realfast95
1 year ago
Sysco Unveils First Electric Vehicle Hub, Advancing Its Industry Leading Climate Change Commitment
April 24 2023 - 08:00AM
Sysco Corporation (NYSE:SYY), the world’s largest food distributor, unveiled its vision for the Riverside Electric Vehicle Hub, which will transform the company’s distribution center into the focal point of its electrified fleet. One of the first electric vehicle hubs of its kind in the world, the Riverside project is a foundational step toward Sysco’s goal to reduce its direct emissions by 27.5% and add 2,800 electric trucks to its U.S. fleet by 2030.
“This year’s theme for Earth Day is ‘invest in our planet’ and Sysco is doing just that. Our commitment is coming to life in Riverside as we break new ground on one of the first facilities of its kind in the world,” said Neil Russell, Sysco’s Chief Administrative Officer. “Change of this magnitude requires deep collaboration and I want to thank our government and community partners who are helping bring our vision to life.”
Currently, Sysco operates eleven Freightliner battery electric eCascadia tractors at its Riverside facility and expects to deploy 20 total by summer 2023. Once completed, the facility’s currently planned EV infrastructure will include:
40 dual port DC fast-charging stations in support of
40 Electric, Class-8 vehicles, and
40 electric refrigerated trailers.
To accommodate the energy demands of this growing fleet, the Riverside site will also feature 4 MWh of battery storage and will increase its solar power generation by an additional 1.5 MW.
“We are excited to showcase Sysco’s work to build our first Electric Vehicle Hub at our Riverside, CA site,” said Marie Robinson, Sysco’s Chief Supply Chain Officer. “This is a massive collaborative effort that has required years of planning. We’re grateful to our many partners on this journey for their vision, innovation and leadership in bringing the transportation and infrastructure technology to market to support this project.”
Sysco announced in May 2021 its intent to deploy nearly 800 battery electric Freightliner eCascadia Class 8 tractors by 2026.
“Houston Freightliner is proud to be a critical supplier to Sysco of next generation fully electric commercial vehicles and a partner in the foodservice industry leader’s complete strategy for full integration of electric vehicles into their fleet,” said Rick Stewart, President & Dealer Principal of Houston Freightliner.
ConMet and ConMet eMobility are enabling the development of zero-emission commercial vehicles, providing innovative technology for the electrification of refrigerated trailers required for Sysco to deliver food safely and efficiently.
“The commitment shown by Sysco with this facility is a prelude to a more sustainable future for foodservice delivery. We’re honored to have the ConMet eHub™ in-wheel motor system on Sysco trailers. By generating electrical energy to power electric TRUs, trailer temperatures are sustained for food safety purposes, whilst providing large diesel savings to the fleet and significant emission reductions for the local community,” said Marc Trahand, VP and General Manager of ConMet’s eMobility division.
InCharge Energy and ABB E-mobility are supplying and preparing to activate 40 Terra 124 DC fast chargers. Already tested for vehicle interoperability and reliability, these stations will facilitate quick and timely charging of all vehicles daily.
“As the leading fleet electrification provider, InCharge Energy and ABB E-mobility are thrilled to play such an important role in Sysco’s transition to electric transportation,” said Terry O’Day, COO and Co-Founder of InCharge Energy. “Sysco’s transportation electrification program will have a sizable impact on carbon emissions. This project sets the stage for the increasing shift to electric mobility in California, especially given the EPA’s recent decision to allow California to accelerate its transition from diesel to electric trucks. We look forward to seeing what cleaner transportation will do for the beautiful Riverside community and beyond.”
The Riverside EV hub project is also supported through partnership with:
Black & Veatch - Engineer of record and system integrator providing comprehensive design, engineering, permitting, procurement, and construction management.
Carrier Transicold North America - Supporting Sysco’s EV program with its innovative Vector eCool™ refrigerated trailer system which sustainably creates its own power using leading-edge energy recovery and storage from ConMet to run the uniquely all-electric trailer refrigeration unit.
