Project strengthens Stem’s growing foothold in
the public power sector; helps Sulphur Springs Valley Electric
Co-op deliver reliable clean power to its members
Stem (NYSE: STEM), a global leader in AI-driven clean energy
solutions and services, and Arizona Electric Power Cooperative
(AEPCO), a not-for-profit, member-owned electric generation and
transmission (G&T) cooperative, in partnership with Prometheus
Power (Prometheus), a national renewable energy developer, today
announced the successful deployment of a co-located storage and
solar project to help deliver clean, reliable power to its
distribution co-ops and public power members.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240611821944/en/
Photo Credit: Arizona G&T
Cooperatives (AzGT)
The project for Sulphur Springs Valley Electric Co-op (SSVEC),
an AEPCO member co-op, includes a 40-megawatt hour (MWh) energy
storage system and an existing 20-megawatt (MW) photovoltaic (PV)
system that will integrate Athena®, Stem’s award-winning AI-driven
clean energy software, to continuously operate and monitor the
storage system for maximized performance on a single, unified
platform. The SSVEC project is the first of three similarly sized
deployments that Stem will collaborate on with Prometheus to
provide Stem’s services for AEPCO’s other managing co-ops. All
three projects are expected to come online by the end of the
year.
“More than 900 electric co-ops across 48 states make up the
largest electric utility network in the U.S. The segment is
forecasted to be one of the fastest growing segments of the
front-of-the-meter (FTM) market through the end of this decade and
is projected to represent over 20% of all future storage
deployments,” said John Carrington, Chief Executive Officer of
Stem. “Stem’s unique combination of AI-driven software, hardware,
and services is enabling enhanced value and project returns at
scale for co-ops and their members. We are excited to bring our
proven capabilities and market experience to AEPCO and their
members.”
“As part of our Reliable Energy Plan, AEPCO is focused on
strategic investments in renewable energy assets and battery energy
storage systems (BESS) to help fundamentally improve, diversify,
and strengthen the AEPCO portfolio,” said Patrick Ledger, AEPCO
executive vice president and CEO. “With Stem’s proven solar and
storage solutions and expertise, we can ensure economies of scale
on larger projects so our member co-ops can benefit from the
flexibility and reliability of new clean energy resources that will
substantially reduce costs and provide more reliable clean energy
for the communities we serve.”
“As the largest co-op in Arizona, SSVEC has worked diligently to
diversify our energy portfolio from having over 80% coal-generated
energy in 2016 to just 25% in 2023 with an estimated 18% generated
from renewable sources. These efforts help ensure greater energy
independence, reliability, and price stability for SSVEC members,
with an overriding benefit of a cleaner environment,” said Jason
Bowling, Chief Executive Officer of SSVEC. “Working with AEPCO and
Stem to ensure the successful deployment and optimization of our
renewable energy assets will help SSVEC continue to honor our
commitments of delivering affordable, reliable energy to our 53,000
members.”
“We are honored to have played a pivotal role in the
construction of this monumental facility for SSVEC,” said Rohit
Garg, Prometheus Manager. “With our developer expertise, we are
confident that this project will set a new standard for co-ops
implementing utility-scale renewable energy assets, driving forward
the adoption of sustainable practices in the energy sector. We are
looking forward to working with Stem on deploying future projects
for AEPCO."
These follow Stem’s recent co-op project wins, including a 23 MW
solar plus 60 MWh storage project for Mohave Electric Cooperative
(MEC), an AEPCO distribution co-op, and a 313 MWh standalone energy
storage project with Ameresco for a major co-op customer. Stem has
booked more than $1 billion of contracts associated with the
growing municipal and co-op utility market segment. Most
immediately, AEPCO will be hosting a ribbon cutting ceremony in
Sahuarita, Arizona on June 13, 2024.
Learn more about AEPCO’s clean energy strategies in the upcoming
Stem webinar “AEPCO Leading the Way to Reduce Costs and Improve
Reliability for Members,” register at
https://www.stem.com/webinar-in-the-spotlight-aepco/.
About Stem
Stem (NYSE: STEM) provides clean energy solutions and services
that maximize the economic, environmental, and resiliency value of
energy assets and portfolios. Stem’s leading AI-driven enterprise
software platform, Athena® enables organizations to deploy and
unlock value from clean energy assets at scale. Powerful
applications, including AlsoEnergy’s PowerTrack, simplify and
optimize asset management and connect an ecosystem of owners,
developers, assets, and markets. Stem also offers integrated
partner solutions that can improve returns across energy projects,
including storage, solar, and EV fleet charging. For more
information, visit www.stem.com.
About AEPCO
AEPCO is the generation, transmission, and energy services
provider for electric distribution cooperatives and public
utilities in Arizona, California, and Nevada. Headquartered in
Benson, Arizona, AEPCO operates with its sister organization,
Sierra Southwest Cooperative Services, Inc. (Sierra) under the
umbrella of Arizona G&T Cooperatives. AEPCO owns and operates
Apache Generating Station, situated in Cochise County, which has
been under AEPCO's operation since 1961 and is equipped with
existing natural gas and electric transmission infrastructure. For
more information about AEPCO and its future projects, please visit
www.azgt.coop.
Source: Stem, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240611821944/en/
Stem Investor Contacts Ted Durbin, Stem Marc Silverberg,
ICR IR@stem.com
Stem Media Contact Suraya Akbarzad, Stem
press@stem.com
AEPCO Media Contact Mandi Greenmyer pr@azgt.coop
Sulphur Springs Valley Electric Co-op Media Contact
Marcus Harston mharston@ssvec.com
Prometheus Media Contact Rohit Garg
rohit@prometheuspowergroup.com
Grafico Azioni Stem (NYSE:STEM)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Stem (NYSE:STEM)
Storico
Da Dic 2023 a Dic 2024
