded Stem’s Technology Center of Excellence in India. In addition, Albert has led the development of Stem’s next generation software solutions including Athena, the Company’s AI-driven clean energy software platform, PowerTrack™ Asset Performance Management (APM), PowerBidder™ Pro, and the overall enhanced user experience of Stem’s software solutions.

Mr. Buzby commented, “Albert has been a significant contributor to Stem’s software expansion and success integrating our solar monitoring platform into our Athena platform. He is well primed for success in leading Stem’s continued software innovation. I am looking forward to his many contributions and his deep domain expertise in AI as we expand our business to focus on AI for electrification.”

Albert said, “I joined Stem with a shared vision for the unique opportunities that current market trends and new and emerging technologies are enabling. The future in renewables could not be brighter with new opportunities in open ubiquitously accessible smart trading platforms…with Stem serving as the pioneering transformative market leader and enabler.”

Prior to joining Stem, Albert served as CTO of LiquidX, one of the world’s largest Trade Finance marketplaces, where he launched a new multi-asset class cloud-based trading and blockchain digitization platform. He was also CTO at Genscape, a leading energy market intelligence company, where he led the “platformization” initiative with the launch of their cloud-based multi-asset class energy and IoT ingestion platform. Albert also held SVP technology positions at Thomson Reuters/Trading and 10 years of tech consulting experience at Deloitte and Accenture. Albert earned his PhD in Engineering from Oxford University.

About Stem

Stem (NYSE: STEM) is a global leader in AI-enabled software and services that enable its customers to plan, deploy, and operate clean energy assets. The company offers a complete set of solutions that transform how solar and energy storage projects are developed, built, and operated, including an integrated suite of software and edge products, and full lifecycle services from a team of leading experts. More than 16,000 global customers rely on Stem to maximize the value of their clean energy projects and portfolios. Learn more at stem.com.

Source: Stem, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023779421/en/

Stem Investor Contacts

Ted Durbin, Stem

Marc Silverberg, ICR

IR@stem.com

Stem Media Contact

Suraya Akbarzad, Stem

press@stem.com

Source: Stem, Inc.

FAQ

When did Albert Hofeldt become CTO of Stem (NYSE: STEM)?

Albert Hofeldt was appointed as CTO of Stem effective immediately, as announced in the press release. He previously served as Executive Vice President of Technology since 2022.

What are the main responsibilities of Albert Hofeldt as Stem's new CTO?

As CTO, Hofeldt will focus on combining Stem's PowerTrack™ and Athena® platforms into a single platform for asset management and optimization across solar and storage assets, while leading the company's AI-enabled software innovation.

What was Albert Hofeldt's role at Stem before becoming CTO?

Before becoming CTO, Albert Hofeldt served as Stem's Executive Vice President of Technology since 2022, initially joining the company as Senior Vice President of Technology two years ago.