Stem Dispatches 86 MW of Stored Energy, Enough to Power 103,000 Homes, During 5 Hour Flex Alert in California

Rhea-AI Summary

Stem (NYSE: STEM) successfully dispatched approximately 86 megawatts (MW) and 268 megawatt-hours (MWh) during a Flex Alert on September 6, aiding California's electrical grid amidst extreme heat. This energy release, supporting over 103,000 homes, highlights the importance of energy storage in enhancing grid resilience. Stem's Athena® platform facilitates this effort, enhancing integrated energy management for commercial and industrial customers and showcasing the company's leadership in AI-driven clean energy solutions.

Positive

• Dispatched 86 MW during Flex Alert, supporting grid stability.
• Energy release served over 103,000 homes.
• Demonstrated critical role of energy storage during extreme heat.
• Athena® platform maximizes flexibility from energy storage assets.
• Established a significant presence in California's energy market with 2.1 GWh of storage.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Stem (the “Company”) (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, announced today that its California virtual power plant (VPP) dispatched approximately 86 megawatts (MW) and 268 megawatt-hours (MWh) over the 5 hour “Flex Alert” period on September 6. A Flex Alert is a call to energy consumers to voluntarily cut back on electricity and shift electricity use to off-peak hours. The dispatches occurred during electricity usage peaks in response to this week’s extreme statewide heat wave and grid emergency.

The stored energy capacity released to the California electric grid from commercial and industrial customers increased resilience and demonstrated the critical role of energy storage as high temperatures continue to break records in California and the West. Extreme heat waves can create significant stress on the electrical grid and dispatching 86 MW of stored energy can serve about 103,000 homes. California utilities institute Flex Alerts during these high stress periods.

“As we continue to see extreme heat patterns, Stem’s customers are stepping up to support a more resilient grid,” said Julie Steury, Vice President of Program Operations at Stem. “We’re continuing to deploy energy storage systems dispatched by the Athena^Ⓡ platform throughout this heat wave to shore up system stability.”

Stem was the first energy storage provider to launch and integrate a battery storage VPP into California wholesale markets as a demand response resource. Today, Stem has enrolled hundreds of commercial and industrial customers into its California VPP, part of its approximately 2.1 gigawatt-hours (GWh) of energy storage assets contracted or operating in more than 75 jurisdictions.

Stem’s Athena^Ⓡ platform helps customers maximize flexibility from their energy storage systems. The company’s AlsoEnergy solution monitors and optimizes a wide range of energy assets, including storage, solar and electric vehicle charging stations. Through this integration, Stem can provide more granular and actionable insights and intelligent dispatch capabilities that empower organizations to maximize the value of their energy assets.

About Stem

Stem provides clean energy solutions and services designed to 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 to help improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220909005418/en/

For News Media:

Suraya Akbarzad, Stem

press@stem.com

Sabrina Morse

Highwire PR for Stem

stem@highwirepr.com

For Investors:

Ted Durbin, Stem

Marc Silverberg, ICR

IR@stem.com

(847) 905-4400

Source: Stem, Inc.

FAQ

What significant event did Stem report on September 6, 2023?

Stem reported dispatching approximately 86 MW during a Flex Alert to support California's electrical grid.

How many homes did Stem's energy dispatch support?

The energy dispatch supported over 103,000 homes.

What is the role of Stem's Athena platform?

Athena helps maximize flexibility and optimize energy storage systems for customers.

How much energy storage does Stem operate in California?

Stem operates approximately 2.1 GWh of energy storage assets in California.

What is a Flex Alert?

A Flex Alert is a call for energy consumers to voluntarily reduce electricity use during peak demand times.