Last week, Stem, Inc. (NYSE: STEM), an energy solutions provider, signed an agreement to provide services to Stem’s power storage management platform. By integrating this new direction successfully into modern energy, Stem is expanding its share in the market.
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With its Athena smart platform, Stem will offer a range of services to Altus Power America, a company offering renewable energy products and services in the United States. The Athena platform provides quality control, reallocation, and electricity storage using algorithms powered by artificial intelligence. It is especially effective at smoothing out the peak fluctuations in energy consumption during high-usage periods. By using these systems, industrial energy storage can be made safer and is more efficient as well. Stem’s solutions will be used at Altus Power America’s solar power plant in Massachusetts, where the company plans to install a 2 MWh battery. This project will be launched in 2021 during the second quarter.
Stem, Inc. (NYSE: STEM) has developed and implemented projects with a combined capacity of 180 MWh since 2017. Since Massachusetts is the second-largest non-residential real estate market after California, the company began operations there. The Massachusetts Department of Energy Storage currently has 30% of all US energy storage, and the region plans to add 21% more capacity in 2021 than in 2020. This enables Stem to expand its business in the rapidly growing home market. Additionally, the company operates in the United States, where many large companies invest 100% in renewable energy.
At last check, the stock of STEM Inc. (NYSE: STEM) was at $33.26. STEM’s stock has gained 3.29% of its value in the previous five sessions and moved 82.75% over the past month but has gained 62.56% on a year-to-date basis. The stock’s 50-day moving average is $25.40. Moreover, the stock is currently trading at an RSI of 67.07.