Stem, Inc., based in Millbrae, CA, is an intelligent energy storage developer with more than 180 MWh of energy storage systems installed or contracted across the country. Founded in 2009, the company has since grown to approximately 140 employees, with offices spread across 4 states. Stem combines its state of the art artificial intelligence (AI) system with the industry’s most cutting-edge batteries, from manufacturers like Tesla, Panasonic, Samsung, and LG Chem, to maximize the benefits provided to both the customer and the grid, bringing machine learning and predictive analytics abilities to the field of energy storage.
Stem offers AI-driven storage to commercial and institutional customers to help them reduce their demand charges and manage real-time energy optimization with no manual intervention in their operations. The company’s financing package is based on a subscription model where it provides storage-as-a-service based on a monthly fee with no upfront capital outlay. Stem’s systems are leveraged to become a cost-saving operating expense instead of a capital cost, reducing the economic barriers that exist for energy storage systems and making them accessible to more customers. To date, Stem has been able to secure over $500 million in project financing through its innovative financing mechanism, allowing them to develop more than 800 energy storage systems and growing.
Stem offers a unique network, backed by a superintelligent platform, that allows value-stacking through multiple applications of AI-driven energy storage. Energy superintelligenceTM is a new way of looking at storage—getting away from building larger and larger battery systems towards what’s really needed to get the maximum value – an AI-based platform operating a network of energy storage systems.
AthenaTM is the name of Stem’s proprietary AI-based superintelligence software, and acts as the brain behind Stem’s networks. Athena links storage systems into a powerful network that can instantly be combined to form virtual power plants and generate value for all customers, the utility, and the grid operator.
Stem serves dozens of Fortune 500 customers, such as Adobe, Cargill, Extended Stay America, Intercontinental Hotels, JC Penney, Macy’s, Marriott International, Albertsons, Wells Fargo, and Whole Foods. It is also a leader on energy storage services for higher education, with projects including a University of California Merced solar-storage project with Sunpower (500 kW storage), a Santa Rosa Junior College with Sunpower (1.3 MW storage), and a California State University Dominguez Hills standalone storage project (4.2 MWh). Stem currently has 8 utility contracts across the U.S for demand reduction, distribution deferral, backup capacity, and other grid services. This combination of end users demonstrates the variety of beneficial applications of Stem’s energy storage systems.
Stem, Inc. provides cutting-edge storage software technology combined with nationwide project development experience. The company is looking to expand its business on the East Coast, and with NY-BEST’s support is positioning itself to take advantage of the REV initiative in New York State. “Stem looks to NY-BEST for its strategic guidance and detailed tactical support in our NY policy interests.”