By Daniel Webster, dWeb.News Publisher
SAN FRANCISCO–(BUSINESS WIRE)–Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services, and Copec, one of the largest energy companies in Central and South America, today announced the development of South America’s first virtual power plant (VPP) as well as the completion of their first smart energy storage system in Chile. These companies will collaborate with Chilquinta Energia S.A. (“Chilquinta”) a local energy supply company.
In July 2020, Stem and Copec announced a partnership to bring Stem’s intelligent storage solutions to South America, marking the Company’s entrance into this region. Recently, the partnership completed its first project: a smart energy storage solution to a Copec lubricant manufacturing facility in the Valparaiso Region.
Additionally, Copec and Stem have partnered in the establishment of the first VPP (a network of power-generating sites behind-the-meters (BTM) decentralized throughout South America). For this project, Stem’s Athena(r) smart energy storage software has been customized to integrate utility and grid market data points that optimize energy storage assets in the Chilean market. Future collaborations will be possible to provide smart energy storage and mutual business activities in the development of solar projects and electric vehicle charging infrastructures.
Stem’s Athena allows this network commercial and industrial customer sites to provide both resilience and backup power solutions. It automatically aggregates and responds to spikes of electricity usage and draws on stored power to lower electricity prices for customers. Athena ensures that the utility has constant power and consistent operations. This demonstrates the utility’s ability to dispatch all sites at the right time. Stem integrates this information with data from monitoring and renewable generation forecasting to provide the utility with the ability to call upon stored electricity during peak demand times. Athena continuously collects electricity usage data. This creates a vicious cycle of learning and deep insight to improve its AI-driven algorithm.
John Carrington, Chief Executive Officer of Stem, stated that the energy storage market in South America is a major growth opportunity for Stem as well as our partner Copec. “We are proud that we have completed our first project as part of this partnership. This will position Copec to be a smart grid participant, while also driving energy cost reductions and improving the sustainability profile for their manufacturing facilities. At the same time, our VPP is set to demonstrate tremendous value to utilities in South America that can leverage distributed energy storage systems to stabilize the grid, similar to what Stem’s Athena(r) smart energy storage software is doing in other regions today. I am excited about the future of South America and the benefits that we will bring to utilities and customers.” “Copec is focused in driving innovation and sustainability across both the energy and mobility segments,” said Mauricio De la Torre (New Energies Leader at Copec). “Through our partnership, Stem, we’ve begun to show the investment returns of smart storage and the immense potential for Copec in helping Chile achieve its ambitious climate goals.”
Chile is one of the most attractive markets for solar energy. It has the highest solar radiation and potential for solar power generation in the world. Chile has announced in recent years that it will not build new coal-fired power plants and will align with the National Energy Policy 2050, an ambitious set of climate change and renewable energy efficiency goals, for which Chile targets 70% renewable energy electricity by 2030 and carbon neutrality by 2050. After hosting the UN Climate Change Conference in 2019, the country leads South America in sustainability strategies. Based on market estimates by Terpel and Copec, Chile will have an opportunity for energy storage of nearly 1 GWh in the next decade.
About Stem, Inc .
Stem, Inc. is a company that provides solutions to the energy market’s challenges. Stem, Inc. combines advanced energy storage with Athena(r), an AI-powered analytics platform. This allows customers and partners to optimize their energy use by switching between grid power, onsite generation, and battery power. Stem’s solutions enable enterprise customers to benefit from an adaptive, clean energy infrastructure. They also help them achieve a variety of goals including cost reduction, resilience, sustainability and innovation. Stem offers complete support to solar partners who are interested in adding storage to commercial, community, or standalone solar projects. This is available both behind and front of the meter. Visit http://www.stem.com for more information.
Copec is one of the leading energy companies in Central and South America. It was founded in Chile in 1934 and today is also present in Colombia, Panama, Ecuador, Peru and the Dominican Republic (through Terpel) and in the southeast United States (through Mapco). With a robust network of over 3,000 fuel stations and over 1,200 convenience stores in the continent, the company also has leading presence in strategic sectors of the industry including aviation, electric generation, mining, fishing, and transport, among others. Copec, which is always focused on customer service, innovation, and convenience, continues to work to bring about a new era of mobility, energy, and convenience. It remains true to its promise to make life easier.
Cautionary Statement Regarding Forward-Looking Statements
This press release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. These statements frequently contain words like “expect”, “may”, “can,”” “believe,”,”,”predict,”,”plan,”,”potential,”,”projections,”,”forecast,”,”estimate,”,”intend,”,”anticipate,”,”goal,”,”goal,”,”target,”,”think,”,”should,”,”could,”,”will,”hope,” see,” and similar words. Forward-looking statements are based on matters that are uncertain in various degrees. They include the potential for business growth in South America, the expected benefits from our partnership with Copec, and the anticipated benefits to South American businesses, utilities, and energy customers. Forward-looking statements can be affected by risks, uncertainties and other factors. Actual results could differ materially from the ones projected or implied. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including our inability to achieve business growth in South America; our inability to recognize the anticipated benefits of our partnership with Copec, as well as related expected benefits to businesses, utilities and energy customers in South America; risks relating to the development and performance of our energy storage systems and software-enabled services; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain failures or interruptions; manufacturing or delivery delays; disruptions in sales, production, service or other business activities; our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; our inability to attract and retain qualified personnel; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; the effects of competition; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. Actual outcomes could differ materially from the ones reflected in forward-looking statements if any of these risks or uncertainties occur (or the consequences thereof) or if our underlying assumptions are incorrect. This press release contains statements as of the date. Stem does not intend to revise or update these statements as a result or future events.
For more dWeb.News Business News: https://dweb.news/news-sections/business-news/