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If it does that would be one hell of a buying opportunity.
Ohhh dayummm, sub $20 coming?
gap May-24-2021 22.65 to 23.2
closed
more from pr
Second-Quarter 2021 Financial and Operating Results
Financial Results
Second quarter revenue increased 339% to $19.3 million, versus $4.4 million in the same quarter last year. Higher hardware revenue from Front of the Meter ("FTM") partnership agreements drove most of the year-over-year increase, in addition to higher services revenue from host customer arrangements.
Gross Margin (GAAP) was $(0.1) million, or (1)%, versus $(1.7) million, or (40)% in the same quarter last year. Non-GAAP Gross Margin was $2.1 million or 11% versus $0.2 million or 5% in the same quarter last year. The year-over-year increases in Gross Margin (GAAP) and Non-GAAP Gross Margin resulted from an increased mix of software service revenues and higher-margin hardware deliveries.
Net Loss increased to $(100.2) million versus $(19.0) million in the same quarter last year. This was primarily due to $76.4 million of non-cash charges recorded in the quarter from the revaluation of warrants tied to an increase in the value of the underlying stock, along with higher operating expenses.
Adjusted EBITDA was $(8.6) million compared to $(7.5) million in the same quarter last year. The lower Adjusted EBITDA results were primarily driven by higher operating expenses, due to increased personnel costs reflecting continued investment in our growth initiatives.
The Company ended the second quarter with $474 million in cash and no debt.
Operating Results
The Company’s 12-month forward Pipeline was $1.7 billion as of June 30, 2021, representing significant year-over-year growth. The 21% increase in the 12-month pipeline from $1.4 billion at March 31, 2021 is a result of increased FTM project opportunities and the seasonal nature of the pipeline.
Contracted Backlog increased 13% sequentially, from $221 million as of March 31, 2021 to $250 million as of June 30, 2021. The increase in Contracted Backlog resulted from strong bookings of $45 million tied to increased commercial activity. Bookings grew 18% year-over-year from $38 million in the quarter ended June 30, 2020.
Contracted AUM more than doubled year-over-year to 1.2 GWh, driven by increased commercial activity and the addition of the 345-megawatt hour (MWh) Electrodes Holdings LLC portfolio. Contracted AUM increased sequentially by 9%, driven by new contracts and new systems that came in service.
Second-Quarter 2021 Financial and Operating Results
Financial Results
Second quarter revenue increased 339% to $19.3 million, versus $4.4 million in the same quarter last year. Higher hardware revenue from Front of the Meter ("FTM") partnership agreements drove most of the year-over-year increase, in addition to higher services revenue from host customer arrangements.
Gross Margin (GAAP) was $(0.1) million, or (1)%, versus $(1.7) million, or (40)% in the same quarter last year. Non-GAAP Gross Margin was $2.1 million or 11% versus $0.2 million or 5% in the same quarter last year. The year-over-year increases in Gross Margin (GAAP) and Non-GAAP Gross Margin resulted from an increased mix of software service revenues and higher-margin hardware deliveries.
Net Loss increased to $(100.2) million versus $(19.0) million in the same quarter last year. This was primarily due to $76.4 million of non-cash charges recorded in the quarter from the revaluation of warrants tied to an increase in the value of the underlying stock, along with higher operating expenses.
Adjusted EBITDA was $(8.6) million compared to $(7.5) million in the same quarter last year. The lower Adjusted EBITDA results were primarily driven by higher operating expenses, due to increased personnel costs reflecting continued investment in our growth initiatives.
The Company ended the second quarter with $474 million in cash and no debt.
Business Highlights
Since mid-June 2021, Stem has consistently dispatched more than 500 MWh daily in multiple markets across the United States and Canada in response to heat waves, increased grid interconnections from renewables and wildfires that have caused widespread stress on power grids. Stem’s demand response and grid services programs are designed to use virtual power plants powered by the Athena software platform to flatten electricity usage peaks and deliver power to the most constrained parts of the grid.
Stem has grown rapidly in ISO New England since the system operator expanded market participation activities for Front-of-the-Meter ("FTM") storage in 2020. As of the end of June, Stem-directed systems comprised 52% of Massachusetts and 19% of ISO-NE of the operational continuous storage facilities active in the wholesale energy, ancillary services and forward capacity settlement markets, as reported by the system operator.
On June 25, 2021, Stem entered into an agreement to exchange 7.2 million private warrants for 4.7 million shares of common stock. The transaction closed on June 30, 2021. As of August 11, 2021, 12.8 million public warrants remain outstanding, which are redeemable by the Company beginning August 20, 2021.
On June 2, 2021, Stem announced that it had partnered with Ameresco, a leading cleantech integrator, whereby it will provide 15 MWh of battery storage for Holy Cross Energy, an electric cooperative in western Colorado. Stem and Ameresco plan to further collaborate to provide enhanced returns in electric cooperative markets and beyond. The Company is currently pursuing projects with cooperatives in 26 states and expects this end market to represent a significant component of its FTM business.
Outlook
The Company reaffirms its guidance of full-year 2021 revenue of $147 million and full-year 2021 Adjusted EBITDA of $(25) million. Consistent with prior guidance, the Company reaffirms that it expects to recognize 20-30% of total 2021 revenue in Q3, and 50-60% of total 2021 revenue in Q4.
The Company believes that it has contracted for sufficient supply chain commitments to meet its 2021 revenue goal and will continue to diversify its supply chain, adopt alternative technologies, and deploy its balance sheet to meet the significant growth in customer demand.
