Energy storage software and services company Stem, Inc said its acquisition of photovoltaic asset management firm AlsoEnergy would allow it to “unlock significant value” in renewable energy once the transaction is completed.
Stem completed the acquisition of AlsoEnergy yesterday (February 1, 2022) and with it acquired AlsoEnergy’s solar asset performance platform, PowerTrack.
Stem now intends to combine PowerTrack with its own AI-based analytics solution, dubbed Athena, to provide what it previously called a “one-stop-shop solution” for solar and storage customers ahead of the meter and C&I.
John Carrington, CEO of Stem, said the combination of the two solutions would “unlock significant value for our customers” looking to optimize solar and energy storage assets.
“We expect the combination to be immediately accretive and drive our growth, improve our margins and accelerate our expansion as a global provider of smart clean energy software solutions,” Carrington said.
“Our combined company’s market-leading offerings in solar and solar energy storage management and optimization will create many opportunities for our customers to improve the performance of their energy assets. We are excited to build the future of energy optimization software and services together,” said Robert Schaefer, former CEO but now President of AlsoEnergy.
Although Stem has said that AlsoEnergy will continue to operate under its own brand, this has only been committed “for the time being”.
Stem noted that AlsoEnergy generated about $49 million in revenue in fiscal 2020, and the company is to offer combined guidance for fiscal 2022 when reporting its 2021 results.