Stem to unlock 'significant value' in renewables software solutions after shutting AlsoEnergy deal

Feb 3, 2022 09:46 AM ET
  • Energy storage space software and also solutions company Stem, Inc said its purchase of PV asset administration company AlsoEnergy will allow it to "unlock significant value" within renewable resource after the transaction completed.
Stem to unlock 'significant value' in renewables software solutions after shutting AlsoEnergy deal
Image: Stem, Inc.

Stem finished the acquisition of AlsoEnergy the other day (1 February 2022) and also, with it, obtained AlsoEnergy's solar asset performance platform, PowerTrack.

Stem currently intends to combine PowerTrack with its own synthetic intelligence-driven analytics solution, called Athena, to deliver what it previously classified a "one-stop-shop solution" for front-of-meter and also C&I solar as well as storage customers.

John Carrington, CEO at Stem, stated the mix of the two solutions would "unlock significant value for our customers" seeking to optimize solar and energy storage assets.

"We anticipate the combination to be instantly accretive and also will boost our development, improve our margins, and increase our expansion as a worldwide provider of clean energy intelligent software solutions," Carrington stated.

"Our integrated firm's market leading offerings in solar as well as energy storage administration as well as optimization will create numerous possibilities for our customers to improve their energy asset performance. We are thrilled to build the future of energy optimization software as well as solutions together," Robert Schaefer, previous chief executive officer and now head of state of AlsoEnergy, claimed.

While Stem has mentioned AlsoEnergy will certainly remain to run under its own brand name, this has just been dedicated to "in the instant timeframe".

Stem noted that AlsoEnergy created around US$ 49 million in revenue in the 2020 fiscal year, as well as the business is to provide combined company support for the 2022 financial year when it provides its 2021 results.

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