Stem, Inc., an artificial intelligence (AI)-driven energy storage software and services company, announced that it has acquired Also Energy Holdings, a solar asset management software company.
The deal will combine Stem’s storage optimization capabilities with AlsoEnergy’s solar asset performance monitoring and control software, which the companies hope will lead to a one-stop-shop solution for renewable energy projects.
In addition, Stem will offer its smart energy storage solutions to AlsoEnergy’s existing front-of-meter and commercial & industrial customers, who generally have limited storage attachment to their solar assets today, and AlsoEnergy will gain earlier visibility into solar plus storage projects through Stem’s extensive customer and partner network.
The two companies also believe the deal will provide significant opportunities to cross-sell and leverage each platform’s extensive customer base, with just 30% of AlsoEnergy’s customers also being customers of Stem. On top of this, the acquisition expands Stem’s global market presence, as AlsoEnergy currently provides performance, analytics, monitoring, and control solutions for roughly 32.5 GW of solar assets across 50 countries.
AlsoEnergy, as a company, is also no stranger to merger and acquisition activity. In 2018, AlsoEnergy announced its merger with Locus Energy, in a move that brought roughly 6.6 GW of project capacity to AlsoEnergy’s platform. This move marked AlsoEnergy’s first significant European expansion, as the company had largely operated in North America prior to the Locus Energy deal.
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