GNA – The leading clean transportation consulting firm in North America, GNA spearheaded efforts to secure vehicle and infrastructure incentives for electric vehicles, infrastructure and chargers, the photovoltaic (PV) solar system, and Battery Energy Storage System (BESS).
Stem – Providing AI-driven clean energy management platform, Athena®, one of the key technologies integrating the charging infrastructure, to optimize on-site energy assets including solar and energy storage and enabling resilience and efficiency.
Vanguard – Supporting Sysco’s EV program with its proven thermal efficient multi-temp refrigerated trailer.
W&B Service Company – Providing Carrier Transicold Refrigeration equipment and support for Sysco’s EV initiatives.
Bp pulse - Providing industry-leading charge management software, omega, to optimize charging for low cost energy while ensuring critical fleet uptime.
Community partners include California Air Resources Board, California Energy Commission, Southern California Association of Governments, and Mobile Source Air Pollution Reduction Review Committee.
Sysco’s industry-leading climate goals includes a commitment to reduce its scope 1 and 2 emissions by electrifying 35% of its U.S. tractor fleet and sourcing 100% renewable electricity for its global operations by 2030. More information can be found in Sysco’s 2022 Corporate Social Responsibility (CSR) Report.
realfast95
2 years ago
CEO just can't stop selling shares.
Before last nights posting, he had sold $5.4m worth since 11/16/21
CEO 08/17/2022 Automatic Sell Direct 28,570 $15.09 431,121.3
CEO 08/16/2022 Automatic Sell Direct 28,570 $15.94 455,405.8
CEO 07/21/2022 Automatic Sell Direct 28,570 $9.17 261,986.9
CEO 07/20/2022 Automatic Sell Direct 28,570 $8.92 254,844.4
CEO 06/09/2022 Automatic Sell Direct 28,570 $8.99 256,844.3
CEO 06/08/2022 Automatic Sell Direct 28,570 $9.34 266,843.8
CEO 05/20/2022 Automatic Sell Direct 28,580 $7.48 213,778.4
CEO 05/19/2022 Automatic Sell Direct 28,580 $7.73 220,923.4
CEO 12/09/2021 Automatic Sell Direct 19,621 $20.11 394,578.31
CEO 12/08/2021 Automatic Sell Direct 200 $20.00 4,000.00
CEO 12/02/2021 Automatic Sell Direct 6,401 $20.36 130,324.36
CEO 12/01/2021 Automatic Sell Direct 22,375 $20.77 464,728.75
CEO 11/17/2021 Automatic Sell Direct 44,750 $22.01 984,947.5
CEO 11/16/2021 Automatic Sell Direct 44,750 $24.55 1,098,612.5
5,438,939.22
CEO 09/13/2022 7899 $15.808 $124,867.392
CEO 09/13/2022 20671 $16.4359 $339,746.4889
CEO 09/14/2022 10231 $16.4359 $168,155.6929
CEO 09/14/2022 18339 $17.2452 $316,259.7228
949,029.2966
6,387,968.5166
realfast95
2 years ago
AlsoEnergy, a Stem company, Launches Premier Distribution Channel
June 7, 2022
AlsoEnergy, a Stem company, Launches Premier Distribution Channel
Increases clean energy asset yield, streamlines purchase of edge-to-cloud monitoring and optimization platform for EPCs and developers
SAN FRANCISCO – June 7, 2022 – AlsoEnergy, a Stem (NYSE: STEM) company and a leading edge-to-cloud clean energy optimization platform provider, has launched a premier distribution channel to further accelerate the adoption of clean energy assets. Building on the success of its direct sales, AlsoEnergy is leveraging Stem’s proven channel sales model and relationships with global distributors to begin offering its edge-to-cloud platform more broadly across the U.S. The new distribution channel provides Engineering, Procurement and Construction (EPCs) and developers with streamlined access to AlsoEnergy’s platform that unlocks improved economic and operational opportunities for a range of systems, including solar Commercial and Industrial (C&I) systems. The channel launched with a leading North American distributor and is expected to expand to other distributors.