Stem Announces Second Quarter 2021 Financial Results
August 11 2021 - 04:05PM
Revenue at high end of guidance
Company reaffirms 2021 financial guidance
Stem, Inc. ("Stem" or the "Company") (NYSE:STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today its financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial and Operating Highlights
Financial Highlights
Revenues of $19.3 million, up from $4.4 million (+339%) in the same quarter last year
Gross Margin (GAAP) of (1)% versus (40)% in the same quarter last year
Non-GAAP Gross Margin of 11%, up from 5% in the same quarter last year
Net Loss of $(100.2) million versus $(19.0) million in the same quarter last year
Adjusted EBITDA of $(8.6) million vs. $(7.5) million in the same quarter last year
Ended the second quarter with $474 million in cash and zero debt
Operating Highlights
12-month Pipeline of $1.7 billion, up from $1.4 billion (+21%) at end of the first quarter
Contracted Backlog of $250 million, up from $221 million (+13%) at end of the first quarter
Contracted Assets Under Management (AUM) of 1.2 gigawatt hours (GWh), up from 0.5 GWh in the same quarter last year
John Carrington, Chief Executive Officer of Stem, commented, “We are pleased to announce a solid second quarter of execution, building on our strong first-quarter results. Revenue was at the high end of our guidance range, which, coupled with our gross margin and operating expense performance, keeps us on track to meet our full-year revenue and Adjusted EBITDA targets. Our sales team continued to leverage our partner channel in multiple geographies increasing our contracted backlog to $250 million (13% sequential growth), providing us with increased visibility into 2022 revenue. As the first pure-play publicly traded smart energy storage company, our experience, industry-leading Athena® software platform, robust service offerings, and strong balance sheet will continue to differentiate Stem in this rapidly expanding market.”
Cramer pump
about 2 min in
https://www.cnbc.com/video/2021/08/09/cramers-lightning-round-i-prefer-lyft-over-uber.html
Hmmm looks like an entry here soon
Wednesday, August 11, 2021 to discuss its financial results for the quarter ended June 30, 2021.
The conference call is scheduled to begin at 5:00 p.m. Eastern Time. A press release regarding the results will be issued at 4:05 p.m.
Susquehanna analyst Biju Perincheril initiates coverage on $STEM with a Positive rating and announces Price Target of $35.
S-1 spac directors registering shares to be sold in the future
There was only one line on the original article that mentioned Texas and that set you off in personal attacks.
You accused me of misleading. Yet when you took points out your article, you never mentioned how much Turbine was impacted. You owe part of my weekend back for having to research it.
Even if 100% of Texas energy came from traditional energy sources, the Texas power grid would have still failed. Reason? #1 Texas never upgraded their existing non-wind power infrastructure to withstand cold temperatures even after the same thing happened in 2011 (read about it here) despite being recommended to do so by experts. #2 Texas does NOT have the ability to pull in energy from outside states. (read more about that here) They are shut off from the world. If either of these root cause had been eliminated, wind or no wind, Texas power would have stayed on.
Your conservative talking point in your previous post is nothing but BS. Conservatives would love nothing more than to pin the blame on renewables for everything from hemorrhoid's to premature ejaculation. Your post was meant to slander wind power in Texas and drum up an anti renewable sentiment in California. You sir have failed in your endeavors while I have reigned victorious in mine. No response on your part is needed as I have used facts and logic to beat you into a humiliated pulp. Figuratively speaking of course.
Now if you'll excuse me I have other more pressing matters to attend to.
What percentage of Wind Turbines stayed online during the Crisis? Looks like 50%
16GW and I see that there are 30-31GW in the state.
What you have proven, is that Coal and Gas are still required. And renewables are not ready to go it alone.
https://www.texastribune.org/2021/02/16/texas-wind-turbines-frozen/
My article was good for STEM. Why you're sending left wing propaganda is beyond me.
The real truth is maximum capacity. The gas/coal/nuclear doesn't have enough capacity to make up for the 20 percent lost on renewables.
Renewables didn’t cause California’s blackouts. So what did?
This is what happens when you don’t plan ahead.
Nathanael Johnson
Sr. Staff Writer
Published
Aug 20, 2020
Topic
Climate + Energy
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Energy grids are straining under the weight of millions of air conditioners as heat has engulfed the western United States. In California, which might have just recorded the highest temperature ever on earth, the strain was too much last weekend: The system broke, albeit briefly, and power went out for millions. People are already pointing fingers, with many blaming California’s attempts to get more of its electricity from the wind and the sun, sources of power seemingly as fickle as the weather.
Except that it isn’t so simple. Clearly, solar panels didn’t cause rolling blackouts. “It is ridiculous to claim wind and solar are the problem,” said Saul Griffith, co-founder of the green policy group Rewiring America. “Solar produces when people need air conditioning.”
If the manager of the state’s grid could snap and make all the solar panels disappear, that would have only made the problem worse. In that sense, renewable energy is a boon, not a burden, according to Steve Berberich, president and CEO of California Independent System Operator, or ISO, which handles the flow of electricity in California.
“This is a resource issue, not a renewable issue,” Berberich said.
But when Berberich talks about “a resource issue,” he’s criticizing the way California has gone about shifting to renewables. The state has been weening its electrical system off fossil fuels by closing dirty plants and building lots of renewables for nearly 20 years. It also closed down a major nuclear power plant in 2012 and shut down 5 gigawatts worth of power plants (mostly natural gas plants) just since 2018. The upshot is that California doesn’t have as much power available at the flip of a switch — and more available at the whims of the sun and wind. In fact, California might have avoided blackouts if the wind had cooperated.
