Athena ™ demand-response solutions to expand Stem’s presence in the rapidly growing Massachusetts marketplace
Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a leading global provider of AI-powered energy storage services, today announced that it has entered into an agreement to provide intelligent energy storage services for Altus Power America , Inc. (“Altus Power”), a leading clean electrification company that develops, owns, and operates renewable energy facilities in Massachusetts and throughout the United States.
As a certified partner in Stem’s partner program, Altus Power will leverage Stem’s smart energy services to manage its solar storage facility and provide clean energy flexibility in New Marlborough, Massachusetts. Altus Power expects this DC-coupled 2.9 megawatt (MW) solar system project with 2 megawatt hours (MWh) of energy storage behind the meter (BTM) to go into operation in the second quarter of 2021.
Stem’s Athena ™ AI intelligent energy storage platform will enable Altus Power’s solar generation and energy storage system to provide automated demand-response solutions that enable the flexible delivery of clean energy at peak times, maximizing the economic and environmental benefits of its solar systems. Adding energy storage to the DC coupled solar system reduces the energy loss in the solar inverters.
Stem and Altus Power are currently working together to support compliance with federal investment tax credit requirements and the Solar Massachusetts Renewable Target (SMART) program, a government initiative that promotes cost-effective solar development with customer-centric and grid service benefits.
Since announcing its first project in Massachusetts in 2017, Stem has provided a total of more than 180 MWh of storage capacity, or nearly 20% of the total energy storage capacity for non-residential buildings, for MA SMART via behind the meter and in front of the meter (FTM). . According to Wood Mackenzie’s 2020 U.S. Energy Storage Monitor, Massachusetts was home to 30% of the 300 MWh of U.S. non-residential energy storage facilities in 2020, more than any state except California. Massachusetts is expected to have 21% more MWh of non-residential buildings in 2021 than in 2020.
The story goes on
John Carrington, Stem’s Chief Executive Officer, commented, “Throughout Stem’s history, we have successfully managed thousands of grid assignments and tens of thousands of market reactions to support energy reliability for our partners and their customers. Our expertise in demand response and advanced technology with our Athena ™ AI intelligent energy storage platform making it easy for our partners like Altus Power to leverage our capabilities to deliver reliable and efficient energy to their customers while improving project returns. We are excited to have our presence in the fast growing Massachusetts market and will continue to enable smart storage in other regions as markets in the US and overseas develop. “
Tony Savino, Co-Founder and Chief Construction Officer of Altus Power, added, “Partnering with a leading integrator like Stem enables us to offer our customers adaptable and efficient energy storage systems. We look forward to another partnership with Stem to enable our customers to continue delivering clean energy. “
About Stamm, Inc.
Stem, Inc. offers solutions that meet 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 consumption by automatically switching between battery power, on-site generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a variety of goals including cost reduction, resilience, sustainability, environmental and corporate responsibility, and innovation. Stem also offers full support for solar partners interested in adding storage for stand-alone, community or commercial solar projects – both behind and in front of the meter. More information is available at www.stem.com.
About Altus Power America
Based in Greenwich, Connecticut, Altus Power is creating a clean electrification ecosystem that serves its commercial, public and municipal solar customers with local solar generation, energy storage and EV charging stations in the United States. Since it was founded in 2009, Altus has developed or acquired more than 200 solar systems for decentralized generation with a total output of more than 270 megawatts from Vermont to Hawaii. Visit www.altuspower.com to learn more.
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Source: Stamm, Inc.
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Ted Durbin, Stem, Inc.
Marc Silverberg, ICR, Inc.
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Cory Ziskind, ICR, Inc.
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