As the sun sets on 2022, it is time to reflect on the past year’s impact on the energy industry and celebrate all that Stem has accomplished over the last 12 months. Looking back, I am proud to say we remained true to our mission of accelerating the clean energy transition. We maintained our focus on delivering value to our customers, building our partner relationships, and investing in our people and technologies. As a result, we are continuing our core mission to maximize the economic, environmental, and resiliency value of energy assets for our customers and partners. Today, through Stem’s AI-driven clean energy solutions and services, we manage 2+ GWh of storage and 25+ GW of solar assets under management across 200,000+ sites in 50+ countries.
The passage of the Inflation Reduction Act (IRA) was undoubtedly the year’s biggest energy news, and we anticipate it will create significant new opportunities for clean energy, storage, and solar projects. From large industrial and corporate customers to municipal and independent power producers to utilities, the IRA impacts all customers and Stem is ready to help them leverage potential incentives in the year ahead.
This year was significant for Stem as well. Most notably, we closed the acquisition of solar monitoring and controls leader, AlsoEnergy, and launched our vision for unified solar + storage assets. We built on that vision with new eMobility partnerships, and launched milestone deals in new and emerging markets! We alleviated the impacts of a series of California’s extreme heat waves which caused grid emergencies this summer by dispatching 86 MW of stored energy, enough to power 103,000 homes – as covered by INC Magazine. Stem’s achievements were also recognized by Guidehouse Insights and Frost & Sullivan, which ranked Stem and AlsoEnergy #1 in respective reports.
Here is a recap of some of the exciting milestones from 2022 that will propel our market leadership in 2023 and beyond.
Built an Integrated Company
Since we announced the acquisition of AlsoEnergy last December, it has been an incredible team effort to integrate our teams and strategies to leverage the best of both companies. At RE+ in September, we launched our combined vision and our newly unified AI platform, Athena®.
We are now making it easier for our customers to maximize the potential of their clean energy portfolios while driving continued business goals. Heading into 2023, we will continue to provide our partners with unparalleled service through our unified platform.
Expanded Significant Markets
When the Biden administration passed the Inflation Reduction Act, and with it, the Standalone Storage Investment Tax Credits (ITC) and Solar Production Tax Credits (PTC), a new era in renewable energy and battery storage was born. With a decade of energy expertise, Stem stood at the ready to help customers begin evaluating potential IRA opportunities offering our services and solutions, and we developed a plethora of content on how the IRA can positively impact our partners. This includes our interactive map of energy communities across the US that are prime for adding energy storage to existing solar sites; our video series on IRA Insights; and our What the Inflation Reduction Act Means for Your Clean Energy Project webinar.
Launched Interoperable eMobility Offering
In 2022, Stem established our interoperable eMobility offering with two new partnerships. We launched a combined offering with ENGIE North America that uses smart energy storage to help organizations achieve clean energy goals and maximize utility bill savings. We also announced our partnership with InCharge Energy to equip businesses with a complete EV fleet infrastructure solution to maximize their charging assets. And that’s just the beginning! In a recent Commercial Carrier Journal podcast, we discussed the anticipated EV fleet opportunities for 2023 that will offer plenty of grants and incentives to help businesses confidently invest in their eMobility strategies. Stay tuned in 2023 for our upcoming eMobility webinar, a new Stem University course, and more of our expert insights about eMobility incentives.
Stem and AlsoEnergy’s combined offerings were validated by leading industry analysts this year and highlighted by Guidehouse Insights and Frost & Sullivan. In August, Guidehouse Insights ranked AlsoEnergy #1 in Solar and Storage Monitoring and Controls and featured Stem in its Optimizing Solar and Storage Assets with Advanced Monitoring and Controls Technology whitepaper. In both reports, Guidehouse explored how the monitoring and controls (M&C) technology market is evolving to meet the need for advanced solutions to optimize solar and storage assets both behind-the-meter (BTM) and front-of-the-meter (FTM). More recently, Frost & Sullivan ranked Stem #1 in Innovation in their report on digital platforms for renewable energy and battery storage optimization and trading.
Announced Key Partnership Deals
Our partners and customers are standardizing with Stem software and services across multiple energy markets, value streams, and project types. Stem recently announced a $400M portfolio of energy storage projects in Texas with Regis Energy Partners and Excelsior Energy Capital, demonstrating economically viable renewable opportunities in ERCOT. PV Magazine highlighted our news noting the importance of energy storage solutions and the impact on the intelligent planning of the Texas grid. Plus, Stem was also awarded an energy storage portfolio by NineDot Energy, including more than 110MWh of front-of-the-meter standalone energy storage projects in New York.
We are well positioned for another record year in 2023 as opportunities for unifying solar, storage, and EV charging projects are exponentially growing across markets worldwide. As we move into 2023, the Stem team will continue to focus on bringing our best-in-class software, unparalleled expertise, and exceptional service to our partners and customers so we can transition and decarbonize the grid together.