Changing electricity market dynamics and regulations in the US are increasing the need for AI-driven software solutions, the CEO of Stem Inc told Energy-Storage.news after a recent 10GWh partnership with developer SB Energy.

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.

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.

Energy storage system and services firm Stem Inc grew revenues to US$93 million in the second quarter of 2023, and reduced its EBITDA loss by 15% to US$8.5 milllion.

Stem Inc is on track to meet its target of achieving positive EBITDA during 2023, the company claimed as it posted a 63% year-on-year quarterly revenue increase in its latest financial results.

Stem Inc has posted record quarterly revenues and claimed it could begin recording positive EBITDA figures in the second half of next year.

Stem Inc has offered full-year 2022 revenue guidance of between US$350 million and US$425 million. 

Stem Inc and Sunverge, best known for providing battery and solar-plus-storage solutions for businesses and homes respectively, are partnering with companies in the electric vehicle (EV) sector. 

Stem Inc said that its portfolio of aggregated battery energy storage systems was called into action to help balance electricity networks across four different states and provinces in the US and Canada during heat waves in June.

Renewable energy investment group CleanCapital and artificial intelligence-driven energy storage provider Stem Inc have provisionally agreed a financing partnership for US energy storage projects of 30MW or under.