System integrator Stem Inc has seen huge falls in quarterly revenue and bookings as it shifts its business model away from BESS hardware solutions towards higher-margin software and service offerings.
Stem Inc has seen its CEO step down while Energy Vault has been warned by the NYSE over its low share price, in a double helping of unfortunate announcements from SPAC-listed energy storage firms.
Iron flow battery company ESS Inc will provide Nigeria-based IPP Sapele Power 1MW/8MWh of its systems, it announced while also revealing its first quarter financials.
Eos Energy Enterprises, ESS Inc and Energy Vault have increased their revenues and narrowed losses, according to financial results from the three ‘non-lithium’ energy storage companies.
Energy Vault secured 2.8GWh of project orders in the first quarter of 2023 and revealed that it has invested in Kore Power, the US lithium-ion battery and BESS firm, though booked revenues fell 75%.
