Energy storage software and services firm Stem, Inc said its acquisition of PV asset management company AlsoEnergy will allow it to “unlock significant value” within renewable energy after the transaction completed.
Stem completed the acquisition of AlsoEnergy yesterday (1 February 2022) and, with it, acquired AlsoEnergy’s solar asset performance platform, PowerTrack.
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Stem now intends to combine PowerTrack with its own artificial intelligence-driven analytics solution, dubbed Athena, to deliver what it previously labelled a “one-stop-shop solution” for front-of-meter and C&I solar and storage customers.
John Carrington, CEO at Stem, said the combination of the two solutions would “unlock significant value for our customers” seeking to optimise 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,” Carrington said.
“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,” Robert Schaefer, former CEO but now president of AlsoEnergy, said.
While Stem has stated AlsoEnergy will continue to operate under its own brand, this has only been committed to “in the immediate timeframe”.
Stem noted that AlsoEnergy generated around US$49 million in revenue in the 2020 financial year, and the company is to offer combined company guidance for the 2022 financial year when it presents its 2021 results.