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 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.
Stem Inc claimed to be on track to achieve its 2021 full year revenue guidance of US$147 million, after reporting a year-over-year increase in revenues of 245% for the first quarter ending 31 March.
