Software-only arrangement co-optimizing multiple value streamsStem expects to install more than 700 MWh in New YorkSAN FRANCISCO, October 24, 2023--(BUSINESS WIRE)--Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, today announced the company’s key role in the development and recent completion of the first community battery energy storage site in the Bronx, New York City. The site is owned and operated by NineDot Energy®, a leading developer of community-scale clean energy projects backed by global investment firm Carlyle. NineDot’s first Bronx site features a 3 megawatt (MW)/12 megawatt-hour (MWh) battery energy storage system, a solar canopy, and infrastructure ready for bi-directional electric vehicle chargers. Stem’s AI-driven Athena ® platform is co-optimizing multiple value streams, including New York’s Value of Distributed Energy Resources (VDER) program incentives. For NineDot Energy, this Bronx site is a model for developing future urban clean energy projects and supports the company’s goal of strengthening the local power grid and providing stable, reliable, and resilient power to tens of thousands of New York City households and businesses."With more than 700 MWh of energy storage assets expected to be installed in New York over the next two years, Stem is proud to be a proven partner to help customers navigate the challenges that come with these highly complex energy regions," said John Carrington, Chief Executive Officer of Stem. "We appreciate the trust NineDot has placed in Stem’s Athena platform to maximize the value of their renewable energy assets in New York City, while supporting the grid and reducing reliance on fossil fuel-based power generation.""Building battery storage sites in a dense urban environment requires a specialized set of skills and experience all brought together in NineDot Energy, as well as support from a wide range of visionary regulators, policymakers, partners, and others," said David Arfin, NineDot Energy CEO and Co-founder

NineDot Energy receives a $25m revolving credit debt facility from NY Green Bank to fund the Company’s growing pipeline of battery storage projects.

The IN2 startups will complete their demonstrations over the next year or two, helping them in their goal to see their technologies gain market acceptance. Giving each startup a real-world opportunity for its technology backed up with technical assistance from National Renewable Energy Laboratory (NREL) helps de-risk new customer acquisition by providing a concrete example of success. The key part of NineDot Energy’s success is understanding the time and place to improve the grid, and Co-Founder and Chief Technology Officer Adam Cohen hopes NREL can help him find the golden spot. “We’re trying to pinpoint where on the grid the power is needed most,” Cohen said. “Where on the grid can you interconnect at lower costs without having impacts on the system, and which location will provide the most help when the grid needs support.”