SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, announced today that it has entered into a Co-Marketing Agreement with ENGIE North America for the development of an offering to enable broad adoption of eMobility solutions throughout the United States for schools, transit agencies, and commercial fleets. The offering, now in pilot development, will combine Stem’s smart energy storage software, Athena®, and storage hardware with ENGIE’s turnkey solution that includes all aspects of eMobility planning, design, and implementation - covering vehicles, charging infrastructure, energy management, on-site energy generation, and storage. Athena will integrate with ENGIE’s electric vehicle (EV) charging solution and help to manage the charging needs of each ENGIE customer.
Schools, transit agencies, and businesses are moving rapidly to electrify their fleets in response to policies, mandates, and incentives designed to reduce emissions contributing to global climate change. According to Guidehouse Insights 2021 Global Market Analysis and Forecasts of EV Charging Equipment, 4.4 million charge points will be installed at fleet properties by 2030, growing from 449,000 in 2020, a compound annual growth rate of 26 percent.
The combined offering will streamline the design, procurement, installation, and operational process and provide technical support for customers looking for an interoperable solution. With AI-driven algorithms, Athena will operate the grid services, demand charge, demand response, utility bill optimization, and smart energy storage of customers’ facilities and charging infrastructure. ENGIE and Stem will support customers to help navigate complexities of EV incentives and grants while providing services that include economic modeling & analysis, system design, tariff assessment, and utility cost optimization.
Alan Russo, Chief Revenue Officer at Stem, commented, “As more public agencies and businesses deploy charging stations and electrify their fleets, it’s important to have a cohesive eMobility strategy to optimize energy consumption and environmental impacts. Our comprehensive offering will bring together best-in-class solutions for solar, energy storage, and EV charging in a way that is easy to deploy and manage. We are excited to leverage our Athena® software not just for optimizing batteries with solar, but also to directly interface with EV charging software, which opens up tremendous opportunities to improve customer savings and reduce greenhouse gas emissions.”
Courtney Jenkins, Vice President and Head of Distributed Energy Solutions at ENGIE North America, added, “Building on ENGIE’s success delivering on-site solar, battery storage, and EV charging solutions to our customers, we are excited to be working with a market-leading provider like Stem to develop an integrated offering that will further enable broad adoption of electrified transportation. This turnkey offering will bring real value, ease of adoption, and peace of mind to organizations looking for a comprehensive eMobility solution.”
Cautionary Statement Regarding Forward-Looking Statements
This press release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the rate of adoption of electric vehicle (“EV”) charging, and the development of EV charging infrastructure; the success of the combined Stem-ENGIE offering; the reduction of greenhouse gas (“GHG”) emissions; the integration and optimization of energy resources; the business strategies of Stem and those of its customers; the global commitment to decarbonization; Stem’s ability to secure new customers, or to retain current customers, further penetrate existing markets or expand into new markets; Stem’s ability to mitigate supply chain risk and otherwise to manage supply chains and distribution channels; the continuing severity, magnitude and duration of the COVID-19 pandemic and the future results of operations. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including the rate of adoption of EV charging, and the development of the necessary infrastructure; the risk that the combined offering may not be as successful as anticipated; our inability to achieve our financial and performance targets and other forecasts and expectations; our inability to realize anticipated revenues from our long-term contracts; our inability to grow and manage profitably; risks relating to the development and performance of our energy storage systems and software-enabled services; our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to win new contracts with customers that we are pursuing, or to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain failures or interruptions; manufacturing or delivery delays; disruptions in sales, production, service or other business activities; our inability to attract and retain qualified personnel; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
About Stem, Inc.
Stem (NYSE: STEM) provides solutions that address 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 use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. For more information, visit www.stem.com.