Stem, Inc. (“Stem” or “the Company”), a global leader in artificial
intelligence (AI)-driven energy storage systems, today announced
the Company has been awarded a project mandate to provide energy
storage solutions to the Massachusetts Water Resources Authority
(MWRA) in Greater Boston, a public agency that provides wholesale
water and sewer services reaching more than 3 million people in
eastern and central Massachusetts. The project adds to Stem’s
significant portfolio of more than 85 megawatt hours (MWh) of water
treatment facilities contracted or managed by Athena™, Stem’s
AI-powered smart storage software.
The project mandate totals 1 MWh of standalone, behind the meter
energy storage projects located at two MWRA sites in Arlington and
Chelsea. Stem expects to deliver significant utility bill savings
for MWRA through its demand charge and demand response
solutions.
John E. Carrington, Chief Executive Officer of Stem, commented,
“There is a large and growing market opportunity for Stem and our
partners to help state and federal agencies deploy smart energy
storage solutions, and this project is our first expansion into
Massachusetts water facility projects. Our smart storage software
Athena™ will manage these sites to provide demand charge
management, demand response and most importantly, energy cost
savings to MWRA and the Greater Boston area. Stem’s ability to
provide expert energy services, empowered by our Athena™ platform,
is helping to sustainably and economically drive the smart energy
transition.”
“We have been very aggressive in our pursuit of renewable and
sustainable energy sources at our water and wastewater facilities,”
said MWRA Executive Director, Fred Laskey. “Stem has been a great
partner on this new initiative throughout the entire process.
Stem’s battery storage systems are a perfect addition to our
portfolio and will help us continue to reduce our carbon footprint
while delivering attractive cost savings.”
Benefits of Energy Storage for Water Treatment
Facilities
Stem has significant experience deploying smart storage for
water treatment facilities, with over 85 MWh of projects under
contract or management by Athena™ in this specific sector. This
includes a 4.9 MW/ 32.5 MWh system at the Orange County Sanitation
District, which is part of the 345 MWh SK E&S and SUSI Partners
portfolio awarded to Stem in 2020.
MWRA chose Stem and Stem’s industry-leading smart storage
software for its utility bill optimization, demand response, and
demand charge management solutions. With climate change effects and
complications of the pandemic, resilience and redundancy are
critical objectives that battery energy storage can address. In
working with Stem to optimize its footprint, MWRA also hopes to
further contribute to Massachusetts’ goal of achieving net-zero
greenhouse gas (GHG) emissions by 2050.
Dual Energy Storage Deployments in Greater
Boston
In Arlington, MWRA sought significant savings from high demand
charges – and with a large energy footprint, its Arlington pumping
station was an ideal place to implement energy storage.
In Chelsea, MWRA prioritized utility bill savings for its
administration building that houses the agency’s field and
operations staff.
Stem was tasked with shifting MWRA’s pump house and
administrative building loads to off-peak hours to capture less
expensive energy, enabling MWRA to optimize its utility costs.
During times of peak demand, Stem’s demand response service
automatically discharges batteries to reduce site loads, allowing
MWRA to maintain uptime, monitor its demand, or interface with the
utility during a demand response event. In addition, Athena™ will
enable the projects to participate in wholesale energy markets
managed by ISO New England.
Both projects are in coordination with Eversource, New England's
largest electric and natural gas provider. Energy storage projects
supported by Eversource are implemented to lessen grid stress and
further the region’s climate change goals.
“As a catalyst for clean energy, we partner with like-minded
companies and stakeholders to conduct our business in a responsible
and sustainable way,” said Eversource Senior Vice President and
Chief Customer Officer Penni Conner. “We’re proud to collaborate
with MWRA on this cutting-edge battery storage technology to reduce
energy use and costs and will continue to find innovative ways to
power New England.”
Stem and Star Peak Business Combination
UpdateStem 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 Massachusetts Water Resource
Authority
MWRA is a public authority established by an act of the
Legislature in 1984 to provide wholesale water and sewer services
to 3.1 million people and more than 5,500 large industrial users in
61 communities in eastern and central Massachusetts. While best
known for the successful clean-up of Boston Harbor - along with the
Charles, Mystic and Neponset Rivers - MWRA has also modernized the
regional water system to meet the requirements of the Safe Drinking
Water Act. MWRA has been aggressively retrofitting its coastal
facilities to mitigate the effects of sea level rise and the agency
has been recognized nationally for its sustainability and renewable
energy initiatives.
