MILLBRAE, Calif. & BALTIMORE--(BUSINESS WIRE)--Stem, Inc., the leader in intelligent energy storage services, and CPower, the leader in demand response (DR) and demand-side energy management services for commercial and industrial customers, announce a new partnership to deliver a unique demand-side energy solution to customers across the U.S., starting in California.
The partnership will combine Stem’s energy storage services with CPower’s demand response and curtailment services to offer customers an integrated solution for managing electricity demand. In so doing, Stem and CPower co-optimize two increasingly important resources at the customer facility level to provide customers with both a steady revenue stream and substantial energy savings, all while alleviating stress on the grid.
The Stem-CPower partnership is ideal for commercial, industrial, and institutional customers who are interested in optimizing operations, increasing profitability, and advancing sustainability. Customers can now take advantage of the confluence of energy management technologies and smart grid opportunities by automatically reducing load when prices peak, earning revenue through DR, and supporting a modern, resilient grid for their community.
“Stem’s wide and deep experience with intelligent energy storage solutions enables substantial savings opportunities and more delivered value for our customers,” said John Horton, CPower’s President and CEO. “As peak demand charges rise and time-based rates become more complex, customers are looking for expert advice on how to automate energy curtailment and reduce costs. This unique partnership creates a comprehensive demand management solution that is easier and more valuable for customers, defending against high electricity prices and paying for demand flexibility in tandem.”
Stem and CPower’s collaboration benefits the grid by reducing the demand for electricity when the grid is stressed, when electricity prices are volatile, and when less-flexible generation assets can not immediately respond. Through Stem-CPower partnership, utilities are able to dispatch fast-acting, highly-reliable virtual power plants that combine and coordinate stored energy and load flexibility for maximum impact. Both companies are proven execution leaders of dynamic, digitally-driven aggregation networks, serving major utilities with modular capacity and resources to be instantly applied to address any locational issue, for example in the CAISO markets.
“We’re excited to offer our customers more options for demand response participation. CPower’s unparalleled DR expertise and industry-leading technology platform will deliver increased revenue opportunities for our customers,” said John Carrington, CEO of Stem. “Stem and CPower can maximize a customer’s ‘save and earn’ abilities, allowing customers to maximize their savings from peak demand management, while also maximizing their earnings from flexible, controllable loads.”
About Stem, Inc.
Stem creates innovative technology services that transform the way energy is distributed and consumed. The company’s mission is to build and operate the largest digitally-connected energy storage network for our customers. Our world class analytics optimize the value of customers’ energy assets and facilitate their participation in energy markets, yielding economic and societal benefits while decarbonizing the grid. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Constellation Technology Ventures, Total Energy Ventures, Mitsui & Co. LTD., RWE Supply & Trading, and Mithril Capital Management. Visit www.stem.com for more information.
CPower is a demand-side energy management company with 25+ years of knowledge and experience in helping customers implement intelligent energy management programs in each of the country’s open energy markets. A pioneer of Demand Response, CPower creates optimized energy management strategies that help businesses streamline their energy usage, offset costs and reach their sustainability goals. Today, CPower serves more than 1,000 commercial and industrial customers at thousands of sites within the U.S. For more information please visit CPowerEnergyManagement.com.