Stem, Inc. provides AI-enabled clean energy software, services and edge hardware for energy storage and renewable energy assets. The company’s updates center on its PowerTrack software suite, including energy management, asset monitoring, optimization, utility dispatch, grid coordination and telemetry for battery energy storage systems and solar portfolios.
Recurring news also covers quarterly results, recurring software revenue, gross margin and adjusted EBITDA trends; customer deployments for utility-scale and behind-the-meter storage; partnerships around battery management and control systems; and completed software asset acquisitions that add automated fault detection and event-management capabilities to PowerTrack.
Stem (NYSE: STEM), a leader in AI-driven clean energy solutions, has announced its upcoming second quarter 2024 earnings results conference call. The call is scheduled for Tuesday, August 6, 2024, at 5:00 p.m. Eastern Time. A press release detailing the financial results will be issued at approximately 4:05 p.m. Eastern Time on the same day.
Investors and interested parties can access the conference call via a live webcast at https://investors.stem.com/events-and-presentations or by dialing (844) 825-9789 for domestic callers or (412) 317-5180 for international callers. A replay will be available until September 6, 2024, and can be accessed by dialing (844) 512-2921 (US) or (412) 317-6671 (international) with the passcode 10191244. An archive of the webcast will be available on Stem's website for 12 months following the call.
Stem and AEPCO have partnered with Prometheus Power to deploy a 40 MWh energy storage system integrated with a 20 MW photovoltaic system for Sulphur Springs Valley Electric Co-op (SSVEC). This project is part of three similar deployments expected to be operational by the end of the year, leveraging Stem's AI-driven software, Athena®, to optimize performance.
John Carrington, CEO of Stem, highlighted the rapid growth and future potential of the electric co-op segment, which is forecasted to represent over 20% of future storage deployments. Patrick Ledger, CEO of AEPCO, emphasized strategic investments in renewable energy and battery storage to diversify their energy portfolio.
SSVEC has significantly reduced its coal-generated energy from over 80% in 2016 to 25% in 2023, with 18% now from renewables. The project aims to provide reliable, cost-effective clean energy to 53,000 members, driving sustainable practices in the energy sector.
A ribbon-cutting ceremony will be held on June 13, 2024, in Sahuarita, Arizona.
Stem, a global leader in clean energy solutions, announced the PowerTrack™ Asset Performance Management suite to streamline the management of storage, solar, and hybrid energy portfolios. The software aims to optimize asset performance, enhance operational efficiency, and ensure compliance as companies scale their clean energy portfolios.
Stem, Inc. announced its Q1 2024 results, highlighting a 42% increase in CARR-to-ARR conversion, the launch of a new PowerTrack APM suite, and reaffirmation of 2024 guidance. The financials showed a revenue decrease to $25.5 million, a net loss of $72.3 million, and operating cash flow improvement. Stem also reported booked contracts of $23.8 million, a contracted backlog of $1.6 billion, and a focus on higher-margin contracts.
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