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 http://stpk.starpeakcorp.com/.
Forward-Looking Statements
Certain statements in this press release may be considered
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events of Star Peak or Stem’s future financial or
operating performance. For example, projections of future revenue
and other metrics are forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as
“may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “or“ or the negatives of these
terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Star Peak and its
management, and Stem and its management, as the case may be, are
inherently uncertain factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: 1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
definitive merger agreement with respect to the business
combination; 2) the outcome of any legal proceedings that may be
instituted against Star Peak, the combined company or others
following the announcement of the business combination and any
definitive agreements with respect thereto; 3) the inability to
complete the business combination due to the failure to obtain
approval of the stockholders of Star Peak, to obtain financing to
complete the business combination or to satisfy other conditions to
closing; 4) changes to the proposed structure of the business
combination that may be required or appropriate as a result of
applicable laws or regulations or as a condition to obtaining
regulatory approval of the business combination; 5) the ability to
meet the NYSE’s listing standards following the consummation of the
business combination; 6) the risk that the business combination
disrupts current plans and operations of Stem as a result of the
announcement and consummation of the business combination; 7) the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; 8) costs
related to the business combination; 9) changes in applicable laws
or regulations; 10) the possibility that Stem or the combined
company may be adversely affected by other economic, business
and/or competitive factors; 11) Stem’s estimates of its financial
performance; 12) the impact of the novel coronavirus disease
pandemic and its effect on business and financial conditions; and
13) other risks and uncertainties set forth in the section entitled
“Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in Star Peak’s Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2020. Nothing in this press
release should be regarded as a representation by any person that
the forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Neither Star Peak nor Stem undertakes any duty to update
these forward-looking statements, except as otherwise required by
law.
Important Information for Investors and
Stockholders
In connection with the proposed business combination, Star Peak
has filed a registration statement on Form S-4 (the “Registration
Statement”) with the U.S. Securities and Exchange Commission (the
“SEC”), which includes a preliminary proxy statement to be
distributed to holders of Star Peak’s common stock in connection
with Star Peak’s solicitation of proxies for the vote by Star
Peak’s stockholders with respect to the proposed transaction and
other matters as described in the Registration Statement, as well
as the prospectus relating to the offer of securities to be issued
to Stem’s stockholders in connection with the proposed transaction.
After the Registration Statement has been declared effective, Star
Peak will mail a definitive proxy statement, when available, to its
stockholders. Investors and security holders and other interested
parties are urged to read the proxy statement/prospectus, any
amendments thereto and any other documents filed with the SEC
carefully and in their entirety when they become available because
they will contain important information about Star Peak, Stem and
the proposed transaction. Investors and security holders may obtain
free copies of the preliminary proxy statement/prospectus and
definitive proxy statement/prospectus (when available) and other
documents filed with the SEC by Star Peak through the website
maintained by the SEC at http://www.sec.gov, or by directing a
request to: Star Peak Energy Transition Corp., 1603 Orrington Ave.,
13 Floor, Evanston, IL 60201. The information contained on, or that
may be accessed through, the websites referenced in this press
release is not incorporated by reference into, and is not a part
of, this press release.
Participants in the Solicitation
Star Peak and its directors and officers may be deemed
participants in the solicitation of proxies of Star Peak’s
shareholders in connection with the proposed business combination.
Security holders may obtain more detailed information regarding the
names, affiliations and interests of certain of Star Peak’s
executive officers and directors in the solicitation by reading the
registration statement / proxy statement and other relevant
materials filed with the SEC in connection with the business
combination. Information concerning the interests of Star Peak’s
participants in the solicitation, which may, in some cases, be
different than those of their stockholders generally, will be set
forth in the registration statement / proxy statement relating to
the business combination.
Media Contact – StemCory Ziskind, ICR,
Inc.stemPR@icrinc.com
Laurie Gibson, Kickstart
Consultinglgibson@kickstartconsulting.com
Investor Contact – StemMarc Silverberg, ICR,
Inc.stemIR@icrinc.com
Contact – Star PeakTricia QuinnCourtney
Kozelinfo@starpeakcorp.com847 905 4400
Media Contacts – MWRARia Convery, Massachusetts
Water Resource Authorityria.convery@mwra.com
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