Designed for C&I projects up to 3 megawatts (MW), the platform includes edge solutions that collect and log data about onsite conditions from various clean energy hardware. The data is then securely transmitted to PowerTrack, AlsoEnergy’s cloud application for optimization of clean energy assets, providing insights into weather-adjusted, expected site performance. Accompanying 5-year PowerTrack subscriptions, three of AlsoEnergy’s edge solutions will now be offered through its distribution channel, including AlsoEnergy’s Power Light Commercial Solution 400, Power Light Commercial Solution 600 BASE, and Power Light Commercial Solution 600 PLUS.
“For more than a decade, AlsoEnergy has consistently delivered reliable edge-to-cloud solutions to empower energy stakeholders to realize higher returns in the evolving energy market,” stated Bob Schaefer, President of AlsoEnergy. “By launching a distribution channel, we are able to serve a larger market in the U.S. and more diversified energy asset portfolios by improving access to our industry-leading solutions. As a new part of Stem, we are excited to continue to grow this channel to accelerate the clean energy transition.”
“Three years ago, the Stem Partner Program pioneered bringing energy storage to the distribution channel and established successful relationships with national and global distribution leaders,” said Alan Russo, Chief Revenue Officer at Stem. “As a key post-acquisition milestone for Stem and AlsoEnergy, this new distribution channel is an important step for the companies’ business goals to create an inclusive energy economy by delivering synergistic, market-leading solutions.”
As a newly combined company, Stem and AlsoEnergy are uniquely positioned to meet the increasingly complex needs of the energy market as it matures, reinforcing their commitment to their partner network. Since 2019, the Stem Partner Network has yielded more than 500 active partners and more than 48GWh of active projects.
Learn more about becoming a Stem or AlsoEnergy distribution partner at https://www.stem.com/partner-program/distributor-partners/.
###
About Stem
Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class 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 a 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. With the acquisition of AlsoEnergy, Stem is a leader in the solar asset management space, bringing project developers, asset owners and commercial customers an integrated solution for solar and energy storage management and optimization. For more information, visit www.stem.com.
realfast95
2 years ago
Stem Announces First Quarter 2022 Financial Results
May 05 2022 - 04:05PM
Quarterly revenue 29% above high end of guidance range
Reaffirm full-year 2022 guidance
AlsoEnergy commercial synergies on track for 2022 bookings
Expect minimal impact from AD/CVD inquiry in solar industry
First Quarter 2022 Financial and Operating Highlights
Financial Highlights
Revenue of $41.1 million, up from $15.4 million (+166%) in Q1 2021
GAAP Gross Margin of 9% versus (1)% in Q1 2021
Non-GAAP Gross Margin of 16% versus 13% in Q1 2021
Net Loss of $(22.5) million versus $(82.6) million in Q1 2021
Adjusted EBITDA of $(12.8) million versus $(3.2) million in Q1 2021
Ended Q1 2022 with $352 million in cash, cash equivalents, and short-term investments
Operating Highlights
12-month Pipeline of $5.2 billion, up from $4.0 billion (+30%) at the end of Q4 2021
Bookings of $151 million, up from $51 million (+196%) in Q1 2021
Record contracted backlog of $565 million, up from $221 million (+156%) at the end of Q1 2021
Record contracted storage assets under management (AUM) of 1.8 gigawatt hours (GWh) up from 1.6 GWh (+13%) at the end of Q4 2021
Solar monitoring AUM of 32.4 gigawatts (GW)
Contracted Annual Recurring Revenue (CARR) of $51.5 million, up from $24.1 million (114%) at the end of Q4 2021
Stem (the "Company") (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy software and services, announced today its financial results for the three months ended March 31, 2022. Reported results in this press release reflect AlsoEnergy’s operations for the period from February 1, 2022 through March 31, 2022.