“The wind had been very good, and then it ran out,” Berberich said. “If the wind hadn’t run out on us, we would have been OK.”
Last year, ISO predicted that California would not be able to generate enough electricity to meet its needs by as soon as … this year. In recent weeks, Berberich has criticised state policymakers for closing plants without providing adequate alternatives.
The takeaway: California didn’t cause this problem by erecting lots of wind turbines and solar panels. But closing fossil-fired plants without providing adequate backups certainly did lead to the blackouts.
California business associations called on lawmakers this week to provide a more “diversified” set of electricity generation options. Policy makers should support hydroelectric dams, and keep gas plants open for emergencies like this, said Rob Lapsley, president of the California Business Roundtable. He said his association supports California’s goals to cut carbon emissions, but he thinks the state shouldn’t be shutting down gas plants so quickly. “We are not there yet,” he said. “We are not ready.”
Governor Gavin Newsom appears to be thinking along similar lines: He is trying to get more power plants ready that mostly sit dormant (known as peaker plants) but provide a lot of energy in an emergency. And Newsom signed an executive order to temporarily lift pollution controls on power plants in the evening when the supply of electricity is tightest.
Griffith offered up a different solution. He’d double down on renewables, roll out rooftop solar panels, batteries, and more “demand response” programs to get people to conserve energy when the grid is under strain.
The state’s existing demand-response programs have already made a big difference. When the energy operator asked Californians to reduce their electricity use this week, they responded in a big way. With thousands switching off the lights and unplugging their toasters, it freed up thousands of megawatts of electricity, equivalent to hooking up a big natural gas plant to the grid.“The operators downstairs in our control room told me they’ve never seen a response like this,” Berberich said. “I am stunned by the conservation efforts.”
Thanks for the right wing BS propaganda. But here's some facts for those of you who still believe in FACTS about the REAL cause of Texas blackouts. Right wingers, don't waste your time reading this as it will destroy your fragile ego based reality
Fact check: The causes for Texas’ blackout go well beyond wind turbines
By Reuters Staff
12 MIN READ
During a historic cold snap that has left millions of Texans without electricity, water, and heat for days, claims that the state’s use of renewable energy sources, specifically wind energy, are to blame have circulated on television and social media. These claims are misleading, as they shift blame for the crisis away from what appears, so far, to be the root cause: record cold temperatures that affected generation and transportation across all fuel types (including, but not limited to, wind energy), combined with the inability of the state’s independent and isolated electricity grid (operated by the Electric Reliability Council of Texas, or ERCOT) to source supplies from elsewhere.
A plastic bag belonging to a person taking shelter at a Salvation Army facility is seen after winter weather caused electricity blackouts in Plano, Texas, U.S. February 18, 2021. REUTERS/Shelby Tauber NO SALES. NO ARCHIVES.
Public figures who amplified this narrative include Tucker Carlson, Texas Governor Greg Abbott, and U.S. House member Marjorie Taylor Greene, a Republican from Georgia.
On Feb. 14, Carlson began telling his viewers that “a reckless reliance on windmills is the cause of this disaster,” claiming that “the windmills froze, so the power grid failed” (here). The following day, Abbott said in an interview that the crisis in Texas “shows how the Green New Deal would be a deadly deal for the United States of America” (here).
On Wednesday, Feb. 18, freshman Representative Greene tweeted, “If passed, the Green New Deal will literally kill people. Millions of people have suffered in TX with #rollingblackouts & some died bc of reliance on ‘green’ energy. Increasing the use & banning the export of clean & plentiful reliabale (sic) natural gas for electricity is saving TX” (here).
Examples of social media posts making similar claims about the power outages can be found here , here and here .
WHAT’S HAPPENING IN TEXAS?
A brutal winter storm that has left millions without power along the U.S. Gulf Coast and caused power prices to surge has highlighted the differences between Texas’s independent power grid and the rest of the United States (here).
Residents in over 100 counties in Texas have been told to boil their drinking water as treatment plants continue to suffer from energy blackouts, officials said. Upward of 12 million people in the state -- the country’s second largest with a population of roughly 29 million -- have either have no drinking water on tap in their homes or have drinking water available only intermittently (here).
As of Feb. 17, energy was out for 2.7 million households, officials said. With freezing temperatures expected through the weekend, getting the lights back on will be a slow process, as the state has lost 40% of its generating capacity, with natural gas wells and pipelines, along with wind turbines, frozen shut.
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RENEWABLES IN TEXAS
It is true that the cold has forced many kinds of energy generation offline, including wind turbines that have frozen (here).
Wind generates 20% of total electricity in Texas, where natural gas supplies 47.4%, coal supplies 20.3% and solar supplies 1.1% (here).
As USA Today reported here , Texas has emerged in recent years as not just a national but a global leader in building renewable energy. Leading energy consultancy Wood Mackenzie called the state “center of the global corporate renewable energy market” (here).
In November 2020, the Chicago Tribune reported here that the majority of proposed projects in ERCOT’s pipeline are for solar, wind and storage.
THE TEXAS POWER GRID
Texas is the only state in the continental United States that runs a stand-alone electricity grid (here).
The problem? It means during critical weather events like the storm, most of Texas cannot connect to other grids, which are connected and draw from each other when needed. Overall, around 4.4 million customers were without power.
The grid, operated by ERCOT, is not subject to federal oversight and is largely dependent on its own resources, according to the U.S. Energy Information Administration. Texas’ deregulated energy market gives little financial incentives for operators to prepare for the rare bout of intensely cold weather, critics have said for years.
