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.

Bushveld Minerals is restructuring its investment in vanadium redox flow battery (VRFB) firm CellCube, increasing it slightly to 27.6%, as part of its own energy storage business carve-out.

Electriq Power looks set to become the latest in a series of SPAC listings in the energy storage sector, with the US home energy storage firm set to hit a US$495 million valuation.