Company secures customer-sited storage projects and utility partnerships statewide as storage grant program aims to accelerate regional market growth
MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., the leader in energy storage as a service, has expanded its reach into New York State with commercial-scale energy storage and active participation in grid support programs.
Stem is working with more than 20 companies in the Empire State looking to deploy 14 megawatt hours (MWh) of energy storage systems across 80 locations to reduce energy costs and strengthen the local grid. Stem's pipeline of New York projects involve innovative programs with Consolidated Edison and the New York State Energy and Research and Development Authority (NYSERDA). Some of the first systems are being installed at four theaters in the NYC area in partnership with a leading cinema chain as part of a NYSERDA technology commercialization program (ETAC-CI).
"In New York and beyond, we're seeing an uptick in brand name companies looking for a solution that delivers multiple economic and environmental benefits with no up-front costs or intervention in their operations," said John Carrington, CEO of Stem. "Our work with these corporate leaders serves as a national model for enterprises looking to use intelligent energy storage to gain a competitive advantage."
For businesses and institutions, Stem's intelligent energy storage service drives automated energy cost savings, protects against changing rates, and enhances sustainability in the communities where they operate. The company pairs intelligent software with energy storage to learn building load patterns and shift energy use away from the most expensive times. Together, Stem's customers form a network that responds to local utility needs, helping to create a more efficient, sustainable, and resilient electric grid. With over 3.5 million hours of run-time across more than 600 locations, Stem is the world leader in the commercial-scale energy storage market.
Announced last week, the proposed NYSERDA Clean Energy Fund will provide up to $2.7 billion to support market-based, distributed clean energy and energy efficiency solutions, low-income access, and workforce development programs. Of this allocation, $15.5 million is earmarked through 2020 for the deployment of behind-the-meter energy storage projects that offer "value-stacking," akin to Stem's intelligent energy services.
"Innovative statewide programs like the NYSERDA Clean Energy Fund illustrate how stand-alone energy storage, as well as energy storage paired with other distributed energy resources, can deliver multiple value streams to varied stakeholder groups, where Stem is well-positioned to thrive in this market," said Carrington. "Driven by grid congestion challenges and a goal to decarbonize regional electricity systems, while encouraging customer participation, the New York market is ripe for energy storage growth—and nowhere is that potential greater than at the commercial scale."
Stem's network of customer-sited systems can serve as a virtual power plant that immediately delivers capacity when and where needed. Following its groundbreaking work to alleviate grid congestion with forward-thinking utilities across California and Hawaii, Stem successfully bid into Consolidated Edison's Brooklyn Queens Demand Management (BQDM) auction, for which the company will provide approximately one megawatt of demand response capacity through 2018.
About Stem, Inc.
Stem creates innovative technology services that transform the way energy is distributed and consumed. The company's mission is to build and operate the largest digitally connected energy storage network for our customers. Our world class analytics optimize the value of customer's energy assets and facilitate their participation in energy markets, yielding economic and societal benefits while decarbonizing the grid. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo) GE Ventures, Constellation Technology Ventures, Total Energy Ventures, Mitsui & Co. LTD., RWE Supply & Trading, and Mithril Capital Management. Visit www.stem.com for more information.