Natural gas wells and pipelines in Texas, the country’s biggest energy-producing state, do not undergo the winterization of those farther north - resulting in many being knocked offline by the prolonged freezing weather (here).
The storm has knocked about a third of the state’s generating capacity offline. Contrary to comments made by Marjorie Taylor Greene and others, the power grid in Texas relies heavily on natural gas, responsible for nearly half the electricity generated (here).
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In an official statement on Feb. 15, ERCOT said that “extreme weather conditions caused many generating units – across fuel types – to trip offline and become unavailable” (here).
As reported here by the Texas Tribune on Feb. 16, ERCOT said that thermal sources, such as coal, gas and nuclear, lost nearly twice as much power due to the cold than renewable energy sources, which contributed to just 13% of the power outages (here).
As temperatures drop to record lows, a phenomenon known as “freeze-off” is hitting parts of Texas hard, according to a report from The Verge (here). Due to natural gas wells and pipes that are ill-equipped for cold weather, “liquid inside wells, pipes, and valves froze solid.”
An article by the Washington Post further explaining the relationship between Texas’s independent power grid and its ongoing electricity woes and the inaccuracy of blaming wind turbines for this mishap can be found here .
WHAT DO EXPERTS SAY?
In a statement provided to Reuters via email, Ed Crooks, vice chairman of Wood Mackenzie’s Americas division (here), said, “The crisis in Texas was not caused by the state’s renewable energy industry. The largest loss of generation came from gas-fired power plants, with the drop-off from wind farms a long way behind.”
He explained, however, that “the loss of power has been a warning of the issues that will be raised as the proportion of renewable generation on the grid rises.” Crooks said that businesses and policymakers who are managing the transition to green energy must pay careful attention to the kinds of catastrophic risks that Texas is experiencing by building resilient generation, transmission and distribution equipment.
In a statement to Reuters via email, Paul Goydan, a senior partner at Boston Consulting Group who leads the firm’s energy practice in North America, said that there “were extended power outages because large portions of the U.S. natural gas supply were taken offline due to weather, and generation sources of all types froze from the extreme cold.”
Goydan said he expected “discussions of mandatory weatherization,” followed by “questions around natural gas storage, liquid natural gas export in times of crisis, and overall energy system resiliency” to take place as Texas plans for its future in energy.
On Feb. 16, federal regulators said they would open an inquiry into power outages in Texas and the Midwest due to extreme cold weather (here). The same day, Governor Abbott called for reform of ERCOT after it received widespread criticism for not preparing for the extreme weather.
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CAN RENEWABLES WORK IN COLD WEATHER?
Benjamin Sovacool, professor of energy policy at the University of Sussex, reportedly told Newsweek that in Northern Europe, “wind power operates very reliably in even colder temperatures, including the upper Arctic regions of Finland, Norway, and Sweden.” (here)
More can be read on adapting renewable energy forms to cold weather here , here , and here .
Crucially, the continued use and investment of renewable energy can help slow the effects of climate change, which leads to more extreme weather patterns.
A recent Reuters fact check of social media posts claiming to show “a helicopter, using fossil fuels, spraying de-icer, made with fossil fuels, to de-ice a wind turbine” in Texas is available here .
VERDICT
Misleading. The use of wind turbines in Texas does not appear to be the primary cause of statewide power outages amid historic cold weather. The state’s woes mainly stem from issues surrounding its independent power grid. The cold weather affected all fuel types, not just renewables.
This article was produced by the Reuters Fact Check team. Read more about our fact-checking work here .
Our Standards: The Thomson Reuters Trust Principles.
MORE FROM REUTERS
topic
California Begs For More Electricity As Shift To Renewable Power Leaves State In The Dark
Tyler Durden's Photo
by Tyler Durden
Friday, Jul 02, 2021 - 06:15 AM
Maybe it's time to admit that the whole "green" energy push is one big farce
Six months after a historic failure in the Texas power grid which collapsed when various "renewable" sources of electricity failed concurrently and dragged down the entire network, California - that liberal utopia powered by renewable power and/or unicorn flatulence - realizes it is about to get Enroned, and has made an urgent request for additional power supplies to avoid blackouts this summer, an extraordinary step after suffering from rolling outages less than a year ago.
State energy officials asked the California Independent System Operator, which runs most of the grid, to contract for additional power capacity for July and August on concern it won’t be able to meet demand during the evening when solar production fades, according to a joint statement Thursday from grid, utility and energy agencies. They didn’t say how much more power is needed but one can guess it will be a lot.
Of course, there was a convenient scapegoat on which to blame the collective lack of competence: global warming.
“California is using all available tools to increase electricity reliability this summer,” the heads of the California Energy Commission, California Public Utilities Commission, and grid operator said citing “unprecedented climate change-driven heat events, which are occurring throughout the West in combination with drought conditions that reduce hydroelectric capacity.”
Right, it's always someone else's fault that you could not properly budget even a few months in advance after keeping millions of people in the dark last year when California again blamed... global warming. But if you know there is global warming, and you suffer one nightmare summer in the dark because of it, can't you extrapolate at least a year into the future?
In California, the answer is no.
Their statement underscores California’s challenges in the coming months as it begins summer already parched by drought that’s leaving hydroelectric reservoirs at historic lows. The state narrowly avoided rolling power outages recently as extreme heat came early this year, and with few new generation sources on the immediate horizon supplies tighten when hot weather hits.
California has taken a number of steps including adding battery storage (which some may recall was a complete disaster last summer) to prevent blackouts such as those in August, when demand overwhelmed the grid. However, the state has grown concerned that that the increases aren’t enough, according to the letter.
