Stem, Inc. and Partners Awarded 68 MWh in New Smart Energy Storage Projects for Disadvantaged and Low-Income California Communities
Stem Supports Solar Partners to Deliver More Than $35 Million of New Energy Storage Projects as Part of California’s SGIP Non-Residential Equity Budget
Stem, Inc. ("Stem"), a global leader in artificial intelligence (AI)-driven energy storage systems, today announced that Stem and its sales channel partners were awarded 68 megawatt-hours (MWh) in projects from the December 2020 California Self-Generation Incentive Program (SGIP) Non-Residential Equity lottery. This SGIP budget provides incentives to support distributed energy resources for disadvantaged and low-income communities throughout California.
Combined with projects awarded in the May 2020 SGIP Equity lottery, Stem and its partners are delivering an aggregate of 82 MWh of storage capacity, or 41% of all Non-Residential Equity capacity awarded for energy storage in all of 2020. These projects amount to more than $35 million of smart storage deployments. Systems to be developed include large-scale behind-the-meter (BTM) deployments larger than 5 MWh each, as well as various solar plus storage and backup solution deployments for state and local governments, educational institutions, nonprofits, and small businesses. The SGIP awarded the 82 MWh in projects to seven of Stem's existing and new sales channel partners in California, four of which will develop SGIP projects for the first time.
John E. Carrington, Chief Executive Officer of Stem commented, "The results of this latest SGIP award process are further validation of the demand for smart storage solutions delivered by Stem and our partners. Our smart storage capabilities enabled by our AI-powered software platform Athena™ will manage these newly awarded sites to provide grid reliability, resilience, and most importantly, energy cost savings to disadvantaged and low-income California communities. Our Partner Program, consisting of more than 500 sales executives and bolstered by our Stem University training platform, amplifies the reach of our sales efforts and is core to unlocking additional smart storage across the U.S. and beyond. As we enter 2021 and complete our transformation to becoming a publicly traded company, Stem is well-positioned to further our leadership in the energy storage market, capitalize on new growth opportunities, and continue to advance our Athena™ platform."
"Stem has given us a wealth of information about the SGIP process and how to leverage their Athena™ storage software to help us serve our customers," said Robert Hymes, Chief Development Officer of Mynt Systems, which was awarded 5.8 MWh in projects for educational institutions and nonprofits. "We look forward to deepening our relationship with Stem as we complete these initial projects and identify new ones for our customers to achieve their savings, sustainability and resilience goals."
"We recently started working with Stem, and they have proven to be an effective and collaborative resource for Onyx," said Ja Kao, Chief Executive Officer and President of Onyx Renewable Partners, which was awarded 7.4 MWh in projects for educational institutions. "Stem's experience in the storage market and advanced Athena™ intelligent storage technology will make it possible for us to deliver impactful projects that allow school districts to benefit from the incentives that will positively impact their students."
As an energy storage pioneer with more than a decade of experience, Stem completed the most commercial storage installations in California in 2019 by both amount of power and number of sites, according to the California Solar and Storage Association (CALSSA), a trade association that promotes the widespread deployment of smart, local, clean energy technologies.
Additional Information on the Self-Generation Incentive Program
The California Public Utility Commission's (CPUC) Self-Generation Incentive Program (SGIP) provides incentives to support existing, new, and emerging distributed energy resources. SGIP provides rebates for qualifying distributed energy systems installed on the customer's side of the utility meter. Qualifying technologies include advanced energy storage systems, wind turbines, waste heat to power technologies, pressure reduction turbines, internal combustion engines, microturbines, gas turbines, and fuel cells.
Stem and Star Peak Business Combination Update
Stem remains on track to complete its previously announced business combination agreement with Star Peak Energy Transition Corp. (NYSE: STPK) ("Star Peak") in the first quarter of 2021. Upon closing, the combined company will be named Stem, Inc. and will list on the New York Stock Exchange under the new ticker symbol "STEM".
About Stem, Inc.
Stem provides solutions that address 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 use by automatically switching between battery power, onsite generation and grid power. Stem's solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects - both behind and in front of the meter.
Headquartered in Millbrae, Calif., Stem is directly funded by a consortium of leading investors including Activate Capital, Angeleno Group, BNP Paribas, Constellation Technology Ventures, Copec, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Magnesium Capital, Mithril Capital Management, Mitsui & Co. LTD., Ontario Teachers' Pension Plan, RWE Supply & Trading, Temasek and Total Energy Ventures. For more information, visit www.stem.com.
About Star Peak Energy Transition Corp.
Star Peak is a blank check company incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Star Peak is led by a management team with extensive experience investing in the energy, energy infrastructure and renewables sectors, including Chairman, Michael Morgan and Chief Executive Officer, Eric Scheyer. Michael Morgan is Chairman and Chief Executive Officer at Triangle Peak Partners LP and currently serves as a director of Sunnova Energy International and lead director of Kinder Morgan, Inc., one of the largest energy infrastructure companies in North America, a company he joined at its founding in 1997. Eric Scheyer is a Partner at Magnetar and has served as the Head of the Magnetar Energy and Infrastructure Group since its inception in 2005. For more information, visit www.starpeakcorp.com.