Stem, a pioneer in AI-powered energy storage software, has signed an agreement with Also Energy Holdings, Inc. to acquire AlsoEnergy, a leader in solar asset management software, in a deal in shares and cash. This merger will combine Stem’s storage optimization capabilities with AlsoEnergy’s solar asset performance monitoring and control software. The end result is a compelling one-stop solution for renewable energy projects.
Additionally, Stem will offer its smart energy storage solutions to existing AlsoEnergy customers, as well as commercial and industrial customers, who typically have a limited storage attachment to their solar assets today. AlsoEnergy will gain earlier visibility into solar and storage projects through Stem’s extensive network of customers and partners.
“As the battery storage and solar energy industries continue to experience tremendous global growth, developers, asset owners and utilities will increasingly look to our combined software capabilities to provide a platform -a unified form of energy intelligence that improves project performance,” said John Carrington, CEO of Tige. “The combined company will provide an AI-powered software offering that we believe will simplify our customers’ asset management, increase their project returns and accelerate our own growth trajectory.
Businesses see opportunities to cross-sell and leverage each platform’s vast customer base. Currently, only 30% of AlsoEnergy customers are Stem customers.
“Combining our business with Stem will create tremendous value for customers as they increasingly focus on integrating solar and energy storage assets to optimize financial performance,” said Robert Schaefer, CEO of AlsoEnergy. “The software, data access and technical capabilities of our combined companies will bring a higher level of control and optimization to AlsoEnergy’s leading monitoring offerings, enabling a single software service provider in the solar landscape and storage.”
Founded in 2007, AlsoEnergy is headquartered in Boulder, Colorado and is a global leader in performance, analytics, monitoring and control solutions with 32.5 GW of solar assets under management in more than 50 country. AlsoEnergy contracts with multiple stakeholders in the solar ecosystem, including developers, asset owners, operations and maintenance (O&M) contractors, commercial customers and utilities. In the twelve months ended December 31, 2020, AlsoEnergy generated revenue of approximately $49 million and a gross margin of 60% across its software, network edge monitoring, controls and services. Of AlsoEnergy’s assets under management, both on a site and capacity basis, only a minimal amount is currently associated with energy storage.
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