STEM - Stem selected by Available Power for energy storage portfolio in ERCOT

Stem Inc. (STEM +8.4%) rebounds from 52-week lows after the energy storage solutions provider was selected to provide smart energy technology in Texas to Available Power, in a project portfolio it values at more than $500M. Stem said the strategic partnership gives it exclusive rights to provide its Athena smart energy storage software to energy storage systems at 100 front-of-the-meter sites throughout Texas, starting with deployment of the first 20 systems by early 2023. Available Power will run 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 and organize the portfolio of energy storage sites into a single, integrated energy intelligence platform. The two companies will provide the state grid with an additional 2 GWh of flexible electric power for 20 years.

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Stem selected by Available Power for energy storage portfolio in ERCOT