Integrated Smart Storage Solution Enables Grid Stability and Flexibility for Electric Cooperatives in a Growing Market
Stem, Inc. (“Stem”), a global leader in artificial intelligence (AI)-driven clean energy storage systems, today announced the Company will provide smart energy storage services to Today’s Power, Inc. (“TPI”), a renewable energy company based in North Little Rock, Ark. that develops, owns and operates renewable energy assets. A certified partner in Stem’s Partner Program, TPI will leverage Stem’s smart energy storage solution to deliver energy flexibility in electric cooperative projects, starting in Northwest Arkansas.
The partnership will enable TPI’s customers and the large number of electric cooperatives that are adopting solar and battery storage to take advantage of the benefits of smart energy storage systems. These systems are designed to enhance solar facilities, reduce wholesale demand charges and maximize energy savings for electric cooperatives, helping provide rate stability for members. TPI builds, owns, and operates their projects, while Stem will provide the turnkey smart storage solution to those systems. Stem’s solution for electric cooperatives and other utilities includes its Athena™ smart storage software, battery hardware procurement, an interface for the utility to schedule ahead or in real-time to dispatch the battery, monitoring network operation center services, and the capability for TPI to monitor the battery status and historical performance data.
In December 2020, TPI announced a 2.7 megawatt (MW) solar park project with 7MW/14MWh of energy storage for Ozarks Electric Cooperative, which will be optimized with Stem’s smart storage solution. Within its first year of service, this solar park project is expected to produce over 4 million kilowatt hours (kWh) of renewable energy.
John Carrington, Chief Executive Officer of Stem, Inc., commented, “Stem’s partnership with TPI gives electric cooperatives greater flexibility in their energy strategy. As the needs of the utility change over time, Stem’s proven experience and Athena™ software enable us to continually optimize how storage is used to meet those needs. We are happy to be aligned with TPI because they are such a respected company in the electric cooperative space. Together, we plan to deliver significant value to the cooperative member base.”
Michael Henderson, President of Today’s Power, Inc., commented, “TPI recognized Stem’s expertise and ability for Athena™ to call on distributed energy resources and batteries during peak times. Stem also provides the reliable capacity when needed through their proven aggregated virtual power plants. Working with a trusted energy storage hardware and service provider makes TPI’s offering that much more efficient. We look forward to continuing this partnership and creating innovative solutions for our customers.”
Stem and Star Peak Business Combination Update Stem remains on track to complete its previously announced business combination with Star Peak Energy Transition Corp. (NYSE: STPK) (“Star Peak”) in the first quarter of 2021. Upon closing, the combined company will be named Stem and remain listed on the New York Stock Exchange under the new ticker symbol “STEM.”