• Technology alliance to leverage Stem’s AI-driven software and SB Energy’s Digital Platform to deploy flexible, reliable, and cost-effective clean energy at scale.
• Multi-year commercial agreement to span SB Energy’s development pipeline of 10 gigawatt hours (GWh) of energy storage projects.
SAN FRANCISCO – November 2, 2023 – Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, and SB Energy, a leading U.S. developer, owner, and operator of utility scale solar and energy storage assets, today announced that the two companies have entered a multi-year technology and commercial alliance.
Stem and SB Energy have agreed in principle to terms for a technology joint venture that will combine SB Energy’s Digital Platform and acumen in developing, building, and operating infrastructure assets with Stem’s best-in-class technology development capabilities to deliver high-value energy products. In addition, Stem will be SB Energy’s preferred partner for the energy management system (EMS) for 10 GWh of SB Energy’s energy storage pipeline across North America, including CAISO and ERCOT, over the next five years. As energy buyers seek to decarbonize around-the-clock operations, the combination of these technologies will be crucial to deliver the most innovative products, enabling dispatchable renewable energy at scale.
“As a leader in developing and operating high value renewable energy projects at scale, SB Energy has greatly contributed to North America’s clean energy transition. Stem is honored to be selected as SB Energy’s preferred EMS partner in this first-of-its-kind collaboration,” said John Carrington, Chief Executive Officer of Stem. “We are happy to collaborate with SB Energy as we push the boundaries of the clean energy market with forward-thinking strategies and services across the front-of-the-meter project lifecycle, giving Stem critical insights to continuously evolve AI-driven software solutions ahead of market needs.”
SB Energy co-CEO Rich Hossfeld said, “Integrating storage and AI-driven software throughout our platform is critical to our mission of providing flexible renewable energy at scale. Our alliance with Stem, a market leader in AI-driven clean energy solutions and services, supports the growth of SB Energy’s Digital Platform and our ability to provide innovative solutions across the project lifecycle. We’re especially excited that this alliance will further accelerate the deployment of lithium ion and long duration storage in our portfolio and our ability to provide cutting-edge and cost-effective energy power structures to our customers.”
SB Energy develops, owns, and operates some of the most technically advanced large-scale renewable projects across the U.S. SB Energy currently owns and operates 2 GW of clean power, increasing to 3GW by mid-2024. In just four years, SB Energy has built one of the largest U.S. operating and development platforms, demonstrating its ability to develop, secure supply chain, finance, invest in forward-looking technology, and operate at scale. SB Energy selected Stem for its established energy storage expertise with more than 31 million run-time hours and 3 GWh of storage projects contracted or deployed on Athena, Stem’s award-winning AI clean energy platform.
Contacts
Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
IR@stem.com
Stem Media Contact
Suraya Akbarzad, Stem
press@stem.com
SB Energy Media Contact
Ally Copple
press@sbenergy.com