John Carrington, Chief Executive Officer of Stem, commented, “We are pleased to report a strong first quarter, with robust growth in revenue, backlog, pipeline, AUM, and CARR, all driven by our market-leading software platforms. Revenue for the quarter was above the high end of our guidance range, and we reaffirm our full-year 2022 guidance for all of our key financial and operational metrics.
Our contracted backlog grew 156% as compared to the period ended March 31, 2021, driven by $151 million in bookings, which nearly tripled versus first quarter 2021. That is the second-highest bookings performance in Company history after the fourth quarter 2021, underscoring our accelerating momentum.
We are also pleased with the increase in CARR to $51.5 million, reflecting our long-term focus on high-margin software and services revenue. As our AUM expands in both storage and solar monitoring, our AI-driven software can deliver improved economic optimization and asset management solutions to our renewable energy customers. We believe Stem’s differentiated software solutions, coupled with our customer-focused employees and strong balance sheet, will drive multi-year growth in high margin recurring software and services revenues, as evidenced by our 16% non-GAAP gross margin this quarter. The integration of AlsoEnergy is proceeding on track as we combine the commercial and technical strengths into one company focused on providing differentiated solutions for our customers. As we continue to drive additional customer value, we have been able to implement price increases for our solar asset performance software in the quarter, reflecting our unique capabilities in the market.
A recently announced U.S. Department of Commerce inquiry into anti-dumping and countervailing duties on solar modules has caused uncertainty for solar developers. Our diversity of customers and markets, including growing momentum in standalone storage and BTM solar projects, provides greater certainty into our near-term revenues. As of late April 2022, we estimate that recurring revenue and contracted standalone storage projects represent more than 85% of our remaining projected 2022 total revenue at the midpoint of guidance. Moreover, we believe the majority of our solar + storage customers have procured sufficient panel supply to execute their projects. As a result, we expect minimal impact from the inquiry on our 2022 revenue.
Supply chain constraints, permitting and interconnection delays, and potential tariffs have caused recent headwinds in the industry, but we continue to manage these risks and believe we are well-positioned to navigate these issues.”
First Quarter 2022 Financial and Operating Results
Financial Results
First quarter 2022 revenue increased 166% to $41.1 million, versus $15.4 million in the first quarter of 2021. Higher hardware revenue from Front-of-the-Meter (FTM) and Behind-the-Meter (BTM) partnership agreements drove a majority of the increase realized during the quarter, in addition to $9.6 million of revenue from the partial-quarter inclusion of AlsoEnergy.
First quarter 2022 GAAP Gross Margin was $3.6 million, or 9%, versus $(0.1) million, or (1)% in the first quarter of 2021. The year-over-year increase in GAAP Gross Margin resulted primarily from higher sales and additional higher-margin services revenues, including AlsoEnergy.
Beginning in first quarter 2022, management no longer reclassifies certain costs of goods sold to operating expenses, including communication and cloud service expenditures, in its calculation of Non-GAAP Gross Margin. First quarter 2021 Non-GAAP Gross Margin has been recalculated consistent with this treatment. The non-GAAP reconciliation table below includes important updates to these calculations for comparability.
First quarter 2022 Non-GAAP Gross Margin was $6.4 million, or 16% versus $2.0 million, or 13% in the first quarter of 2021. The year-over-year increase in Non-GAAP Gross Margin resulted from higher revenues. In percentage terms, the year-over-year increase in Non-GAAP Gross Margin resulted from a higher mix of software services, inclusive of AlsoEnergy, partially offset by lower hardware margins.
First quarter 2022 Net Loss was $(22.5) million versus first quarter 2021 Net Loss of $(82.6) million. The improvement was primarily driven by non-cash revaluation of warrants tied to changes in the value of the underlying common stock reported in the first quarter 2021. In June and September 2021 Stem redeemed all outstanding private and public warrants, respectively, resulting in a more streamlined capital structure and less quarter-to-quarter variability in the Company’s Net Income (Loss).
