Stem, Inc. ("Stem" or "the Company") (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services and software, announced today (Jan 25) the Company has entered into an agreement to provide smart energy storage services to NineDot Energy, a cleantech developer that designs and deploys community distributed energy generation and storage projects.
The projects consist of six front-of-the-meter (FTM) standalone energy storage sites in Staten Island that represent more than 110 megawatt hours (MWh). The portfolio, expected to be completed by May 2023, will participate in New York's Value of Distributed Energy Resources (VDER) program, through which NineDot will develop the energy storage sites, own the assets, and monetize the VDER credits. In addition to procuring the storage hardware, Stem will use its Athena® smart energy software to optimize VDER credits and other incentive programs to help generate additional project revenues, achieve incentive and warranty compliance, and provide a single platform for NineDot to monitor the portfolio of energy storage sites.
Together, NineDot and Stem aim to support New York's mission to achieve its goal of 100% clean energy use by 2040. New York recently announced plans to double its energy storage target to 6,000 megawatts (MW) by 2030. Carlyle, one of the world's largest private equity firms, recently committed to invest approximately $100 million in NineDot to build and operate energy storage sites in New York.
John Carrington, CEO of Stem, commented, "For over a decade, Stem has successfully optimized distributed energy resources for partners and customers in multiple markets to maximize the value stack of incentives, including the VDER program. Our expertise in front-of-the-meter standalone energy storage with our Athena® AI-driven energy storage software makes it easy for developers like NineDot to deploy successful projects. Together with NineDot, we will continue to expand our presence in New York and help the state to achieve its goal of being 100% powered by clean energy by 2040."
David Arfin, CEO and Co-Founder of NineDot Energy, added, "Partnering with Stem brings us closer to our goal of delivering reliable power and resilience for the electric grid. Stem's unparalleled customer support, access to top-tier hardware suppliers, and best-in-class Athena® platform enable the user-friendly experience needed to manage a successful energy storage portfolio. With the financial backing of Carlyle and our smart energy storage partner Stem, we look forward to deploying more next-generation energy storage for cleaner, cost-effective electricity across the New York grid."
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.
About NineDot Energy
Founded in 2015, NineDot Energy is a clean-tech developer that creates innovative energy solutions that support a more resilient electric grid, delivers economic savings, and reduces carbon emissions. NineDot's name derives from the classic mathematical puzzle for sparking out-of-the-box solutions. NineDot is based at the NYU Tandon School of Engineering Urban Future Lab in Brooklyn, New York. To learn more, visit nine.energy.
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