Stem Wins 2023 New Product Innovation Award for Energy Asset Performance Optimization

Rhea-AI Summary

Stem (NYSE: STEM) receives the 2023 New Product Innovation Award in the North America energy asset performance optimization industry from Frost & Sullivan. The award recognizes Stem's innovation, market alignment, and Athena PowerBidder Pro as key differentiators. Frost & Sullivan forecasts the global battery energy storage market to grow to $72 billion by 2030, indicating significant growth potential for Stem's innovative solutions.

Frost & Sullivan cites Stem’s innovation, market alignment, and Athena® PowerBidder™ Pro as key differentiators that “take energy asset optimization one step further than any competing solution”

SAN FRANCISCO--(BUSINESS WIRE)-- Stem (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy software and services, announced that Frost & Sullivan, a leading global research and growth consulting firm, has awarded Stem its 2023 New Product Innovation Award in the North America energy asset performance optimization industry. Frost & Sullivan’s independent evaluation credits Stem’s continued research and development, innovative software solutions, and strong commitment to proactively support customers as key differentiators in selecting the Company for the recognition. In addition, Frost & Sullivan states that Stem has earned the “trust and loyalty of businesses and utilities worldwide,” and that “Stem is well-positioned to drive the energy asset performance optimization space into its next growth phase, capturing market share and sustaining its leadership in the coming years.”

Frost & Sullivan independently evaluated multiple nominees across several categories to determine the final award recipient. The process involved a detailed assessment of best practices criteria across two dimensions: New Product Attributes (match to needs, reliability, quality, positioning, design) and Customer Impact including (price/performance value, customer purchase, ownership and service experience, and brand equity).

Larsh Johnson, Chief Technology Officer at Stem, said, “Stem is proud to be awarded Frost & Sullivan’s New Product Innovation Award. Customer-centric innovation is infused into every layer of our business to continue helping our customers leverage AI-driven solutions so they can take advantage of immediate and future opportunities in the evolving energy market. With this mindset, Stem’s expertise and offerings include proven solutions that serve owners, developers, traders, and operators across the entire energy assets lifecycle.”

Frost & Sullivan forecasts that the global battery energy storage market will grow cumulatively nearly six-fold to $72 billion by 2030 and believes Stem is poised to capitalize on the rapid growth of the market with innovative solutions like its Athena platform. In addition, the report states that, “Stem’s new and purpose-built PowerBidder Pro software sets it apart from its competitors, with superior design, reliability, and quality. This groundbreaking bidding software helps directly manage energy storage assets (standalone, co-located with solar, or hybrid), and optimize trading performance in a simple, secure, and scalable way.”

The Frost & Sullivan report is available at https://www.stem.com/frost-and-sullivan-new-product-award-stem-athena.

Learn more about PowerBidder Pro at https://www.stem.com/solutions/athena/powerbidder-pro/.

About Stem

Stem (NYSE: STEM) provides clean energy solutions and services that are 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 that can 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/20231116016664/en/

Stem Investor Contacts

Ted Durbin, Stem

Marc Silverberg, ICR

IR@stem.com

Media Contacts

Suraya Akbarzad, Stem

press@stem.com

Source: Stem

FAQ

What award did Stem receive from Frost & Sullivan?

Stem received the 2023 New Product Innovation Award in the North America energy asset performance optimization industry from Frost & Sullivan.

What are the key differentiators for Stem according to Frost & Sullivan?

Frost & Sullivan cites Stem's innovation, market alignment, and Athena PowerBidder Pro as key differentiators.

What is the forecast for the global battery energy storage market by 2030?

Frost & Sullivan forecasts the global battery energy storage market to grow cumulatively nearly six-fold to $72 billion by 2030.

Where can the Frost & Sullivan report be found?

The Frost & Sullivan report is available at https://www.stem.com/frost-and-sullivan-new-product-award-stem-athena.