Tuesday, January 25, 2022 8:44:26 AM
Stem, Inc. Awarded Energy Storage Portfolio by NineDot Energy
January 25 2022 - 08:30AM
Business Wire
Initial project portfolio to include more than 110MWh of front-of-the-meter standalone energy storage projects in New York state
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services and software, announced today the Company has entered into an agreement to provide smart energy storage services to NineDot Energy, a cleantech developer that designs and deploys community distributed energy generation and storage projects.
The projects consist of six front-of-the-meter (FTM) standalone energy storage sites in Staten Island that represent more than 110 megawatt hours (MWh). The portfolio, expected to be completed by May 2023, will participate in New York’s Value of Distributed Energy Resources (VDER) program, through which NineDot will develop the energy storage sites, own the assets, and monetize the VDER credits. In addition to procuring the storage hardware, Stem will use its Athena® smart energy software to optimize VDER credits and other incentive programs to help generate additional project revenues, achieve incentive and warranty compliance, and provide a single platform for NineDot to monitor the portfolio of energy storage sites.
Together, NineDot and Stem aim to support New York's mission to achieve its goal of 100% clean energy use by 2040. New York recently announced plans to double its energy storage target to 6,000 megawatts (MW) by 2030. Carlyle, one of the world’s largest private equity firms, recently committed to invest approximately $100 million in NineDot to build and operate energy storage sites in New York.
John Carrington, CEO of Stem, commented, “For over a decade, Stem has successfully optimized distributed energy resources for partners and customers in multiple markets to maximize the value stack of incentives, including the VDER program. Our expertise in front-of-the-meter standalone energy storage with our Athena® AI-driven energy storage software makes it easy for developers like NineDot to deploy successful projects. Together with NineDot, we will continue to expand our presence in New York and help the state to achieve its goal of being 100% powered by clean energy by 2040.”
David Arfin, CEO and Co-Founder of NineDot Energy, added, “Partnering with Stem brings us closer to our goal of delivering reliable power and resilience for the electric grid. Stem’s unparalleled customer support, access to top-tier hardware suppliers, and best-in-class Athena® platform enable the user-friendly experience needed to manage a successful energy storage portfolio. With the financial backing of Carlyle and our smart energy storage partner Stem, we look forward to deploying more next-generation energy storage for cleaner, cost-effective electricity across the New York grid.”
Recent STEM News
- Stem Announces Appointment of AI Industry Leader as New Independent Director • Business Wire • 04/19/2024 08:30:00 PM
- Stem Announces First Quarter 2024 Earnings Results Conference Call • Business Wire • 04/16/2024 12:30:00 PM
- Stem’s PowerBidder™ Pro Selected by Two CCAs in CAISO • Business Wire • 03/19/2024 12:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/11/2024 02:24:51 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:43:28 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:36:56 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:36:38 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:35:43 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:34:55 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:34:31 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:33:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 10:04:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:25:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:25:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:23:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:23:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:23:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:22:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:22:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:20:25 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 05:18:17 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 01:27:52 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 01:26:31 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 01:17:25 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 12:28:02 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM
Kona Gold Beverages, Inc. Prepares for First Production Run Set to Launch May 17, 2024 • KGKG • Apr 22, 2024 8:30 AM