Filed by Star Peak Energy Transition Corp. pursuant to
Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Star Peak Energy Transition Corp.
Commission File No. 001-39455
Stem, Inc. Brings Smart
Energy Storage to Electric Cooperative Projects with Today’s Power, Inc.
Integrated
Smart Storage Solution Enables Grid Stability and Flexibility for Electric Cooperatives in a Growing Market
MILLBRAE, Calif.
– February 11, 2021 – 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 Update
Stem 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 (NYSE: NOVA) and lead director of Kinder Morgan, Inc. (NYSE: KMI), 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 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 –
Stem
Cory Ziskind, ICR, Inc.
stemPR@icrinc.com
Laurie Gibson, Kickstart Consulting
lgibson@kickstartconsulting.com
Investor Contact
– Stem
Marc Silverberg, ICR, Inc.
stemIR@icrinc.com
Media Contacts – Today’s Power, Inc.
Jennah Denney
jdenney@todayspower.com
501 400 5548
Contact – Star Peak
Tricia Quinn
Courtney Kozel
info@starpeakcorp.com
847 905 4400
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