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BEST SELLING PRODUCTS
-Acquisition to combine two software-focused renewable energy companies leading the energy transition
-Accretive transaction expected to accelerate Stem’s growing, recurring software revenue and increase margins
-Underscores Stem’s focus on expanding global reach and delivering high-margin software products to front-of-meter and commercial & industrial customers
-Expands assets under management by 32.5 GW and international presence to 50+ countries
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, and Also Energy Holdings, Inc. (“AlsoEnergy”), a global leader in solar asset management software, announced today that the companies have entered into a definitive agreement whereby Stem will acquire AlsoEnergy, in a stock and cash transaction.
Under the terms of the agreement, Stem will acquire, on a cash-free debt-free basis, all the outstanding shares of AlsoEnergy for an aggregate purchase price of $695 million, consisting of approximately 75 percent of the total consideration in cash and approximately 25 percent in Stem common stock.
The transaction will combine Stem’s unique storage optimization capabilities with AlsoEnergy’s market-leading solar asset performance monitoring and control software to deliver a compelling one-stop-shop solution for renewable energy projects. In addition, Stem will offer its smart energy storage solutions to AlsoEnergy’s existing front-of-meter and commercial & industrial customers, who generally have limited storage attachment to their solar assets today. AlsoEnergy will gain earlier visibility into solar plus storage projects through Stem’s extensive customer and partner network.
Founded in 2007, AlsoEnergy is headquartered in Boulder, Colorado and is a global leader in performance, analytics, monitoring, and control solutions with 32.5 gigawatts (GW) of solar assets under management (AUM) across more than 50 countries. AlsoEnergy contracts with and serves 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 approximately $49 million in revenue and 60% gross margin across its software, grid edge monitoring, controls, and services businesses. Of AlsoEnergy’s assets under management, on both a site and capacity basis, only a minimal amount currently has energy storage attached.
John Carrington, Chief Executive Officer of Stem, remarked, “Through this immediately accretive transaction, a combined Stem and AlsoEnergy will bring the unique software, controls, and analytics capability to accelerate the energy transition to a renewable, decarbonized future. As the battery storage and solar industries continue to experience tremendous global growth, developers, asset owners, and utilities will increasingly look to our combined software capabilities to provide a unified platform for energy intelligence that improves project performance. The combined company will deliver an AI-driven software offering that we expect will simplify our customers’ asset management, boost their project returns, and accelerate our own growth trajectory. Importantly, this acquisition is expected to be immediately accretive to both gross margin and EBITDA before realizing any commercial synergies, which we believe are significant and compelling. This acquisition underscores our focus on expanding Stem’s global reach and delivering high margin, market-leading software products to our customers.”
Robert Schaefer, Chief Executive Officer of AlsoEnergy, said, “Combining our business with Stem will unlock tremendous value for customers as they increasingly focus on integrating solar and energy storage assets to optimize financial performance. The software, access to data, and technical capabilities of our combined companies will bring the next level of control and optimization to AlsoEnergy’s leading monitoring offerings, enabling a single vendor for software services across the solar and storage landscape. We are thrilled to be joining the Stem team, and together, believe our combined software offering will become a critical element to creating the future of the grid.”
Strategic & Financial Highlights
Customer value and innovation: Will enable customers to more rapidly create and maximize project value with the combined company supplying edge controls and a software as a service (SaaS) solution. Customers are expected to benefit from a single, cohesive view to manage and optimize their renewable and storage assets.
SaaS evolution: Will further accelerate Stem’s growing and recurring revenue and margin contribution from software through the addition of AlsoEnergy’s SaaS offerings. Stem will bring its unique, AI-driven approach to AlsoEnergy’s software to increase efficiencies for customers.
Market expansion: Will provide significant opportunities to cross-sell and leverage each platform’s extensive customer base. Currently, only 30% of AlsoEnergy’s customers are customers of Stem, reflecting significant embedded growth opportunities.
