MILLBRAE, Calif., Sept. 17, 2018 (GLOBE NEWSWIRE) -- Stem, the global leader in artificial intelligence (AI)-driven energy storage services, is deploying an intelligent energy storage system for Solvay’s plant in Welland, Ontario. With Stem’s services, Solvay will reduce their Global Adjustment and energy costs automatically—without changing plant operations or making a capital investment.
Based in Belgium, Solvay manufactures advanced materials and specialty chemicals for a wide range of industries, including the renewable energy and energy storage industries. Stem’s AI-driven energy storage system will be over 3 MWh and sited at Solvay’s Welland manufacturing plant located in Niagara Falls, Canada, where the firm manufactures phosphine for use in consumer electronics and other high-end applications.
“Reliability of energy supply and competitiveness are key drivers for this project. However, an even larger component is how this accelerates Solvay’s transition into more diverse and sustainable platforms for meeting our energy needs. Intelligent energy storage systems are promising technologies to decouple electricity production from consumption and a creative solution to the problem of increasingly strained power grids,” said Pascal Chalvon-Demersay, Solvay Chief Sustainability and Energy Officer.
Stem’s Global Adjustment offering—specifically designed for Ontario—is ideal for large manufacturing plants and other industrial operations that seek improved control over energy costs and a way to make the electric grid more sustainable. Stem’s use of AI is a clear advantage to industrial customers—with the ability to control energy storage charging and dispatching operations around highly-sensitive and high-safety equipment, while providing automated savings. Using predictive analytics and high speed data feeds from the buildings, weather services, and the wholesale market to anticipate IESO grid peak hours, Stem’s AI, Athena, releases stored energy at exactly the right times to help Stem’s customers.
“Manufacturers and industrial companies typically have intense energy expenses. With a growing Ontario-based team and world-leading artificial intelligence, Stem has everything an Ontario industrial leader needs to reduce their costs and meet their clean energy goals,” said John Carrington, CEO of Stem, Inc. “Moreover, our C$200 million project financing partnership with Ontario Teachers’ Pension Plan, combined with other leading provincial partners, connects Stem with some of the most important stakeholders in Ontario and with some of the deepest relationships in the province.”
Stem is the global pioneer of real-time energy optimization for commercial and industrial customers using AI-driven energy storage, and is backed by the industry’s largest project finance pool of US$ 650 million. Visit Stem’s website to learn more about Stem’s Global Adjustment offering, at http://www.stem.com/canada/.
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, BNP Paribas, Constellation Technology Ventures, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Magnesium Capital, 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 Solvay
Solvay is an advanced materials and specialty chemicals company, committed to developing chemistry that addresses key societal challenges. Solvay innovates and partners with customers worldwide in many diverse end markets. Its products are used in planes, cars, batteries, smart and medical devices, as well as in mineral and oil and gas extraction, enhancing efficiency and sustainability. Its lightweighting materials promote cleaner mobility, its formulations optimize the use of resources and its performance chemicals improve air and water quality. Solvay is headquartered in Brussels with around 26,800 employees in 61 countries. Net sales were €10.1 billion in 2017, with 90% from activities where Solvay ranks among the world’s top 3 leaders, resulting in an EBITDA margin of 22%. Solvay SA (SOLB.BE) is listed on Euronext Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLB.BR) and in the United States its shares (SOLVY) are traded through a level-1 ADR program. Financial figures take into account the announced divestment of Polyamides.
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