Stem, Inc. Enters into Agreement with Altus Power America, Inc. to Provide Smart Energy Storage to Massachusetts Solar Project
Stem, Inc. ("Stem" or the "Company") (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services, today announced that the Company has entered into an agreement to provide smart energy storage services to Altus Power America, Inc. ("Altus Power"), a market-leading clean electrification company that develops, owns, and operates renewable energy assets in Massachusetts and throughout the United States.
A certified partner in Stem's Partner Program, Altus Power will leverage Stem's smart energy services to manage its solar storage facility and to deliver clean energy flexibility in New Marlborough, Massachusetts. Altus Power expects this behind the meter (BTM), DC-coupled 2.9 megawatt (MW) solar system project with 2 megawatt-hours (MWh) of energy storage to become operational during the second quarter of 2021.
Stem's Athena™ AI smart energy storage platform will enable Altus Power's solar generation and energy storage system to provide automated demand response solutions featuring flexible delivery of clean energy during peak demand times, maximizing the economic and environmental benefits of its solar assets. Adding energy storage to the DC-coupled solar system will lessen the energy loss within the solar inverters.
Stem and Altus Power currently collaborate to support compliance with requirements for federal investment tax credits and the Solar Massachusetts Renewable Target (News - Alert) (SMART) Program, a state initiative that promotes cost-effective solar development with customer-facing and grid service benefits.
Since announcing its first project in Massachusetts in 2017, Stem has deployed an aggregate of more than 180 MWh of storage capacity, or nearly 20% of all non-residential energy storage capacity for MA SMART via behind the meter and front of meter (FTM). According to Wood Mackenzie's U.S. energy storage monitor 2020 report, Massachusetts was home to 30% of the 300 MWh of U.S. non-residential energy storage deployments in 2020, more than any state except California. Massachusetts is expected to deploy 21% more non-residential MWh in 2021 than it did in 2020.
John Carrington, Chief Executive Officer of Stem, commented, "Throughout Stem's history, we have successfully managed thousands of grid dispatches and tens of thousands of market responses to support energy reliability for our partners and their customers. Our expertise in demand response and advanced technology with our Athena™ AI smart energy storage platform makes it easy for our partners like Altus Power to leverage our capabilities todeliver reliable and efficient energy to their customers while enhancing project returns. We are excited to expand our footprint in the rapidly growing Massachusetts marketplace and will continue to enable smart storage in other geographies as markets evolve in the US and abroad."
Tony Savino, Co-Founder and Chief Construction Officer of Altus Power, added, "Partnering with a leading integrator like Stem allows us to provide our customers with energy storage systems in an adaptable and efficient manner. We look forward to a continued partnership with Stem, helping to enable further delivery of clean energy to our customers."
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