Procuring additional capacity “is taken out of an abundance of caution to ensure electric reliability and preserve the public health and safety of all Californians,” the officials said. Their letter also cited delayed availability for some thermal power plants and said some resources expected to be running during the hottest months have now been delayed.
Supply challenges are mounting less than a year after a heat wave forced the state’s first rolling outages in two decades, and meeting demand is likely to be even harder this year because long-range forecasts call for above-average temperatures through September.
What is remarkable is that even Bloomberg, which has been on a crusade to crush non-green sources of power, admits that California's problem is the state’s aggressive push to cut carbon emissions by shifting to renewable energy.
Many gas-burning plants have closed, which means electricity supplies tighten at sunset as the production from solar generation fades around sundown (good thing there are no vampires or zombies in Cali, yet). What’s more, big batteries being built to store solar power during the day and resupply the grid in the evening won’t be available by August and September, the state’s hottest months.
In short, it's time to admit that California's "green" push has been a complete disaster, and is about to leave millions of people in the dark during hot, sweaty days, leading to countless deaths.
Of course, since we are talking about the socialist paradise, this will never happen, and instead locals have even more brilliant ideas like for example paying people not to use electricity.
“The short-term strategy needs to be centered around incentivizing demand reductions instead of increasing supply,” said Abe Stanway, co-founder of Amperon Holdings Inc., which provides analysis to utilities and power traders. "The best way to reduce uncertainty around demand resources is to simply pay consumers more to use less during peak events."
Because while electricity may not grow on trees in California but at least money still does.
https://www.zerohedge.com/markets/california-begs-more-electricity-shift-renewable-power-leaves-state-reeling
Stem, Inc. Supports Grid Operators and Retail Utilities During Extreme Heat
July 01 2021 - 06:30AM
Releases energy from hundreds of battery storage systems across North America during critical period peak events in June
Contributes to emergency grid capacity as leading demand response and grid services provider
Stem, Inc. (“Stem” or “the Company”), a global leader in artificial intelligence (AI)-driven energy storage services, today announced that the Company dispatched its portfolio of more than 500 megawatt-hours (MWh) enrolled in demand response and grid services programs during heat waves in the United States and Canada throughout the month of June. In that time, Stem’s Athena® software responded to almost 4,000 site events across 10 different utility programs and more than 400 customer sites in California, Massachusetts, New York and Ontario, Canada.
During California’s statewide record-setting heat wave during the week of June 14, 2021, Stem dispatched its portfolio of operating energy storage systems in response to California Governor Gavin Newsom’s Extreme Heat Event and Flex Alerts from California Independent System Operator (California ISO), the nonprofit that manages the state’s power grid.
At the same time, as the East Coast of the United States and Ontario experienced heat related events, Athena® dispatched energy storage systems in wholesale markets and utility programs to help eastern utilities and grid operators maintain system stability.
An increase in energy demand during heat waves can create significant stress on the electrical grid. Stem’s Athena® intelligent software automatically operates energy storage systems to reduce customers’ energy costs and instantly responds to signals received from the grid operators to dispatch available capacity when and where it is urgently needed. This helps to stabilize the grid by flattening electricity usage peaks and delivering power to the most constrained parts of the grid. Athena® co-optimizes the value of flexible energy in real time, incorporating dynamic conditions such as energy prices, local grid capacity constraints, tariff-based program events and severe weather conditions. The Company’s technology provides fast-response and backup power while reducing greenhouse gas (GHG) emissions and reliance on diesel generators and fossil fuels.
“Utilities across the country continue to see the value of Stem’s demand response and grid services, allowing them to call for demand reduction without impacting customer operations,” said Julie Steury, Vice President of Program Operations at Stem. “This is accomplished through use of our virtual power plants. We are prepared to continue to support grid operators and retail utilities in reducing power outages in the coming summer months.”
Stem was the first energy storage provider to launch and integrate a battery storage virtual power plant (VPP) into California wholesale markets as a demand response resource. Today, Stem has more than 950 systems representing about 1.1 gigawatt-hours (GWh) contracted or operating in more than 75 jurisdictions.
not sure what this means but STEM is on the Threshold list for ftd. naked shorting.......squeeze coming?
https://www.nyse.com/regulation/threshold-securities
inclusion in the Russell 2000® Index
I guess California's grid held. Outages would have highlighted STEM success, perhaps.
Unusual options Thursday - 3800 Jul $35 payed $2
now midday 2.90 OI after Thursday 26,496
Stem, Inc. Enters into Agreement with Altus Power America, Inc. to Provide Smart Energy Storage to Massachusetts Solar Project
June 10 2021 - 06:30AM
Business Wire
Athena™ Demand Response Solutions to Expand Stem’s Footprint in the Rapidly Growing Massachusetts Marketplace
Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services, today announced that the Company has entered into an agreement to provide smart energy storage services to Altus Power America, Inc. (“Altus Power“), a market-leading clean electrification company that develops, owns, and operates renewable energy assets in Massachusetts and throughout the United States.
A certified partner in Stem’s Partner Program, Altus Power will leverage Stem’s smart energy services to manage its solar storage facility and to deliver clean energy flexibility in New Marlborough, Massachusetts. Altus Power expects this behind the meter (BTM), DC-coupled 2.9 megawatt (MW) solar system project with 2 megawatt-hours (MWh) of energy storage to become operational during the second quarter of 2021.
