![]() ![]() We continue to benefit from strong, sustainable macro tailwinds as the world deepens its commitment to de-carbonization. John Carrington, Chief Executive Officer of Stem, commented, “We are excited to complete this business combination, which will accelerate the next phase of Stem’s growth and further extend our leadership position in AI-driven clean energy storage systems. The ticker symbols for the common stock and warrants of Stem will change from “STPK” and “STPK.WS” to “STEM” and “STEM.WS” and will begin trading as such on the New York Stock Exchange on April 29, 2021. In connection with the closing, Star Peak changed its name to Stem, Inc. The transaction was unanimously approved by Star Peak’s Board of Directors and was approved at a special meeting of Star Peak stockholders on April 27, 2021. MILLBRAE, Calif., Ap(GLOBE NEWSWIRE) - Stem, Inc., a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today that it has completed its previously announced business combination with Star Peak Energy Transition Corp. Stem’s common stock to begin trading on the NYSE under symbol “STEM” on April 29, 2021 Results in over $600 million of gross cash proceeds to Stem This facility might soon expand to 1.5 GW / 6 GWh.Stem Completes Business Combination with Star Peak Energy Transition Corp.Ĭreates first publicly traded pure-play smart energy storage company The second facility is Moss Landing’s 300 MW / 1,200 MWh facility, which joined the grid in December 2020. This plant is, for a moment anyway, one of the world’s largest lithium ion grid-connected batteries. The first is LS Power’s 230MW lithium ion energy storage facility, which was scheduled to increase from 230 MWh to 690 MWh by this summer, and add more capacity at a later date. Two of the world’s largest lithium ion batteries contributed to these capacity values, and backed up the grid during the flex event. In the early evening on July 9, California’s main grid noted that energy storage injected 999 MW of power during a “flex event” where rolling blackouts might otherwise have occurred. That storage capacity is already being felt on the state’s grid. Much of this capacity will have four hours of battery energy sitting behind it, nearly 8,000 MWh in total. Those project are among the 2,000 MW of energy storage capacity that is expected to enter service in California by August 1. Energy stored on the site can power the city of Oxnard for four hours or all of Ventura County for 30 minutes. Arevon completed the project in nine months. The decision to build the Saticoy battery came after local residents and community leaders helped stop plans for a proposed gas peaker plant. It also will use a battery storage performance management platform from Power Factors. The system uses 142 Megapacks, Tesla’s utility-scale battery storage product. The project was developed by Strata Clean Energy. Roughly 2,000 MW of energy storage capacity is expected to enter service in California by August 1.Įlectricity from the site is supplied to Southern California Edison under the terms of a 20-year purchase and sale agreement. ![]() Capital Dynamics owns 51% of the project and S&B USA the remaining 49%. The system was acquired by Arevon, a unit of global asset management firm Capital Dynamics, in May, together with infrastructure developer S&B USA Energy. In late June, Arevon Asset Management opened the 100 MW / 400 MWh Saticoy battery energy storage system in Ventura County, northwest of Los Angeles. The California facility itself will be able to be expanded in future phases. This grid-connected battery energy storage system represents a step forward in Calpine’s plans to expand its energy storage footprint. The system is supported by a 20-year Resource Adequacy Power Purchase Agreement (PPA). The project contains a 20MW/80MWh (4 hour) standalone battery energy storage system using GE’s Reservoir energy storage technology. Calpine and GE Renewable Energy completed the Santa Ana Storage Project in southern California. ![]()
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