Stem Inc has revealed its financial results for 2020 ahead of listing on the New York Stock Exchange, admitting that despite expecting a fourfold increase in revenues this year, the company is unlikely to achieve profitability until at least the end of next year.
Battery storage systems can deliver multiple services and provide customers and sites with backup power, but their value in doing so remains largely dependent on “highly sophisticated” software.
Stem Inc is set to be publicly-listed and expand its global reach through a deal worth as much as US$608 million, agreed with special purpose acquisition company Star Peak Energy Transition Corp.
The acquisition of Advanced Microgrid Solutions (AMS) saw energy storage technology provider and system integrator Fluence take on AMS’ artificial intelligence (AI)-enabled optimised bidding software for energy storage and renewable energy assets. Energy-Storage.news editor Andy Colthorpe asked Fluence CTO Brett Galura and former AMS CEO Seyed H. Madaeni some key questions about the acquisition.
Agreements to deploy 1GWh of novel aqueous zinc battery energy storage in Texas and 500MWh in California have been struck by technology provider Eos Energy Storage, marking a massive scale-up in expected installations for the systems.
While the renewable energy industry has suffered significant blows such as loss of employment during the COVID-19 crisis, venture capital (VC) funding into the battery energy storage sector in the first quarter of this year nonetheless saw a significant increase over the previous year’s equivalent period.
A consortium featuring Mitsubishi and Japanese utility Chubu is set to buy out European energy major Eneco as Mitsubishi targets further European growth.
RedT has confirmed that Avalon chief executive Larry Zulch will lead the combined entity should its proposed merger complete, with Scott McGregor set to depart at the end of the year.