First quarter 2022 Adjusted EBITDA was $(12.8) million compared to $(3.2) million in the first quarter of 2021. Lower Adjusted EBITDA results were primarily driven by higher operating expenses resulting from increased personnel costs, continued investment in our growth initiatives, and costs associated with public reporting requirements.
The Company ended the first quarter of 2022 with $352 million in cash, cash equivalents, and short-term investments, consisting of $175 million in cash and cash equivalents and $177 million in short-term investments. The sequential decrease from $921 million in cash, cash equivalents, and short-term investments at the end of the fourth quarter 2021 was primarily the result of closing the AlsoEnergy acquisition, which included cash consideration of $533 million in cash (net of cash acquired), and strategic purchases of energy storage systems.
Operating Results
The Company’s 12-month forward pipeline was $5.2 billion at the end of the first quarter 2022 compared to $4.0 billion at the end of the fourth quarter 2021, representing 30% sequential growth. The increase in the 12-month forward pipeline was driven by increased FTM project opportunities, including significant expansions into new markets and continued growth in Stem’s partner channels.
Contracted Backlog was $565 million at the end of the first quarter of 2022 compared to $449 million as of the end of the fourth quarter 2021, representing a 26% sequential increase. The increase in Contracted Backlog resulted from bookings in the quarter of $151 million and contribution from the backlog associated with AlsoEnergy, partially offset by revenue recognition, contract cancellations, and amendments during the quarter. Bookings of $151 million in the first quarter 2022 grew 196% year-over-year from $51 million in first quarter 2021.
Contracted storage AUM increased 64% year-over-year and 12% sequentially to 1.8 GWh, driven by new contracts. Solar monitoring AUM ended the first quarter of 2022 at 32.4 GW.
CARR increased to $51.5 million as of the end of the first quarter of 2022, up from $24.1 million as of the end of the fourth quarter 2021, a 114% sequential increase, largely driven by the acquisition of AlsoEnergy.
The Company expects to continue to diversify its supply chain, adopt alternative technologies, and deploy its balance sheet to meet the expected significant growth in customer demand. COVID-19, potential import tariffs, and general macroeconomic conditions, including the ongoing conflict between Russia and Ukraine, continue to impact and cause uncertainty in the supply chain and project timelines, and the Company has been affected by inflation in the costs of equipment. The Company is actively working to mitigate these impacts on its financial and operational results, although there is no guarantee that we will be successful.
Outlook
The Company reaffirms FY2022 financial and operational guidance as follows ($ millions, unless otherwise noted):
Revenue
$350 - $425
Non-GAAP Gross Margin (%)*
15% - 20%
Adjusted EBITDA*
$(60) - $(20)
Bookings
$650 - $750
CARR (year-end)
$60 - $80
Stem’s 2022 guidance includes the operations of AlsoEnergy after February 1, 2022.
Stem will hold a conference call to discuss this earnings press release and business outlook on Thursday, May 5, 2022 beginning at 5:00 p.m. Eastern Time. The conference call and accompanying slides may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (844) 200-6205, or for international callers, (833) 950-0062 and using access code 015694. A replay of the conference call will be available shortly after the call and can be accessed by dialing (866) 813-9403 or for international callers by dialing +44 204 525 0658. The passcode for the replay is 676295. An archive of the webcast will be available on the Company’s website at https://investors.stem.com/overview for 12 months after the call.
Use of Non-GAAP Financial Measures
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this earnings release contains the following non-GAAP financial measures: Adjusted EBITDA and non-GAAP gross margin. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP. For reconciliation of Adjusted EBITDA and non-GAAP gross margin to their most comparable GAAP measures, see the section below entitled, “Reconciliations of non-GAAP Financial Measures.”