Rich dataset: Will leverage a rich dataset of solar and storage operating history. Through Stem’s best-in-class AI-driven analytics platform, Athena®, and AlsoEnergy’s PowerTrack platform, the combined company is expected to enhance future software development and performance, while increasing the combined company’s competitive differentiation.
Large, international customer base: Will expand the combined company’s geographic footprint to more than 50 countries. AlsoEnergy has a strong base of enterprise, developer, and utility customers to further supplement Stem’s existing partners and customers.
Select Transaction Details
The number of shares issued for the stock portion of the transaction consideration will be based on the simple average of the volume weighted average price of Stem’s common stock for each trading day in December 2021. The cash portion of the transaction consideration, which is subject to customary working capital adjustments, will be paid entirely from existing cash on Stem’s balance sheet.
The stock portion of the consideration will be issued in reliance upon the exemption from registration under the Securities Act of 1933, as amended, provided by Section 4(a)(2) thereof, and will be subject to a minimum six-month lock-up period.
The transaction is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close in the first quarter of 2022.
Nomura Greentech served as financial advisor to Stem and Gibson, Dunn & Crutcher LLP served as legal advisor to Stem. William Blair served as financial advisor to AlsoEnergy and Goodmans LLP served as legal advisor to AlsoEnergy.
Management Conference Call Information
Stem will hold a conference call to discuss this transaction on Thursday, December 16, 2021, at 8:30 a.m. Eastern Time. The conference call may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (877) 705-6003, or for international callers, by dialing (201) 493-6725 and referencing Stem. A replay of the conference call will be available shortly after the call and can be accessed by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671. The passcode for the replay is 13725741. An archive of the webcast will be available on the Company’s website at https://investors.stem.com/overview for one month after the call.
About Stem, Inc.
Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. 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’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. 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. For more information, visit www.stem.com.
AlsoEnergy provides complete advanced solutions for control, monitoring, and management of solar PV and solar plus storage assets. This includes integrated software and hardware systems for DAS, SCADA, and power plant control, along with services covering the project lifecycle from system design and engineering through installation, commissioning, and support. AlsoEnergy provides technology solutions for more than 30GW of production in over 50 countries worldwide, providing regional expertise in all world markets using sales and service offices in Germany, Japan, and India along with US headquarters. For more information, visit www.alsoenergy.com.
Evaluating and Guiding Pipeline Operators in the compliance requirements, selection, integration and management of leak detection technologies and methodologies
Beverly, MA: KROHNE, a world-leading manufacturer and supplier of solutions in industrial process instrumentation, announces the PipePatrol Health Check Program to support pipeline operators in the compliance requirements, selection, integration and management of leak detection technologies and methodologies. The program is built upon KROHNE’s four decades of international experience in pipeline leak detection and supports operators using all types and makes of detection technology.
Leak detection is a mission critical capability for pipeline operators and increased public attention to safety and environmental concerns have led to more stringent regulatory requirements. The PipePatrol Health Check program responds to these needs by providing a systematic and comprehensive analysis that is available in three components: The Snapshot, the Checklist, and the Company Readiness Review.
The Snapshot analyzes the design of the pipeline’s leak detection implementation, starting with an examination of the pipeline itself, including the topology, pipeline material, wall thickness, fluid transported, and the likely consequences of leaks. techniques. The analysis satisfies the PHMSA and 49 CFR 195.444 requirements mandating a process for evaluating leak detection capabilities.
The Checklist advises the operator on establishing a strategy that achieves continuous improvement of leak detection performance, consistent with API 1175 and is part of a leak detection strategy. Key Performance Indicators (KPIs) are measured against the operator’s desired performance, industry best practice and Best Available Technology (BAT).
The Company Readiness Review analyzes alarm management and response procedures, based upon actual, past leak events, with the overall goal of identifying opportunities for improvement.
