US-based clean energy-focused software company, Stem, and SB Energy, a solar and storage assets developer backed by SoftBank, have unveiled their plans to join forces in a multi-year technology and commercial partnership aimed at delivering AI-enabled energy products.
The two companies have inked a preliminary agreement to establish a technology joint venture that will leverage SB Energy's digital platform and infrastructure development expertise, coupled with Stem's proficiency in technology development.
As part of the commercial aspect of this partnership, Stem is set to become SB Energy's preferred energy management system (EMS) partner for its substantial 10 GWh energy storage pipeline spanning North America over the next five years, according to a joint statement released on Thursday.
Rich Hossfeld, co-CEO of SB Energy, expressed enthusiasm about the partnership, noting that it will expedite the deployment of lithium-ion and long-duration storage solutions within their portfolio. This collaboration is anticipated to enhance their capacity to offer innovative, cost-effective energy solutions to their customers.
SB Energy, backed by SoftBank and Ares Climate Infrastructure, currently owns and operates 2 GW of clean power assets, with ambitious plans to expand its portfolio to 3 GW by mid-2024.
Stem Inc, on the other hand, specializes in integrated solutions designed to optimize returns and maximize the value of various energy assets, including solar, storage, and electric vehicle (EV) charging. Their flagship AI-driven clean energy analytics platform, Athena, has seen over 31 million run-time hours and has been instrumental in deploying 3 GWh of storage projects.
This strategic collaboration signifies a noteworthy step towards advancing AI-driven clean energy solutions in the North American market, combining the strengths of both companies to meet the evolving needs of the clean energy sector.