Stem, Inc. (“Stem”), a global leader in artificial intelligence
(AI)-driven clean energy storage systems, today announced the
Company will provide smart energy storage services to Today’s
Power, Inc. (“TPI”), a renewable energy company based in North
Little Rock, Ark. that develops, owns and operates renewable energy
assets. A certified partner in Stem’s Partner Program, TPI will
leverage Stem’s smart energy storage solution to deliver energy
flexibility in electric cooperative projects, starting in Northwest
Arkansas.
The partnership will enable TPI’s customers and the large number
of electric cooperatives that are adopting solar and battery
storage to take advantage of the benefits of smart energy storage
systems. These systems are designed to enhance solar facilities,
reduce wholesale demand charges and maximize energy savings for
electric cooperatives, helping provide rate stability for members.
TPI builds, owns, and operates their projects, while Stem will
provide the turnkey smart storage solution for those systems.
Stem’s solution for electric cooperatives and other utilities
includes its Athena™ smart storage software, battery hardware
procurement, an interface for the utility to schedule battery
dispatch in real time or ahead of time, monitoring network
operation center services, and the capability for TPI to monitor
battery status and historical performance data.
In December 2020, TPI announced a 2.7 megawatt (MW) solar park
project with 7 MW / 14 megawatt-hours (MWh) of energy storage for
Ozarks Electric Cooperative, which will be optimized by Stem’s
smart storage software. Within its first year of service, this
solar park project is expected to produce over 4 million kilowatt
hours (kWh) of renewable energy.
John Carrington, Chief Executive Officer of Stem, Inc.,
commented, “Stem’s partnership with TPI gives electric cooperatives
greater flexibility in their energy strategy. As the needs of the
utility change over time, Stem’s proven experience and Athena™
software enable us to continually optimize how storage is used to
meet those needs. We are happy to be aligned with TPI because they
are such a respected company in the electric cooperative space.
Together, we plan to deliver significant value to the cooperative
member base.”
Michael Henderson, President of Today’s Power, Inc., commented,
“TPI recognized Stem’s expertise and ability for Athena™ to call on
distributed energy resources and batteries during peak times. Stem
also provides reliable capacity when needed through their proven
aggregated virtual power plants. Working with a trusted energy
storage hardware and service provider makes TPI’s offering that
much more efficient. We look forward to continuing this partnership
and creating innovative solutions for our customers.”
Stem and Star Peak Business Combination
UpdateStem remains on track to complete its previously
announced business combination 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 and remain listed
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 L.P., Mitsui & Co. LTD., Ontario
Teachers’ Pension Plan, RWE Supply & Trading, Temasek and Total
Energy Ventures. For more information, visit www.stem.com.
About Today’s Power, Inc.Today’s Power, Inc. is
a wholly owned subsidiary of Arkansas Electric Cooperatives, Inc.
(AECI), a Little Rock-based utility service cooperative owned by 17
Arkansas electric distribution cooperatives. Today’s Power, Inc.
offers turn-key solar photovoltaic systems, energy storage
systems, electric vehicles and charging stations for all sizes and
applications. For more information about Today’s Power, visit
www.todayspower.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 https://stpk.starpeakcorp.com/.
Forward-Looking StatementsCertain 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
StockholdersIn 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 SolicitationStar 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
Media Contacts – Today’s Power, Inc.Jennah
Denneyjdenney@todayspower.com501 400 5548
Contact – Star PeakTricia QuinnCourtney
Kozelinfo@starpeakcorp.com847 905 4400
Star Peak Energy Transit... (NYSE:STPK)
Historical Stock Chart
From Feb 2024 to Mar 2024
Star Peak Energy Transit... (NYSE:STPK)
Historical Stock Chart
From Mar 2023 to Mar 2024