Find more details KROHNE’s PipePatrol Health Check Program, visit https://pipeline-management.com/pipepatrol-health-check/
For an overview of KROHNE please visit http://us.krohne.com
KROHNE is a worldwide technological leader in the development, manufacture and distribution of accurate, reliable and cost-effective measuring instruments for the process industries. KROHNE focuses on forming partnerships with its customers to provide them with the most reliable and innovative solutions available in the marketplace. For more information about KROHNE’s complete line of measuring instrumentation for the process industries, contact KROHNE at 1-800-FLOWING (978-535-6060 in MA); fax: (978) 535-1720, email: info@KROHNE.com, Twitter, Linked IN or visit http://us.krohne.com.
SIBA Fuses: your trusted source for all your circuit protection applications, from solar power to wind power. We are the world leaders in these applications and the most trusted name for your circuit protection needs. We have been working for over 70 years in semiconductor fuses, including ULTRA RAPID®, medium, and high voltage, standard European, miniatures, electronic fuses, and a wide range of DC rated fuses (24 VDC – 5000 VDC) for all types applications. We work with medium and high voltage fuses for protection of transformers, including submersibles, motors, medium and high voltage switchgear, compact substations, cable feeders, and high voltage capacitor circuits. New: Full line of PV UL Listed fuses and fuse holders. Contact us today for more information on our products and services.
New Regenerative Grid Simulator emulates real world conditions for testing electric vehicle charging and grid-tied applications.
NH Research Inc. (NHR), a leading provider of power test solutions for the automotive, renewable energy, energy storage, and critical-power markets, has launched the 9510 Regenerative Grid Simulator.
The 9510 Regenerative Grid Simulator is the next generation AC test solution for testing and verification of high-power grid-tied applications in compliance with regulatory testing standards, worldwide. The built-in power amplifier mode for Power Hardware in the Loop (PHIL) applications provides further testing and simulation capability ideal for research labs. The new 9500 platform is the perfect complement to the industry leading NHR 9300 DC test platform to simplify total electrification testing.
Sustainability initiatives across the globe are accelerating the electrification of vehicles, charging infrastructure, new energy deployments, and grid modernization. Increasing demands on the grid and new opportunities for distributed energy resources such as solar, wind and energy storage, require modern test solutions to simulate the grid.
Regenerative Grid Simulator Model 9510 – NH Research (NHR)
“The 9510 provides modularity, flexibility and next generation performance to test a broad range of grid-tied products in a compact, easy to use platform. Its advanced hardware performance coupled with PHIL and AC loading functionality equips engineers and researchers with the tools needed to emulate real world conditions in one asset.” said Brian Hsu, Product Manager at NH Research.
Select power levels ranging from 50kW, 75kW, or 100kW modules with a programmable frequency between 30 and 120 Hz. Modular and scalable power is available in 100kW modules up to 1.2MW. The output can be AC, DC, or AC+DC and the AC can be single, split or 3-Phase.
The 9510 is the industry’s most modular, flexible, highest performing, and compact regenerative grid simulator, power amplifier for PHIL applications with an optional 4-quadrant AC load capability. Ideal applications include testing EVs, micro-grid, PV inverters, V2G and energy storage applications.
NHR’s 9510 Regenerative Grid Simulator delivers the following key benefits:
Scalable power available from 100kw modules up to 1.2MW for future increased power demands. Same unit can act as the master or parallel auxiliary unit.
Widest true power operating envelope covers the broadest selection of grid-tied products with a single product. (Voltage: 150V to 350V with full power)
Power Amplifier mode for PHIL with low latency at 50μs enables emulation of real-world conditions
High accuracy current measurement increases performance and optimizes testing.
Built-in galvanic isolation eliminates the need for an external transformer and simplifies test set-up.
Highest power density with small footprint provides significant energy, cost, and space savings
Optional 4 Quadrant AC Load capability provides flexibility to source and load with a single device
For more information, visit: www.nhresearch.com.
About NH Research
NH Research, Inc. (NHR) enables electrification by accelerating innovation, validation, and functional test of today’s technologies. Backed by over 50 years of experience in power conversion and electrification test systems we provide world class test instruments and systems. Our solutions provide the performance, simplicity, and safety that engineers and researchers desire.
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