Brings together Stem’s smart energy storage
solution with ENGIE’s turnkey eMobility solution
Integration with Athena® software expected to
enable broad adoption of EV charging infrastructure for schools,
transit agencies, and commercial fleets
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global
leader in artificial intelligence (AI)-driven energy storage
software and services, announced today that it has entered into a
Co-Marketing Agreement with ENGIE North America for the development
of an offering to enable broad adoption of eMobility solutions
throughout the United States for schools, transit agencies, and
commercial fleets. The offering, now in pilot development, will
combine Stem’s smart energy storage software, Athena®, and storage
hardware with ENGIE’s turnkey solution that includes all aspects of
eMobility planning, design, and implementation - covering vehicles,
charging infrastructure, energy management, on-site energy
generation, and storage. Athena will integrate with ENGIE’s
electric vehicle (EV) charging solution and help to manage the
charging needs of each ENGIE customer.
Schools, transit agencies, and businesses are moving rapidly to
electrify their fleets in response to policies, mandates, and
incentives designed to reduce emissions contributing to global
climate change. According to Guidehouse Insights 2021 Global Market
Analysis and Forecasts of EV Charging Equipment, 4.4 million charge
points will be installed at fleet properties by 2030, growing from
449,000 in 2020, a compound annual growth rate of 26 percent.
The combined offering will streamline the design, procurement,
installation, and operational process and provide technical support
for customers looking for an interoperable solution. With AI-driven
algorithms, Athena will operate the grid services, demand charge,
demand response, utility bill optimization, and smart energy
storage of customers’ facilities and charging infrastructure. ENGIE
and Stem will support customers to help navigate complexities of EV
incentives and grants while providing services that include
economic modeling & analysis, system design, tariff assessment,
and utility cost optimization.
Alan Russo, Chief Revenue Officer at Stem, commented, “As more
public agencies and businesses deploy charging stations and
electrify their fleets, it’s important to have a cohesive eMobility
strategy to optimize energy consumption and environmental impacts.
Our comprehensive offering will bring together best-in-class
solutions for solar, energy storage, and EV charging in a way that
is easy to deploy and manage. We are excited to leverage our
Athena® software not just for optimizing batteries with solar, but
also to directly interface with EV charging software, which opens
up tremendous opportunities to improve customer savings and reduce
greenhouse gas emissions.”
Courtney Jenkins, Vice President and Head of Distributed Energy
Solutions at ENGIE North America, added, “Building on ENGIE’s
success delivering on-site solar, battery storage, and EV charging
solutions to our customers, we are excited to be working with a
market-leading provider like Stem to develop an integrated offering
that will further enable broad adoption of electrified
transportation. This turnkey offering will bring real value, ease
of adoption, and peace of mind to organizations looking for a
comprehensive eMobility solution.”
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 rate of adoption of
electric vehicle (“EV”) charging, and the development of EV
charging infrastructure; the success of the combined Stem-ENGIE
offering; the reduction of greenhouse gas (“GHG”) emissions; the
integration and optimization of energy resources; the business
strategies of Stem and those of its customers; the global
commitment to decarbonization; Stem’s ability to secure new
customers, or to retain current customers, further penetrate
existing markets or expand into new markets; Stem’s ability to
mitigate supply chain risk and otherwise to manage supply chains
and distribution channels; the continuing severity, magnitude and
duration of the COVID-19 pandemic and the future results of
operations. 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 the rate of
adoption of EV charging, and the development of the necessary
infrastructure; the risk that the combined offering may not be as
successful as anticipated; our inability to achieve our financial
and performance targets and other forecasts and expectations; our
inability to realize anticipated revenues from our long-term
contracts; our inability to grow and manage profitably; risks
relating to the development and performance of our energy storage
systems and software-enabled services; our inability to help reduce
GHG emissions; our inability to seamlessly integrate and optimize
energy resources; 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 win new contracts with customers that we are pursuing, or 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 attract and retain qualified
personnel; the risk that our business, financial condition and
results of operations may be adversely affected by other political,
economic, business and competitive factors; 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 of this release, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220105005386/en/
Stem Investor Contacts Ted Durbin, Stem Marc Silverberg,
ICR IR@stem.com
Stem Media Contact Cory Ziskind, ICR
stemPR@icrinc.com
Stem (NYSE:STEM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stem (NYSE:STEM)
Historical Stock Chart
From Apr 2023 to Apr 2024