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, 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.
Stem reported record full-year 2022 revenue of $363 million, nearly tripling from $127 million in 2021. The fourth quarter 2022 revenue reached $156 million, up 194% year-over-year. Despite these gains, the net loss for 2022 increased to $124 million compared to $101 million in 2021. The company anticipates achieving positive adjusted EBITDA in the second half of 2023 and has introduced full-year 2023 revenue guidance between $550 million to $650 million. Notable growth metrics include a contracted backlog of $969 million and a 12-month pipeline valued at $7.1 billion.
Stem (NYSE: STEM) and ChargePoint (NYSE: CHPT) have announced a joint eMobility offering aimed at enhancing electric vehicle (EV) charging infrastructure. The solution will leverage Stem’s AI-driven Athena platform and ChargePoint’s Express Plus management software to provide cost savings and operational efficiency. The collaboration supports access to federal and state funding, potentially offsetting up to 80% of project costs through the National Electric Vehicle Infrastructure (NEVI) Program, which allocates $5 billion over five years. The joint offering is predicted to greatly enhance the economic, environmental, and resilience aspects of EV charging stations.
ChargePoint (NYSE: CHPT) and Stem (NYSE: STEM) have announced a partnership to enhance EV charging and battery storage solutions. This agreement aims to improve economic outcomes and energy resilience for EV site hosts, particularly in reducing operational costs and meeting ESG goals. ChargePoint will assess EV charging demands and eligibility for incentive programs, while Stem will integrate its AI-driven energy management platform, Athena®, with ChargePoint's Express Plus fast charging system. The partnership aligns with federal funding initiatives like NEVI, aimed at expanding EV infrastructure across the U.S.
Stem, Inc. (NYSE: STEM) is set to discuss its financial results for Q4 2022 on February 16, 2023, at 5:00 p.m. ET. The press release detailing the results will be issued around 4:05 p.m. ET. Investors can access the call via a live webcast or by phone. Stem specializes in AI-driven clean energy solutions aimed at enhancing the economic and environmental value of energy assets. Its platform, Athena®, facilitates the deployment of clean energy assets. A replay of the call will be available for 30 days post-event.
John Carrington, CEO of Stem, a leader in AI-driven energy solutions, discussed the future of energy storage and capital allocation strategies on ICR's podcast, 'Welcome to the Arena.' This episode delves into Stem's partnerships and Carrington's career, aiming to provide insights into the company's direction over the next three to five years. The podcast, launched in August 2021, brings together influential figures from finance and industry.
Stem (NYSE: STEM), a leader in AI-driven energy solutions, will engage with investors at the 2023 Global Energy and Clean Technology Conference on January 5, 2023, at 4:20 pm ET in Miami, Florida. The event will feature a fireside chat with management and will be accessible via live webcast. Replay options will be available on Stem’s investor relations site for 180 days. Stem's Athena® software platform enhances the value of clean energy assets and supports various applications for better asset management.
Stem, Inc. (NYSE: STEM) announced four energy storage projects in Texas totaling 39.6 MW in partnership with REX Storage Holdings. This marks a $400M equity commitment by REX for new projects in the ERCOT region, serving over 26 million customers. Stem will provide its AI-driven Athena platform and related services throughout the projects' lifespan. The installations are currently under construction and expected to be operational by the end of 2023, positioning them for optimized returns amid the growing demand for renewable energy solutions.