Stem, Inc., an AI-driven clean energy storage system company, has agreed to merge with Star Peak Energy Transition Corp., a publicly traded special purpose acquisition company.
The combined company will be known as Stem and remain listed on the New York Stock Exchange under the new ticker symbol “STEM.”
Stem provides customers with integrated energy storage systems, long-term recurring software services and energy market participation. The company supports utilities in reducing the dependency on conventional power sources and optimizing energy usage by automatically switching between battery power, onsite generation and grid power. The network helps ease grid intermittency issues and promotes the adoption of renewable energy generation as a replacement for fossil fuels.
Its customers include Fortune 500 companies, commercial and industrial customers, independent power producers and renewable asset owners, among others.
The new combined company will be
