Stem Inc has seen its CEO step down while Energy Vault has been warned by the New York Stock Exchange (NYSE) over its low share price, in a double helping of unfortunate announcements from special purpose acquisition company (SPAC)-listed energy storage firms.
Battery energy storage system (BESS) project integrator Stem Inc CEO John Carrington has stepped down with immediate effect, the company said on Monday (16 September), though will continue to serve in an advisory capacity until the end of 2024. A search is underway for a permanent replacement with the chair of the board David Buzby hired as interim CEO.
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The company is still undergoing a strategic review, launched when its Q2 results included falling sales, bookings and a 40% loss in share price. The NYSE then warned the company around a month ago that its share price traded under US$1.00 for 30 consecutive days, the minimum average closing price needed to continue as a listed firm.
Energy Vault, a company known for its gravity energy storage technology but that has recently expanded into BESS too, received the same notification from the NYSE last week, it said (on 13 September). The company’s recent results were also badly received by the market, with a significant drop in sales and a reduction in its 2024 guidance.
The two companies were part of a wave of energy storage technology firms to have gone public via SPAC transactions in the years in 2020-2023. However, as Energy-Storage.news explored in a Premium article last August, they, along with Eos and ESS Inc, have severely underperformed against expectations since going public.
