MILLBRAE, California – (BUSINESS WIRE) – Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a leading global provider of AI-powered energy storage services, announced today that it has entered into an agreement to provide Smart Energy Storage Services for Altus Power America, Inc. (“Altus Power”), a leading clean electrification company that develops, owns and operates renewable energy facilities in Massachusetts and the United States.
As a certified partner in Stem’s affiliate program, Altus Power will leverage Stem’s smart energy services to manage its solar storage facility and provide clean energy flexibility in New Marlborough, Massachusetts. Altus Power expects this DC-coupled 2.9 megawatt (MW) solar system project behind the meter (BTM) with 2 megawatt hours (MWh) of energy storage to go into operation in the second quarter of 2021.
Stem’s Athena ™ AI intelligent energy storage platform will enable Altus Power’s solar generation and energy storage system to provide automated demand-response solutions that enable the flexible delivery of clean energy at peak times, maximizing the economic and environmental benefits of its solar systems. Adding energy storage to the DC coupled solar system reduces the energy loss in the solar inverters.
Stem and Altus Power are currently working together to support compliance with federal investment tax credit requirements and the Solar Massachusetts Renewable Target (SMART) program, a government initiative that promotes cost-effective solar development with customer-centric and grid service benefits.
Since announcing its first project in Massachusetts in 2017, Stem has provided a total of more than 180 MWh of storage capacity, or nearly 20% of the total energy storage capacity for non-residential buildings, for MA SMART via behind the meter and in front of the meter (FTM). . According to Wood Mackenzie’s 2020 US Energy Storage Monitor, Massachusetts was home to 30% of the 300 MWh of US non-residential energy storage facilities in 2020, more than any state except California. Massachusetts is expected to have 21% more MWh of non-residential buildings in 2021 than in 2020.
John Carrington, Stem’s Chief Executive Officer, commented, “Throughout Stem’s history, we have successfully managed thousands of grid awards and tens of thousands of market reactions to support energy reliability for our partners and their customers. Our expertise in demand response and advanced technology with our Athena ™ AI intelligent energy storage platform makes it easy for our partners like Altus Power to leverage our capabilities to deliver reliable and efficient energy to their customers while improving project returns. We look forward to expanding our presence in the fast-growing Massachusetts market and will continue to enable smart storage in other regions as the US and overseas markets evolve. ”
Tony Savino, Altus Power’s Co-Founder and Chief Construction Officer, added, “Partnering with a leading integrator like Stem enables us to provide our customers with adaptable and efficient energy storage systems. We look forward to an ongoing partnership with Stem that will help enable our customers to continue delivering clean energy. ”
About Stamm, Inc.
Stem, Inc. offers solutions that meet the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena ™, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy consumption by automatically switching between battery power, on-site generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a variety of goals including cost reduction, resilience, sustainability, environmental and corporate responsibility, and innovation. Stem also offers full support for solar partners interested in adding storage for stand-alone, community or commercial solar projects – both behind and in front of the meter. For more information, visit www.stem.com.
About Altus Power America
Altus Power, based in Greenwich, Connecticut, is creating a clean electrification ecosystem serving its commercial, public and municipal solar customers with local solar generation, energy storage and EV charging stations in the United States. Since it was founded in 2009, Altus has developed or purchased more than 200 solar systems for decentralized generation with a total output of more than 270 megawatts from Vermont to Hawaii. visit www.altuspower.com to learn more.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws – that is, statements about the future, not about past events. Such statements often contain words such as “expect”, “can”, “believe”, “plan”, “estimate”, “intend”, “anticipate”, “should”, “could”, “will”, “see” “Likely” and other similar words. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. These forward-looking statements are based on assumptions and estimates that, although we and our management believe reasonable, depend on inherently uncertain factors that could cause actual results to differ materially from current expectations, including our ability to anticipated benefits of our recent business combination with Star Peak Energy Transition Corp. (“Star Peak”); our ability to grow and manage growth profitably; Risks related to the development and performance of our energy storage systems and software-based services; the possibility that our business, financial condition and results of operations could be adversely affected by other economic, business and competitive factors; and other risks and uncertainties set out in the “Risk Factors” section in the definitive proxy statement relating to the business combination filed by Star Peak on March 30, 2021 and other documents we will file with the SEC in the future. Nothing in this press release should be taken as an assurance by any person that the forward-looking statements set forth herein will be achieved, or that any of the intended results of such forward-looking statements will be achieved. We caution you that the foregoing list of factors is not exhaustive and you should not place undue reliance on forward-looking statements, which speak only as of the date of their publication. We assume no obligation to update these forward-looking statements as a result of new information, future events or for any other reason, unless this is required by law.
Source: Stamm, Inc.