Athena now supporting seven value streams for
customers in ISO-New England
Advanced reporting and bidding software
offerings launched for CAISO, ERCOT, and PJM wholesale energy
markets
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global
leader in artificial intelligence (AI)-driven energy storage
services, announced today two advanced application additions to its
Athena® smart energy software, enabling its project developer
customers to generate more revenue in wholesale energy markets for
both front of meter (FTM) and behind the meter (BTM) storage
projects. Included in the enhanced offering is Athena SupervisorTM,
which provides real-time visibility into how Athena manages and
monetizes energy assets, and Athena BidderTM, Stem’s proprietary
market operations engine that automates asset strategies to
maximize wholesale market revenues.
Stem Highlights Three Recent Milestones with Athena®
in ISO-NE
Important milestones achieved by Stem during three recent
customer projects in Independent System Operator New England
(ISO-NE) include:
- For the first time, Athena Bidder automated both day-ahead and
real-time energy market participation in ISO-NE, along with
capacity supply and frequency regulation for a project in
Haverhill, Mass. Athena uses the most recent forecasts to
automatically optimize the battery operations and evaluate what
value stream to participate in, while respecting the point of
interconnection (POI) limit and incentive tax credit (ITC)
constraint at every trading interval.
- In addition, Athena Bidder recently began to forecast market
prices and solar generation, while continuously delivering
market-ready price and quantity bids in the ISO-NE market for a
project in Halifax, Mass.
- Separately, Stem’s first direct current-coupled system,
deployed earlier this year in Leicester, Mass., is expected to
begin generating revenue via the state’s ISO-NE, Solar
Massachusetts Renewable Target (SMART), and Clean Peak Energy
Portfolio Standard programs.
Across these projects, Stem is enabling its project developer
customers to co-optimize seven value streams: day-ahead markets,
real-time energy markets, frequency regulation, capacity market,
coincident peak reduction, solar shifting incentives, and solar ITC
earnings.
With Stem’s extended project developer support services and
Athena’s ability to deliver multiple value streams, Stem has grown
rapidly in the ISO-NE market since it expanded market participation
activities for FTM storage in 2020. As of mid-2021, Stem’s
Athena-controlled systems comprised 52% of Massachusetts and 19% of
ISO-NE’s operational continuous storage facilities active in the
wholesale energy, ancillary services, and forward capacity markets.
Athena continues to deliver an average of up to 30% internal rate
of return (IRR) for its users.
Stem Expands Value in FTM Wholesale Energy Markets with
Offerings for CAISO, ERCOT and PJM
Stem’s Athena is used by project developers and asset owners to
optimize power generation and market participation revenues of both
standalone energy storage and hybrid solar plus storage power
plants. Athena supports merchant projects capturing nodal pricing
swings. Now, the recent updates to Athena Bidder provide enhanced
capabilities for customers to meet resource adequacy requirements,
optimize wholesale market revenue, and participate in wholesale
energy markets such as California Independent System Operator
(CAISO), Electric Reliability Council of Texas (ERCOT), and
Pennsylvania, New Jersey, and Maryland (PJM). This enhances
customers’ IRR by maximizing revenues through optimized bidding
strategies, automated program management, and systematized
compliance, while enhancing the storage lifecycle value.
Additionally, Athena is uniquely capable of providing short-term
forecasts for day-ahead and real-time bidding, as well as
leveraging long-term market price projections to model FTM systems
for financing and bankability.
“As a global leader in AI-driven energy storage, Stem continues
to develop and enhance Athena’s smart energy storage capabilities
to secure further market value for new and existing customers and
diversify our geographic footprint into new markets,” said John
Carrington, Chief Executive Officer at Stem. “These enhancements to
Athena’s applications for wholesale energy market participation
extend the value and benefits offered to our partners. With our
unparalleled service, we help them navigate complicated programs
and incentives and generate the best return on their
investments.”
Cautionary Statement Regarding Forward-Looking
Statements
This press release, as well as other statements we make, contain
“forward-looking statements” within the meaning of the federal
securities laws, which include any statements that are not
historical facts. Such statements often contain words such as
“expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,”
“projected,” “projections,” “forecast,” “estimate,” “intend,”
“anticipate,” “ambition,” “goal,” “target,” “think,” “should,”
“could,” “would,” “will,” “hope,” “see,” “likely,” and other
similar words. Forward-looking statements address matters that are,
to varying degrees, uncertain, such as the opportunity for business
growth in ISO-NE; the expected benefits of customer projects in
ISO-NE; and expected benefits to businesses, utilities and energy
customers in ISO-NE. Such forward-looking statements are subject to
risks, uncertainties, and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon assumptions and estimates that, while considered
reasonable by Stem and its management, depend upon inherently
uncertain factors and risks that may cause actual results to differ
materially from current expectations, including our inability to
achieve business growth in ISO-NE; risks relating to the
development and performance of our energy storage systems and
software-enabled services; the risk that the global commitment to
decarbonization may not materialize as we predict, or even if it
does, that we might not be able to benefit therefrom; our inability
to retain or upgrade current customers, further penetrate existing
markets or expand into new markets; our inability to secure
sufficient inventory from our suppliers to meet customer demand,
and provide us with contracted quantities of equipment; supply
chain failures or interruptions; manufacturing or delivery delays;
disruptions in sales, production, service or other business
activities; our inability to help reduce GHG emissions; our
inability to seamlessly integrate and optimize energy resources;
the risk that our business, financial condition and results of
operations may be adversely affected by other political, economic,
business and competitive factors; the effects of competition; and
other risks and uncertainties set forth in the section entitled
“Risk Factors” in the registration statement on Form S-1 filed with
the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q and
8-K filed with or furnished to the SEC. If one or more of these or
other risks or uncertainties materialize (or the consequences of
any such development changes), or should our underlying assumptions
prove incorrect, actual outcomes may vary materially from those
reflected in our forward-looking statements. Statements in this
press release are made as of the date hereof, and Stem disclaims
any intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events
or otherwise.
About Stem, Inc.
Stem (NYSE: 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. For more information, visit www.stem.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211005005285/en/
Stem Investor Contacts Ted Durbin, Stem Marc Silverberg,
ICR IR@stem.com
Stem Media Contacts Cory Ziskind, ICR
stemPR@icrinc.com
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