Stem’s Athena™ AI smart energy storage platform will enable Altus Power’s solar generation and energy storage system to provide automated demand response solutions featuring flexible delivery of clean energy during peak demand times, maximizing the economic and environmental benefits of its solar assets. Adding energy storage to the DC-coupled solar system will lessen the energy loss within the solar inverters.
Stem and Altus Power currently collaborate to support compliance with requirements for federal investment tax credits and the Solar Massachusetts Renewable Target (SMART) Program, a state initiative that promotes cost-effective solar development with customer-facing and grid service benefits.
Since announcing its first project in Massachusetts in 2017, Stem has deployed an aggregate of more than 180 MWh of storage capacity, or nearly 20% of all non-residential energy storage capacity for MA SMART via behind the meter and front of meter (FTM). According to Wood Mackenzie’s U.S. energy storage monitor 2020 report, Massachusetts was home to 30% of the 300 MWh of U.S. non-residential energy storage deployments in 2020, more than any state except California. Massachusetts is expected to deploy 21% more non-residential MWh in 2021 than it did in 2020.
John Carrington, Chief Executive Officer of Stem, commented, “Throughout Stem’s history, we have successfully managed thousands of grid dispatches and tens of thousands of market responses to support energy reliability for our partners and their customers. Our expertise in demand response and advanced technology with our Athena™ AI smart energy storage platform makes it easy for our partners like Altus Power to leverage our capabilities to deliver reliable and efficient energy to their customers while enhancing project returns. We are excited to expand our footprint in the rapidly growing Massachusetts marketplace and will continue to enable smart storage in other geographies as markets evolve in the US and abroad.”
Tony Savino, Co-Founder and Chief Construction Officer of Altus Power, added, “Partnering with a leading integrator like Stem allows us to provide our customers with energy storage systems in an adaptable and efficient manner. We look forward to a continued partnership with Stem, helping to enable further delivery of clean energy to our customers.”
conferences
06/22/2021 09:00 AM ET
JP Morgan Energy, Power & Renewables Conference
Add to Calendar
06/16/2021 09:00 AM ET
Goldman Sachs Solar & Storage Days
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06/09/2021 09:00 AM ET
Cowen Sustainability and Energy Transition Summit
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On the Russell 3000 list to be added 6-25
https://content.ftserussell.com/sites/default/files/russell_3000_index_additions_-_2021.pdf
Final Trade pick by Steve Grasso on CNBC Fast Money, this evening
Final trade time! Let's go around the horn...
— CNBC's Fast Money (@CNBCFastMoney) June 2, 2021
Plus: Are you all buying James' pitch?$SKIN $ORCL $PLTR $STEM pic.twitter.com/3wHulI0VuG
Welcome me to the board gents. Just bought my first of what I hope to many shares.
Stem, Inc. Announces Collaboration with Ameresco on New Smart Energy Storage Project for Holy Cross Energy
June 02 2021 - 06:30AM
Business Wire
Colorado-based electric cooperative to install 15MWh battery storage system focused on providing sustainability, savings, and resilience
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, today announced the Company will provide smart energy storage services to Ameresco, Inc. (NYSE: AMRC), a leading cleantech integrator and renewable energy asset developer, owner, and operator, for a battery storage project with Holy Cross Energy (HCE), an electric cooperative serving Garfield, Pitkin, and Eagle Counties in Western Colorado.
In April 2021, Ameresco announced a five megawatt (MW) solar PV project with 15 megawatt hours (MWh) of battery energy storage for HCE, which utilizes land leased from Colorado Mountain College at its Spring Valley Campus. With Stem’s system design support, Ameresco will build, operate, and maintain the campus facilities while simultaneously helping HCE meet its “100x30” goal of sourcing 100% of electricity used to serve members’ load with renewable resources by 2030. Additionally, this project is expected to reduce annual greenhouse gas emissions by an estimated 6,853 metric tons of carbon dioxide equivalent.
Colorado Mountain College, as a whole, is also expected to move closer to its goal to be carbon neutral by 2050, as the college will receive renewable energy credits from HCE that will offset electrical usage at its Spring Valley, Aspen, and Edwards campuses. Stem’s AthenaTM smart energy software will enable HCE to dispatch the battery into system peaks to minimize costs and maximize efficiency during peak times.
As a certified partner in Stem’s Partner Program, Ameresco will leverage Stem’s smart energy storage solution, which includes the Company’s Athena platform built to seamlessly integrate and optimize energy resources. Stem’s strategic position between distributed energy resources (DERs), the utility, and grid control systems results in renewable optimization and system efficiency.
John Carrington, Chief Executive Officer of Stem, commented, “As more electric cooperatives explore the addition of solar and storage to their systems, Ameresco and Stem offer a unique combination of capabilities to deliver value and enhance project returns. Stem provides turnkey solar plus storage solutions that drive consistent electricity delivery in both front of meter and behind the meter installations, while our AthenaTM system empowers partners and asset owners to monitor performance of their systems to achieve desired energy targets. We look forward to further growing our collaboration with Ameresco in electric cooperative markets and beyond.”
“One of the rewarding things about working in this industry is finding and utilizing solutions that are the best fit for our customers,” said Louis Maltezos, Executive Vice President of Ameresco. “Stem’s support in system design enables us to deliver an innovative solution, customized for Holy Cross Energy and Colorado Mountain College, that will significantly benefit the communities they serve today and over the long-term.”
second caller on mad money
https://www.cnbc.com/video/2021/05/27/cramers-lightning-round-i-like-lkq-corporation.html
Stem, Inc. to Participate in Upcoming Investor Conferences
May 25 2021 - 06:30AM
Business Wire
Stem, Inc. (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, today announced it will participate in the following virtual investor conferences.
