12/29/2023 0 Comments Stem inc. honoluluStem can give no assurance that such forecasts, expectations, beliefs, plans or assumptions will prove correct. Statements that are not statements of historical fact, such as the expected benefits and synergies of the transaction, expected future opportunities for the combined company, forecasts regarding future financial performance and any other statements regarding future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance, are forward-looking statements within the meaning of the federal securities laws. This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For more information, visit Cautionary Statement regarding Forward-Looking Statements With the acquisition of AlsoEnergy, Stem is a leader in clean energy intelligence and optimization, bringing project developers, asset owners and commercial customers an integrated solution to maximize the value of solar and energy storage. 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. 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. 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 (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. We are excited to build the future of energy optimization software and services together.” 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. 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. 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. AlsoEnergy will continue to operate under its own brand and provide the same services to its customers in the immediate timeframe. 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. 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. 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®. 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.” 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. Together, our employees will help accelerate the tremendous growth of renewable energy onto the power grid. 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. John Carrington, Chief Executive Officer of Stem, commented, “We are very pleased to begin this new chapter of the combined company. 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. (“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. SAN FRANCISCO-( BUSINESS WIRE)-Stem, Inc.
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