MILLBRAE, Calif., June 23, 2020 (GLOBE NEWSWIRE) -- Stem, Inc., the global leader in artificial intelligence (AI)-driven energy storage services, today announced the launch of its first solar+storage independent power producer (IPP) site. The project is part of its partnership with Syncarpha Capital, LLC, a leading investment company that develops, owns and operates distributed photovoltaic (PV) solar and energy storage systems across North America.
The Blandford, Mass., site, northwest of Springfield, is the first 8MWh of 28MWh portfolio of large-scale solar plus storage projects that Stem is operating for Syncarpha throughout Massachusetts. Over the next year, Stem and Syncarpha will deploy four additional Massachusetts projects in Halifax, Leicester, Millbury and Westminster.
Within these projects, Stem’s Athena™ AI platform will power one DC-coupled and four AC-coupled front-of-the-meter (FTM) solar+storage projects, including the Blandford site. Athena delivers the intelligence that enables the projects to participate in wholesale markets managed by the Independent System Operator-New England (ISO-NE). In addition, Athena will support compliance with requirements for federal investment tax credits and the Solar Massachusetts Renewable Target (SMART) Program, a state initiative that promotes cost-effective solar development with customer-facing and grid service benefits.
“With more than a decade focused on deploying intelligent energy storage solutions for behind-the-meter applications, we are excited to bring our expertise to the FTM market,” said John Carrington, CEO at Stem. “Stem leveraged its deep experience and gained significant knowledge about how best to guide our partners and stakeholders through the ISO-NE resource and asset registration processes. This proficiency, combined with our state-of-the-art Athena software, will enable us to help our partners like Syncarpha streamline FTM solar+storage deployments and realize new revenue streams through these incentive programs.”
The Blandford site is now leveraging Athena to automate operations, generating nearly 5MW of solar during the day. Athena then charges and discharges the Stem storage system to shift energy to the desired evening hours, maximizing energy arbitrage by discharging into the peak.
“Stem's pioneering intelligent storage and expertly managed operations are key components to the success of our deployments across Massachusetts,” said Cliff Chapman, CEO at Syncarpha Capital. “Stem brings the complete package, supporting the ISO-NE registration process so we could get our assets in the markets sooner and start generating revenue quickly. Our cross-functional teams harmonized the due diligence, navigated the complexities of ISO-NE and SMART, and optimized intelligent storage to improve project ROI. We look forward to what we will accomplish together in delivering clean energy options to the communities we serve.”
Stem is the global leader in AI-driven energy storage services with approximately 1,000 energy storage systems under contract and an additional 300 Athena platforms installed across six U.S. states, Ontario, and Japan. Stem’s AI platform, Athena, is the first of its kind for energy storage, performing real-time energy optimization that maximizes revenues and enables customers to access additional market opportunities via Stem’s network.
About Stem, Inc.
Stem provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena™ AI, a world-class artificial intelligence (AI)-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter.
Headquartered in Millbrae, Calif., 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. For more information, www.stem.com.
Media Contact
Laurie Gibson
Kickstart Consulting for Stem
+1 (650) 815-1438
lgibson@kickstartconsulting.com
About Syncarpha Capital, LLC
Founded in 2009, Syncarpha Capital is a leading investment firm dedicated to developing, acquiring, financing, owning and operating distributed- and utility-scale photovoltaic (PV) solar and energy storage systems across North America. Partnering with experienced developers, installers, engineers, and EPC contractors, while working closely with its customers, Syncarpha designs and builds on-site solar systems for municipalities, utilities, and businesses – as well as developing community shared solar solutions for consumers and commercial customers. Syncarpha currently owns and/or operates solar assets in nine (9) different states throughout the United States. For more information, please visit www.syncarpha.com and www.syncarpha.solar.
Media Contact
Cliff Chapman, Syncarpha Capital
212-419-4844
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a310c3b-9906-4836-a972-84b1442fd868