Stem Inc (STEM)

[realfast95]

Penske Truck Leasing Pilots Stem Inc.'s Athena® Software to Support EV Charging
August 30 2021 - 12:05PM

READING, Pa., Aug. 30, 2021 /PRNewswire/ -- Penske Truck Leasing continues to expand its fleet electrification efforts including the evaluation of important related technologies to support the emerging charging needs of battery electric trucks. Since April 2021, Penske has worked with Stem, Inc., a global leader in artificial intelligence (AI)-driven energy storage services, to pilot its Athena® smart energy storage software and operate an advanced battery storage system. The pilot project included a 350 kilowatt (kW)/800 kilowatt hour (kWh) battery system powered by Stem's Athena at Penske's heavy-duty truck charging positions in Ontario, California.

"We collaborated with Stem and other suppliers in designing and implementing the electric vehicle (EV) charging infrastructure," said Sean Yentsch, vice president facilities at Penske. "We then used Stem's Athena® smart energy software to optimize the electricity requirements associated with charging commercial electric trucks. We've been pleased with the initial results, and we continue to evaluate expanding the use of this AI-driven energy storage system as new charging positions equipped with supplemental battery storage are established."

Stem's Athena predicts when the charging site's electricity demand will spike and uses the supplemental stored energy via on-site batteries at the optimal time to drive off-peak electricity savings and minimize utility peak demand charges. Since starting the pilot, smart energy storage has driven a 40% decrease in Penske's site peak energy consumption.

Stem collaborated with Penske and its other suppliers in project execution, including optimizing energy tariffs, utilizing energy storage to secure funds from California Air Quality Resources (CARB) as well as securing incentives from California's Self Generation Incentive Program (SGIP).

John Carrington, chief executive officer of Stem, commented, "The growth in demand for electric vehicles and fleet charging solutions will require smart energy storage to help optimize energy usage, support the grid, and help companies go electric. Our Athena® software continues to stand out as a premier solution offering, bringing together the many critical components in driving customer savings and greenhouse gas (GHG) emissions reduction. We are proud of our delivered AI-driven services to Penske, a leader in fleet electrification initiatives. The superior results of this EV project prove the unique role energy storage can play as a system integrator and the value of having a scalable, AI-powered services platform.

"For businesses, smart charging with energy storage can help to manage costs and electrical loads, while helping future-proof facilities against expensive upgrades," added Carrington. "For utilities, smart energy storage can serve as a cost-effective solution for meeting the significant charging loads associated with fleet electrification."

Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading global transportation services provider, Penske Truck Leasing operates more than 350,000 vehicles and serves customers from more than 1,300 locations in North America, South America, Europe, Australia and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. Visit http://www.pensketruckleasing.comto learn more.