We use these non-GAAP financial measures for financial and operational decision-making and to evaluate our operating performance and prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our operating performance, such as stock-based compensation and other non-cash charges, as well as discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results, to the extent that competitors define these metrics in the same manner that we do. We believe these non-GAAP financial measures are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by our institutional investors and the analyst community to help them analyze the health of our business.
realfast95
2 years ago
Stem’s Athena® Software Selected by Available Power to Optimize Up to 2GWh Energy Storage Portfolio in ERCOT
February 24 2022 - 08:30AM
Value of award expected to exceed $500 million across the project portfolio
Partnership provides Stem exclusive rights to 100 standalone energy storage projects in Texas
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, today announced the Company has been selected to provide smart energy storage solutions in Texas to Available Power (“AP”), a developer that designs, develops, and deploys distributed energy resources and microgrid systems for commercial and industrial real estate.
This strategic partnership gives Stem exclusive rights to provide its proprietary Athena® smart energy storage software to energy storage systems at 100 front-of-the-meter (FTM) sites throughout the state of Texas. The project portfolio is expected to have a value of more than $500 million and will be completed in phases, beginning with deployment of the first 20 systems by early 2023. Together, Stem and AP will be providing the state grid, operating under the Electric Reliability Council of Texas (ERCOT), with an additional one gigawatt (GW), or two gigawatt-hours (GWh), of flexible electric power for 20 years.
ERCOT is responsible for delivering 90 percent of the state's electric power to more than 25 million people throughout Texas. The market for energy storage in ERCOT is expected to grow more than 10 GWh over the next five years as renewable energy adoption increases and the state prioritizes grid resilience.
AP will be facilitating the entire scope of work on the projects, from development of the energy storage sites, to marketing and selling the assets as they reach operation. Stem will provide the battery storage hardware at each site, incorporate Athena BidderTM to optimize the bidding and dispatch of the systems (based on real-time market dynamics), and organize the portfolio of energy storage sites into a single, integrated energy intelligence platform. The full scope of Stem’s software and services also includes revenue modeling, battery hardware consulting, and development support to successfully complete these projects.
John Carrington, Chief Executive Officer of Stem, commented, “This partnership with Available Power showcases Stem’s ability to support developers across the project lifecycle and enable best-in-class management of large portfolios of energy storage projects. Our market-leading Athena® software, advanced BidderTM application, system operating knowledge, and ability to rapidly deploy projects will help Available Power quickly go to market and generate exceptional value.”
Daniel Gregory, Chief Executive Officer of AP, added, “We chose to partner with Stem for their unparalleled energy expertise and supply chain strength to support our range of needs from revenue optimization and cost savings to navigating energy markets. Their Athena® software brings us the unique ability to drive substantial operational value in our growing energy storage portfolio, and we look forward to working on these projects together.”
realfast95
2 years ago
Stem Completes Acquisition of AlsoEnergy
February 01 2022 - 07:19PM
Solidifies Stem as global-leader in AI-driven software intelligence for clean energy assets
Drives immediate accretion and accelerates Stem’s software growth
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, today announced that it has completed its previously announced acquisition of Also Energy Holdings, Inc. (“AlsoEnergy”). Through this acquisition, Stem solidifies its position as a global leader in clean energy intelligence and optimization software, adding 32.85 gigawatts (GW) of solar assets under management in more than 50 countries.
John Carrington, Chief Executive Officer of Stem, commented, “We are very pleased to begin this new chapter of the combined company. The acquisition of AlsoEnergy is a significant milestone for Stem and represents accretive high margin software products, marquee customers, and a substantial increase of assets under management. Together, our employees will help accelerate the tremendous growth of renewable energy onto the power grid. Our market-leading software solutions will unlock significant value for our customers as they increasingly seek to manage and optimize integrated solar and energy storage assets. We expect the combination to be immediately accretive and will boost our growth, enhance our margins, and accelerate our expansion as a global provider of clean energy intelligent software solutions.”
