Stem, Inc. ("Stem" or "the Company"), a global leader in artificial intelligence (AI)-driven energy storage services, today announced that the Company dispatched its portfolio of more than 500 megawatt-hours (MWh) enrolled in demand response and grid services programs during heat waves in the United States and Canada throughout the month of June. In that time, Stem's Athena ® software responded to almost 4,000 site events across 10 different utility programs and more than 400 customer sites in California, Massachusetts, New York and Ontario, Canada.
During California's statewide record-setting heat wave during the week of June 14, 2021, Stem dispatched its portfolio of operating energy storage systems in response to California Governor Gavin Newsom's Extreme Heat Event and Flex Alerts from California Independent System Operator (California ISO), the nonprofit that manages the state's power grid.
At the same time, as the East Coast of the United States and Ontario experienced heat related events, Athena ® dispatched energy storage systems in wholesale markets and utility programs to help eastern utilities and grid operators maintain system stability.
An increase in energy demand during heat waves can create significant stress on the electrical grid. Stem's Athena ® intelligent software automatically operates energy storage systems to reduce customers' energy costs and instantly responds to signals received from the grid operators to dispatch available capacity when and where it is urgently needed. This helps to stabilize the grid by flattening electricity usage peaks and delivering power to the most constrained parts of the grid. Athena ® co-optimizes the value of flexible energy in real time, incorporating dynamic conditions such as energy prices, local grid capacity constraints, tariff-based program events and severe weather conditions. The Company's technology provides fast-response and backup power while reducing greenhouse gas (GHG) emissions and reliance on diesel generators and fossil fuels.
"Utilities across the country continue to see the value of Stem's demand response and grid services, allowing them to call for demand reduction without impacting customer operations," said Julie Steury, Vice President of Program Operations at Stem. "This is accomplished through use of our virtual power plants. We are prepared to continue to support grid operators and retail utilities in reducing power outages in the coming summer months."
Stem was the first energy storage provider to launch and integrate a battery storage virtual power plant (VPP) into California wholesale markets as a demand response resource. Today, Stem has more than 950 systems representing about 1.1 gigawatt-hours (GWh) contracted or operating in more than 75 jurisdictions.
About Stem, Inc.
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. For more information, visit www.stem.com.
Cautionary Statement regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the U.S. Federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as "expect," "may," "believe," "plan," "estimate," "intend," "anticipate," "should," "could," "will," "see," "likely," and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about 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; and 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 our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; our inability to achieve our financial and performance targets and other forecasts and expectations; our inability to recognize the anticipated benefits of our recent business combination with Star Peak Energy Transition Corp. ("Star Peak"); our ability to grow and manage growth profitably; 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 secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; 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 definitive proxy statement relating to the business combination filed by Star Peak on March 30, 2021 and other documents we file with the SEC in the future. 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. The forward-looking statements speak only as of the date of the press 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.
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