BofA Securities Clean Energy Conference, May 27, 2021
Cowen Sustainability and Energy Transition Summit, June 9, 2021
Goldman Sachs Solar and Storage Symposium, June 17, 2021
JP Morgan Energy, Power & Renewables Conference, June 22, 2021
Goldman Sacks initiates coverage with a Buy target $30
Stem, Inc. Appoints New Vice President of Corporate Development
May 24 2021 - 06:30AM
Business Wire
Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, today announced the appointment of Matt Tappin as Vice President of Corporate Development and his addition to the Stem executive leadership team. In this role, Tappin will lead the development and execution of the Company’s inorganic growth strategy, including mergers and acquisitions (M&A), investments, joint ventures, and related matters.
Tappin brings significant experience in developing corporate strategy related to the energy transition and executing those plans to drive growth. Prior to joining Stem, he held senior corporate development positions at Royal Dutch Shell, where he focused on investments in the electricity sector, and Centrica, where he led global corporate development for the distributed energy business. In these roles, he combined strategy development with transaction execution, completing a range of corporate acquisitions, investments, partnerships, and new business initiatives. Earlier in his career, he was an investment banker in Lazard's Power, Energy & Infrastructure Group and a corporate attorney at Simpson Thacher & Bartlett. Tappin earned his J.D. from Duke University School of Law and B.A. from Washington University in St. Louis.
“There are significant tailwinds driving storage growth, from the Biden administration's commitment to renewables, to corporate demand for sustainable solutions, and global adoption of both behind the meter and front of the meter energy storage,” said John Carrington, Director and CEO at Stem. “As Stem adds new capabilities and geographic scale to its business, we welcome Matt’s expertise in corporate development and M&A. Matt will help us frame and prioritize the wide array of strategic opportunities available to us with our strong balance sheet and lead execution as we grow inorganically.”
"Stem has unmatched energy storage experience and market leading software and is providing transformational value-added services to the grid. I look forward to helping the Company develop and execute its growth strategy during this pivotal chapter as a new public company," said Tappin.
Stem, Inc. Announces First Quarter 2021 Financial Results
May 17 2021 - 06:30AM
Business Wire
Revenue exceeds the high end of guidance
Reaffirms 2021 financial guidance
Stem, Inc. (“Stem” or the “Company”) (NYSE:STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today the financial results for the first quarter ended March 31, 2021. All financial and operating results included in this release are for the Stem business prior to the closing of the business combination with Star Peak Energy Transition Corp. (“Star Peak”). Based on the timing of the transaction close, the Company will not host an earnings call related to the first quarter results but will hold quarterly earnings calls starting with its second quarter 2021 results.
First Quarter 2021 Financial and Operating Highlights
Revenues of $15.4 million vs. $4.1 million in the same quarter last year
Gross Margin (GAAP) of (1)% vs. (34)% in the same quarter last year
Non-GAAP Gross Margin of 19% vs. 1% in the same quarter last year
Net Loss of $(82.6) million vs. $(17.5) million in the same quarter last year, which included a $66 million non-cash charge from the revaluation of warrants
Adjusted EBITDA of $(4.1) million vs. $(9.7) million in the same quarter last year
Contracted AUM of 1.10 gigawatt hours (GWh)
12-month Pipeline of $1.43 billion
Contracted Backlog increased to $221 million driven by strong year-over-year bookings growth of 150%
John Carrington, Chief Executive Officer of Stem, commented, “We are excited to announce strong first quarter results following the recent completion of our business combination with Star Peak. Revenue exceeded the high end of our guidance range, coupled with strong gross margin and Adjusted EBITDA performance. Our contracted backlog grew more than 20% sequentially, reflecting strong commercial momentum particularly in the Front of the Meter (“FTM”) segment and a quickly growing end market. Looking forward, our sales, product development and operations teams continue to drive toward achieving our 2021 guidance and building momentum into 2022 and beyond. As the first publicly traded pure-play smart storage company, our experience, industry-leading software, robust service offerings, and strong balance sheet will continue to differentiate Stem in this rapidly expanding market.”
First Quarter 2021 Financial and Operating Results
Financial Results
For the first quarter ended March 31, 2021, revenues increased 275% to $15.4 million versus $4.1 million in the same quarter last year. Higher hardware revenue from FTM partnership agreements, and more services revenue from host customer arrangements, drove the year-over year increase.
Gross Margin (GAAP) was $(0.1) million or (1)% versus $(1.4) million or (34)% in the same quarter last year. Non-GAAP Gross Margin was $2.9 million or 19% versus $0.0 million or 1% in the same quarter last year. The year-over-year increase in Non-GAAP Gross Margin resulted from an increased mix of software service revenues and higher-margin hardware deliveries.
Net Loss increased to $(82.6) million versus $(17.5) million in the same period last year. The larger loss was primarily due to a $66 million non-cash charge from the revaluation of warrants tied to an increase in the value of the underlying stock, partially offset by higher margins and lower operating expenses.
Adjusted EBITDA was $(4.1) million compared to $(9.7) million in the same quarter last year. The improved Adjusted EBITDA results were driven by higher gross margins and lower operating expenses, reflecting the success in Stem’s channel strategy driving lower customer acquisition costs.
Operating Results
Contracted Assets Under Management (“AUM”) more than doubled year-over-year to 1.10 GWh, driven by increased commercial activity and the addition of the 345 megawatt hour (MWh) Electrodes Holdings, LLC portfolio. Contracted AUM increased by 10% sequentially as new systems came in service.
