Average reading time for this story is 3 minutes
Stem Inc (“Stem”), a global leader in artificial intelligence (AI)-driven energy storage systems, announced that Stem and its sales channel partners were awarded 68 megawatt-hours (MWh) in projects from the December 2020 California Self-Generation Incentive Program (SGIP) Non-Residential Equity lottery. This SGIP budget provides incentives to support distributed energy resources for disadvantaged and low-income communities throughout California.
Combined with projects awarded in the May 2020 SGIP Equity lottery, Stem and its partners are delivering an aggregate of 82 MWh of storage capacity, or 41% of all Non-Residential Equity capacity awarded for energy storage in all of 2020. These projects amount to more than $35 million of smart storage deployments. Systems to be developed include large-scale behind-the-meter (BTM) deployments larger than 5 MWh each, as well as various solar plus storage and backup solution deployments for state and local governments, educational institutions, nonprofits, and small businesses. The SGIP awarded the 82 MWh in projects to seven of Stem’s existing and new sales channel partners in California, four of which will develop SGIP projects for the first time.
John E. Carrington, Chief Executive Officer of Stem commented, “The results of this latest SGIP award process are further validation of the demand for smart storage solutions delivered by Stem and our partners. Our smart storage capabilities enabled by our AI-powered software platform Athena™ will manage these newly awarded sites to provide grid reliability, resilience, and most importantly, energy cost savings to disadvantaged and low-income California communities. Our Partner Program, consisting of more than 500 sales executives and bolstered by our Stem University training platform, amplifies the reach of our sales efforts and is core to unlocking additional smart storage across the U.S. and beyond. As we enter 2021 and complete our transformation to becoming a publicly traded company, Stem is well-positioned to further our leadership in the energy storage market, capitalize on new growth opportunities, and continue to advance our Athena™ platform.”
“Stem has given us a wealth of information about the SGIP process and how to leverage their Athena™ storage software to help us serve our customers,” said Robert Hymes, Chief Development Officer of Mynt Systems, which was awarded 5.8 MWh in projects for educational institutions and nonprofits. “We look forward to deepening our relationship with Stem as we complete these initial projects and identify new ones for our customers to achieve their savings, sustainability and resilience goals.”
“We recently started working with Stem, and they have proven to be an effective and collaborative resource for Onyx,” said Ja Kao, Chief Executive Officer and President of Onyx Renewable Partners, which was awarded 7.4 MWh in projects for educational institutions. “Stem’s experience in the storage market and advanced Athena™ intelligent storage technology will make it possible for us to deliver impactful projects that allow school districts to benefit from the incentives that will positively impact their students.”
As an energy storage pioneer with more than a decade of experience, Stem completed the most commercial storage installations in California in 2019 by both amount of power and number of sites, according to the California Solar and Storage Association (CALSSA), a trade association that promotes the widespread deployment of smart, local, clean energy technologies.
Additional Information on the Self-Generation Incentive Program
The California Public Utility Commission’s (CPUC) Self-Generation Incentive Program (SGIP) provides incentives to support existing, new, and emerging distributed energy resources. SGIP provides rebates for qualifying distributed energy systems installed on the customer’s side of the utility meter. Qualifying technologies include advanced energy storage systems, wind turbines, waste heat to power technologies, pressure reduction turbines, internal combustion engines, microturbines, gas turbines, and fuel cells.
Stem and Star Peak Business Combination Update
Stem remains on track to complete its previously announced business combination agreement with Star Peak Energy Transition Corp. (NYSE: STPK) (“Star Peak”) in the first quarter of 2021. Upon closing, the combined company will be named Stem, Inc. and will list on the New York Stock Exchange under the new ticker symbol “STEM”.