Stem, Inc. Announces New Front of the Meter, Wholesale Market Participation Services Project in Massachusetts
March 02 2021 - 06:30AM
GlobeNewswire Inc.
Stem, Inc., a global leader in artificial intelligence (AI)-driven clean energy storage services, today announced the installation of its largest Massachusetts solar plus storage site that will participate in New England wholesale energy markets through its existing partnership with Kearsarge Energy L.P. (“Kearsarge”), the developer and owner of the project.
Kearsarge Haverhill LLC, located on a landfill in Haverhill, Mass., has 3.6 megawatts (MW) of solar with a 2 MW / 9 megawatt-hour (MWh) AC-coupled, front-of-the-meter (FTM) battery. The project is the largest of its kind that Stem’s AthenaTM smart energy storage software currently operates for Kearsarge in Massachusetts. Separately, Stem and Kearsarge are developing two additional FTM projects in the towns of Franklin and Montague, Mass. Together, the three projects represent over $6M in energy storage system (ESS) projects.
Since the announced partnership in September 2019, Stem has partnered closely with Kearsarge on a growing portfolio of large-scale storage projects co-located with solar. Stem has assisted with project management and leveraged its sophisticated Athena™ services which deliver the intelligence that enables the projects to deliver value via ISO New England wholesale markets and Massachusetts’s Clean Peak Energy Standard. Athena™ services include market bidding, dispatch scheduling, data management, and performance reporting. In addition, Athena™ will support compliance with requirements for the federal investment tax credit and the Solar Massachusetts Renewable Target (SMART) Program, a state initiative that promotes cost-effective solar development to benefit customers and the grid.
As a leading renewable energy project developer, financier, and long-term owner and operator, Kearsarge creates recurring value by working with local communities to meet the growing demand for commercial and utility-scale renewable energy projects. Focusing on distressed municipal holdings like brownfield sites, Kearsarge augments clean energy power generation with Stem’s smart storage solutions to reduce wholesale demand charges, increase grid resilience and maximize energy savings. Kearsarge’s solar plus storage solution on Haverhill’s Superfund site will result in energy savings, lease revenues, maintenance and upkeep savings, and tax payments estimated to total at least $3.9M for the City of Haverhill during the project’s lifetime.
Alan Russo, Chief Revenue Officer of Stem, Inc., commented, “Analysis from consultancy Wood Mackenzie estimates the front of meter market in the United States will grow from about 10 gigawatt-hours (GWh) in 2021 to over 26 GWh in 2026. Stem’s smart storage solution and leading wholesale market forecasting services through Athena™ represent a significant opportunity for our partners and for Stem. Over the long life of a solar project, the long-term value we bring to optimize projects and revenues has helped us establish a leading position as a front of meter solar plus storage provider. As the front of meter market continues to grow rapidly, Kearsarge’s extensive pipeline makes them a perfect partner for us.”
Andrew Bernstein, Managing Partner of Kearsarge Energy, commented, “Stem’s strong knowledge and flexibility to navigate the ISO New England wholesale market makes them a preferred energy storage services provider for Kearsarge. Their team’s outstanding customer service and understanding of warranties simplifies the process for us as we collaborate on effective reporting and monetization of revenues through Athena™.”
Stem and Star Peak Business Combination Update
Stem remains on track to complete its previously announced merger 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 remain listed on the New York Stock Exchange under the new ticker symbol “STEM.”