The Company’s 12-month forward Pipeline was $1.43 billion as of March 31, 2021 representing significant year-over-year growth. The Gross Pipeline was $1.27 billion as of March 31, 2020. The Company updated its definition of Pipeline from “Gross” to “12-month forward” during 2020.
Contracted Backlog increased 20% sequentially, from $184 million as of December 31, 2020 to $221 million as of March 31, 2021. The increase in contracted backlog resulted from strong bookings of $51 million tied to increased commercial activity, particularly in the FTM market, which more than offset recognized revenue. The growth in bookings represents a 150% year over year increase from the $20M recorded in the quarter ended March 31, 2020.
Business Highlights
On April 28, 2021, Stem completed its business combination with Star Peak, and on April 29, 2021 began trading under the ticker symbol “STEM” on the New York Stock Exchange (NYSE). All prior Stem shareholders rolled 100% of their equity holdings into the new public company.
On April 14, 2021, Stem announced it had completed six months of successful operation of the 345 MWh energy storage portfolio owned by Electrodes. Customers in the 86-site portfolio realized more than 30% greater monthly energy savings compared to the previous software provider. Stem seamlessly onboarded the portfolio to its AthenaTM smart energy storage software within two months of being awarded the exclusive contract.
On March 2, 2021, Stem announced the installation of its largest Massachusetts “solar plus storage” site. Located in Haverhill, MA, the 9 MWh battery will generate revenues from multiple value streams by enabling Stem’s partner Kearsarge Energy’s storage system to participate in the Solar Massachusetts Renewable Target (SMART) program, New England wholesale energy markets, and Massachusetts’s Clean Peak Energy Standard program.
Outlook
The Company reaffirms its previously issued guidance, which includes revenue of $147 million and Adjusted EBITDA of $(25) million for the full year 2021. Consistent with prior guidance, Stem reaffirms the remaining expected 2021 quarterly revenue as follows: 2Q 5-15%, 3Q 20-30%, 4Q 50-60%.
The Company has contracted for sufficient supply chain commitments to meet its 2021 revenue goal and will continue to diversify its supply chain, adopt alternative technologies, and utilize its balance sheet to meet the significant growth in customer demand.
Stem, Inc. and VCIB announce breakthrough financing for behind the meter energy storage in Ontario
Access to mainstream financing represents the next step toward market maturity for Canada’s emerging energy storage industry.
May 6, 2021 | by Vancity Community Investment Bank
Thursday, May 6, 2021: Traditional Territories of Multiple Indigenous Nations, Including the Haudenosaunee and the Treaty Territory of the Mississaugas of the Credit/Toronto, ON — Vancity Community Investment Bank (VCIB), Canada’s first values-driven bank, has announced financing the first tranche of Ontario-based commercial energy storage projects in a portfolio owned and operated by Stem, Inc. (“Stem”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services.
Behind the meter energy storage, an on-site solution to store electricity capacity for use when needed, allows customers to manage costs and reduce emissions. These projects will support several Ontario-based manufacturing and industrial facilities in cutting electricity costs by lowering energy demand at peak times. Stem will also provide additional services directly to the electric grid operator, leading to overall more efficient utilization of energy storage systems.
“We’re pleased to complete this first financing with VCIB and, together, demonstrate the bankability of on-site energy storage,” said Bill Bush, Chief Financial Officer at Stem. “Energy storage is a critical component of reaching a net-zero grid, and the availability of financing by mainstream lenders will go a long way toward accelerating the deployment of these projects in Canada.”
This example of commercial debt financing for behind the meter energy storage projects represents the next step toward market maturity for Canada’s emerging energy storage industry. With VCIB providing a made-in-Canada solution, companies providing energy storage systems will no longer need to solely rely on foreign capital sources.
While these projects will also be responsible for reducing carbon emissions, their primary value is enabling the transition to a decentralized, clean electricity grid. A widespread network of energy storage systems can increase resilience against power outages and provide the flexibility required to increase renewable energy and reduce reliance on natural gas peaker plants.
“Energy storage is a critical component of a modern, low-emissions electricity grid, and while renewable energy has made big strides over the last decade, energy storage has been a missing piece, especially in the Canadian market,” said Jon Frank, Head of Clean Energy at VCIB. “We’re excited to partner with Stem on a breakthrough transaction that will help grow a sector essential to Canada’s net-zero economy ambitions.”
###
About Vancity Community Investment Bank (VCIB)
VCIB is an Ontario-based schedule 1 federally chartered bank and a subsidiary of Vancity Credit Union. As Canada’s first values-driven bank, VCIB provides banking, investing, and financing solutions, to help purpose-driven businesses and organizations thrive, grow, and foster change. Additionally, VCIB offers specialized financing solutions for social purpose real estate and clean energy projects. VCIB is a certified B Corporation and a member of the Global Alliance for Banking on Values. For more information, visit vcib.ca, tweet us at @BankVancity and connect with us on LinkedIn.
About Stem, Inc.
Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena™, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. For more information, visit www.stem.com.
Video interview
Stem is featured at 28:55
https://www.bloomberg.com/news/videos/2021-05-04/quicktake-take-the-lead-05-03-2021-video
They still continue to mislead on this saving companies 30% narrative.
It's 30% saving on what they had before. Not 30% saving on total electricity.
previous STEM Holding might be confusing the markets
or just me
0.53 USD +0.020 (3.92%)
May 3, 10:05 AM EDT · Disclaimer
OTCMKTS: STMH
Form 4 for STPK converting to STEM, Director
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STEM: Stem to acquire Also Energy Holdings for $695 mln
https://home.alsoenergy.com/
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