The transaction combines AlsoEnergy’s market-leading solar asset performance monitoring and control platform, PowerTrack, with Stem’s best-in-class AI-driven analytics platform, Athena®. The combined company will deliver a compelling one-stop-shop solution for front-of-meter and commercial & industrial (C&I) customers with solar and storage needs.
In the fiscal year ended December 31, 2020, AlsoEnergy generated approximately $49 million in revenue and realized a 60% gross margin across its software, grid edge monitoring, controls, and services businesses. AlsoEnergy will continue to operate under its own brand and provide the same services to its customers in the immediate timeframe.
The Company intends to provide combined company guidance for full-year 2022, inclusive of AlsoEnergy, when it releases fourth quarter 2021 and full-year 2021 financial results.
Robert Schaefer, former Chief Executive Officer of AlsoEnergy, who has assumed the role of President of AlsoEnergy, a Stem company, commented, “The AlsoEnergy team is thrilled to join Stem. Our combined company’s market leading offerings in solar and energy storage management and optimization will create many opportunities for our customers to enhance their energy asset performance. We are excited to build the future of energy optimization software and services together.”
realfast95
2 years ago
Clairvest Completes Sale of Also Energy
February 01 2022 - 07:50PM
GlobeNewswire Inc.
Further to a statement released on December 16, 2021, Clairvest Group Inc. (TSX: CVG) (“CVG”), together with Clairvest Equity Partners V (“CEP V”, collectively “Clairvest”), announced today the closing of the sale of Also Energy Holdings, Inc. (“AlsoEnergy”) to Stem, Inc. (NYSE: STEM) (“Stem”). AlsoEnergy is a leading provider of solar energy software, hardware, and support services to residential, commercial & industrial, and utility solar markets that Clairvest first invested in four years ago.
Under terms of the sale, Clairvest received sale proceeds of approximately US$350 million (CVG’s portion being US$108 million) at closing – 80% in cash and 20% in Stem common shares based off of December prices. As previously announced, the sale is expected to have a positive impact on Clairvest’s book value per share of approximately $5 over the carrying value as at September 30, 2021.
“This is an extraordinary result for our team, and we could not have achieved this outcome without Clairvest’s support,” commented Robert Schaefer, Co-Founder & CEO of AlsoEnergy. “We thank Clairvest for believing in our vision and business from the start. I could not have asked for a more constructive partner over these past few years,” added Mr. Schaefer.
“Backing two highly knowledgeable and committed entrepreneurs, coupled with the flawless execution of their vision by management, were huge contributors to this fantastic outcome,” said Ken Rotman, CEO of Clairvest.
William Blair served as exclusive financial advisor and Goodmans LLP acted as legal advisor to AlsoEnergy in this transaction.
realfast95
2 years ago
Stem, Inc. Awarded Energy Storage Portfolio by NineDot Energy
January 25 2022 - 08:30AM
Business Wire
Initial project portfolio to include more than 110MWh of front-of-the-meter standalone energy storage projects in New York state
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services and software, announced today the Company has entered into an agreement to provide smart energy storage services to NineDot Energy, a cleantech developer that designs and deploys community distributed energy generation and storage projects.
The projects consist of six front-of-the-meter (FTM) standalone energy storage sites in Staten Island that represent more than 110 megawatt hours (MWh). The portfolio, expected to be completed by May 2023, will participate in New York’s Value of Distributed Energy Resources (VDER) program, through which NineDot will develop the energy storage sites, own the assets, and monetize the VDER credits. In addition to procuring the storage hardware, Stem will use its Athena® smart energy software to optimize VDER credits and other incentive programs to help generate additional project revenues, achieve incentive and warranty compliance, and provide a single platform for NineDot to monitor the portfolio of energy storage sites.
