Recognized for Stem’s Athena® software, management of virtual power plants, and enabling the clean energy transition
Fast Company has named Stem to its prestigious annual list of The World’s Most Innovative Companies for 2022 in the top ten of the Energy segment. This year’s list honors businesses that are making the biggest impact on their industries and culture as a whole. This recognition provides both a snapshot and a roadmap for the future of innovation across the most dynamic sectors of the economy.
Here’s why Fast Company recognized Stem:
When a record-breaking heat wave hit California last June, Stem, a smart energy-storage company, used its network of digitally connected batteries to help avoid blackouts as demand for electricity surged. The same system also helped stabilize the grid during heat waves on the East Coast and in Canada. For the company’s business customers, which buy the batteries and subscribe to Stem’s software service, the system makes it possible to save energy by drawing on stored energy when demand spikes to avoid peak charges; some utilities also pay customers to send extra power from batteries when it’s needed. For example, the truck rental company Penske, which is using the technology at a site where it charges heavy-duty electric vehicles, has cut peak energy consumption by 40% through the system. In 2021, Stem became the first company of its kind to go public, and its 2021 revenue was $127.4 million, a more than 250% increase from 2020.
Stem has had many momentous accomplishments in building the foundation for a more energy efficient, sustainable future. The growing demand for increased energy choice and control, combined with the focus on lessening society’s impact on the environment, have set the stage for innovations like Stem’s intelligent energy storage and Athena® AI-driven software. There continues to be great opportunities now for leveraging storage to reduce carbon footprints, manage energy expenses, unlock new value streams, and protect against power outages around the globe.
The following examples within the last year show how Stem’s Athena software are helping to evolve the grid and create clean energy systems for all:
- Our virtual power plants across the U.S. help utilities respond during periods of peak demand, such as during extreme heat events or wildfires that impact many states. We are prepared to continue to support grid operators and retail utilities in reducing power outages in the coming summer months.
- Our planned virtual power plant in South America is set to demonstrate tremendous value to utilities in Chile that can leverage distributed energy storage systems to stabilize the grid, similar to what Stem’s Athena software is doing in other regions today for businesses, utilities, and energy customers.
- Stem’s Athena is being used to support the rapid expansion of EV charging infrastructure. In recent months we have announced the results of an EV project with Penske in California and a broader eMobility offering with ENGIE North America combining solar, storage, and EV charging.
- For large-scale front-of-the-meter energy storage systems, Stem’s Athena has achieved significant milestones that enable developer customers to take advantage of multiple value streams, while allowing states and utilities to meet their renewable energy targets.
- Most recently, Stem acquired AlsoEnergy, the leader in solar asset management controls and software. Together, we will have an even greater impact on optimizing our customers’ clean energy assets, creating the leading clean energy intelligence platform.