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. and Energy Vault have revealed strategic changes and updates following recent listing warnings from the New York Stock Exchange (NYSE).

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.

System integrator Stem Inc has received a warning from regulators over its NYSE listing, while zinc battery technology firm Eos Energy Enterprises completed the first milestones related to private equity firm Cerberus’ investment.

Stem Inc has made a company record US$676 million of order bookings in Q3 2023 and expects to turn a profit during this year.

Zinc battery storage company Eos Energy Enterprises has received positive news from the US Department of Energy (DOE) regarding a US$398.6 million loan.

The four most high-profile energy storage system (ESS) companies that listed via SPAC mergers – Eos, Energy Vault, ESS Inc and Stem – have seen their share prices fall by an average of 80% since going public.

Zinc battery firm Eos Energy Enterprises has responded to a short seller note which saw its share price nearly halve on Thursday last week.

Energy storage and energy management solutions provider Electriq Power has completed a special purpose acquisition company (SPAC) merger.

At look at the fortunes, prospects and claims made by three energy storage technology firms that joined the SPAC-driven public listing wave.