Together, NineDot and Stem aim to support New York's mission to achieve its goal of 100% clean energy use by 2040. New York recently announced plans to double its energy storage target to 6,000 megawatts (MW) by 2030. Carlyle, one of the world’s largest private equity firms, recently committed to invest approximately $100 million in NineDot to build and operate energy storage sites in New York.
John Carrington, CEO of Stem, commented, “For over a decade, Stem has successfully optimized distributed energy resources for partners and customers in multiple markets to maximize the value stack of incentives, including the VDER program. Our expertise in front-of-the-meter standalone energy storage with our Athena® AI-driven energy storage software makes it easy for developers like NineDot to deploy successful projects. Together with NineDot, we will continue to expand our presence in New York and help the state to achieve its goal of being 100% powered by clean energy by 2040.”
David Arfin, CEO and Co-Founder of NineDot Energy, added, “Partnering with Stem brings us closer to our goal of delivering reliable power and resilience for the electric grid. Stem’s unparalleled customer support, access to top-tier hardware suppliers, and best-in-class Athena® platform enable the user-friendly experience needed to manage a successful energy storage portfolio. With the financial backing of Carlyle and our smart energy storage partner Stem, we look forward to deploying more next-generation energy storage for cleaner, cost-effective electricity across the New York grid.”
realfast95
2 years ago
Stem, Inc. Announces Development of eMobility Offering With ENGIE North America
January 05 2022 - 08:30AM
Brings together Stem’s smart energy storage solution with ENGIE’s turnkey eMobility solution
Integration with Athena® software expected to enable broad adoption of EV charging infrastructure for schools, transit agencies, and commercial fleets
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, announced today that it has entered into a Co-Marketing Agreement with ENGIE North America for the development of an offering to enable broad adoption of eMobility solutions throughout the United States for schools, transit agencies, and commercial fleets. The offering, now in pilot development, will combine Stem’s smart energy storage software, Athena®, and storage hardware with ENGIE’s turnkey solution that includes all aspects of eMobility planning, design, and implementation - covering vehicles, charging infrastructure, energy management, on-site energy generation, and storage. Athena will integrate with ENGIE’s electric vehicle (EV) charging solution and help to manage the charging needs of each ENGIE customer.
Schools, transit agencies, and businesses are moving rapidly to electrify their fleets in response to policies, mandates, and incentives designed to reduce emissions contributing to global climate change. According to Guidehouse Insights 2021 Global Market Analysis and Forecasts of EV Charging Equipment, 4.4 million charge points will be installed at fleet properties by 2030, growing from 449,000 in 2020, a compound annual growth rate of 26 percent.
The combined offering will streamline the design, procurement, installation, and operational process and provide technical support for customers looking for an interoperable solution. With AI-driven algorithms, Athena will operate the grid services, demand charge, demand response, utility bill optimization, and smart energy storage of customers’ facilities and charging infrastructure. ENGIE and Stem will support customers to help navigate complexities of EV incentives and grants while providing services that include economic modeling & analysis, system design, tariff assessment, and utility cost optimization.
Alan Russo, Chief Revenue Officer at Stem, commented, “As more public agencies and businesses deploy charging stations and electrify their fleets, it’s important to have a cohesive eMobility strategy to optimize energy consumption and environmental impacts. Our comprehensive offering will bring together best-in-class solutions for solar, energy storage, and EV charging in a way that is easy to deploy and manage. We are excited to leverage our Athena® software not just for optimizing batteries with solar, but also to directly interface with EV charging software, which opens up tremendous opportunities to improve customer savings and reduce greenhouse gas emissions.”
Courtney Jenkins, Vice President and Head of Distributed Energy Solutions at ENGIE North America, added, “Building on ENGIE’s success delivering on-site solar, battery storage, and EV charging solutions to our customers, we are excited to be working with a market-leading provider like Stem to develop an integrated offering that will further enable broad adoption of electrified transportation. This turnkey offering will bring real value, ease of adoption, and peace of mind to organizations looking for a comprehensive eMobility solution.”
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