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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.
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Stem, Inc. (NYSE: STEM), a leader in AI-driven clean energy solutions, will hold a conference call on May 4, 2023, at 5:00 p.m. Eastern Time to discuss its financial results for the quarter ending March 31, 2023. A press release will precede the call at approximately 4:05 p.m.. Investors can access the call via a live webcast at this link or by phone at (855) 327-6837 for U.S. callers and (631) 891-4304 for international participants. A replay will be available shortly after the call until June 4, 2023, accessible by dialing (844) 512-2921. Stem’s software platform Athena® enhances the value of clean energy assets, facilitating optimized management and improved returns for energy projects.
Stem, Inc. (NYSE: STEM) announced the pricing of $200 million in 4.25% Green Convertible Senior Notes due 2030, an increase from the original $175 million offering. The notes will be sold to qualified institutional buyers, with a potential additional $40 million option for initial purchasers. Settlement is anticipated on April 3, 2023. The notes will convert based on an initial rate of 140.3066 shares per $1,000 of notes at a price of approximately $7.13 per share. Stem plans to use about $99.8 million of the proceeds to cancel existing 2028 notes and allocate funds toward Eligible Green Expenditures.
Stem, Inc. (NYSE: STEM) announced plans to offer $175 million of green Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers. An additional $35 million may be issued if initial purchasers exercise their option. The Notes will be senior, unsecured obligations, accruing interest payable semi-annually. Stem intends to use proceeds to repurchase some of its 2028 Notes, fund capped call transactions, and for general corporate purposes. The offering aims to finance Eligible Green Expenditures related to clean energy initiatives. The Notes will not be registered under the Securities Act.
Stem has been recognized as the largest energy storage virtual power plant (VPP) operator in North America by Wood Mackenzie, with 2.5 GWh of contracted storage assets under management across 14 VPPs. This represents a 60% increase in assets from the previous year. Their AI-driven platform, Athena, optimizes energy management and has proven effective in addressing market challenges, such as price volatility.
Stem's leadership in California includes partnerships with commercial and industrial clients, contributing to grid resiliency. The company also aims to expand its reach into the PJM market, leveraging its successes.
Stem, Inc. (NYSE: STEM) reassured investors regarding the impact of the Silicon Valley Bank (SVB) closure. The company estimates that less than 5% of its cash and short-term investments are affected, with no credit facilities or financial ties to SVB. Stem's financial assets are diversified among large national institutions, ensuring continued operations. The company is monitoring the situation and assessing its effects on stakeholders. Additionally, Stem continues to provide AI-driven energy solutions, including its Athena® platform, designed to optimize energy asset management.