ForeFront Power deal represents largest statewide procurement pool for schools and municipalities
MILLBRAE, Calif., July 10, 2018 (GLOBE NEWSWIRE) — Stem, Inc., the global leader in artificial intelligence (AI)-powered energy storage, welcomes ForeFront Power, a leading C&I solar developer, to the Athena® platform and Stem’s solar partner program. ForeFront Power and Stem will develop solar+storage energy systems for schools and municipalities throughout California. With the addition of ForeFront Power, Stem adds another best-in-class solar developer looking to maximize sales and customer savings by leveraging Stem’s artificial intelligence platform for energy storage.
ForeFront Power and Stem were selected as the best renewable energy solutions provider by the School Project for Utility Rate Reduction (SPURR), a California-based joint powers authority that aggregates the buying power of over 240 member schools, colleges, and other public agencies. Over 20 public agencies have used SPURR’s Renewable Energy Aggregated Procurement Program to secure preferential pricing and terms for solar and storage solutions with less sourcing expense and effort. ForeFront Power’s solar solutions and financing, paired with Stem’s energy storage, enable public schools and agencies to reduce substantial energy expenses, hedge rising utility costs, and conserve bond funds for other needs, with no need for capital outlay or bond money.
Stem, Inc. has been developing solar+storage projects since 2013 for public and private non-residential customers, including sites at several California schools and universities. At this week’s Intersolar conference in San Francisco, Stem will be meeting with top solar developers to discuss its new solar partnership program.
“This demonstrates that the leading American solar developers are aligning with Stem’s platform to access the power of our AI,” said John Carrington, CEO of Stem, Inc. “Our artificial intelligence and partner-friendly platform allows solar developers to maximize economic returns for the solar customer in the face of dramatically changing solar rates and rules, while also building the capabilities for future grid services revenue.”
“Our partnership with Stem is a natural fit,” said Go Mizoguchi, Co-CEO of ForeFront Power. “Stem is a market leader in storage solutions, and we share the goal of offering innovative renewable energy solutions to our customers. Our partnership is reinforced by the common investment of Mitsui & Co., Ltd. across our firms.”
Stem has the largest project finance pool among its peers, now over US $500 million, enabling Stem’s 860 energy storage systems under management across five states and three countries (U.S., Japan, and Canada). Athena®, Stem’s cutting-edge AI, is the first of its kind for customer-sited energy storage, performing real-time energy optimization that reduces onsite peak demand and enabling customers to participate via Stem’s networks to access additional services and value streams.
About Stem, Inc.
Stem creates innovative technology services that transform the way energy is distributed and consumed. Athena® by Stem is the first AI for energy storage and virtual power plants. It optimizes the timing of energy use and facilitates consumers’ participation in energy markets, yielding economic and societal benefits while decarbonizing the grid. The company’s mission is to build and operate the smartest and largest digitally-connected energy storage network for our customers. Headquartered in Millbrae, California, Stem is directly funded by a consortium of leading investors including Activate Capital, Angeleno Group, Constellation Technology Ventures, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Mithril Capital Management, Mitsui & Co. LTD, Ontario Teachers’ Pension Plan, RWE Supply & Trading, Temasek, and Total Energy Ventures. Visit www.stem.com for more information.
About ForeFront Power
The ForeFront Power team has more than a decade of renewable industry experience, serving business, public sector, and wholesale power customers around the world. Our team has developed over 800 MW of capacity across more than 1,000 projects, targeted on assisting public sector agencies and C&I firms to deliver the most impactful behind-the-meter, off-site, and wholesale solutions. ForeFront Power is a wholly-owned subsidiary of Mitsui & Co., Ltd., a global energy infrastructure and investment leader.
Media Contact
Leslie Green
The Bulleit Group for Stem
415-742-1894
Stem@bulleitgroup.com
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