Stem, Inc. (NYSE: STEM) confirmed that it has finalized its earlier declared purchase of Also Energy Holdings, Inc. (AlsoEnergy). Through this purchase, Stem strengthens its position as a global leader in clean energy intelligence and optimization software, adding 32.85 gigawatts (GW) of solar assets under management in more than 50 countries.
This acquisition is beneficial for both the firm as AlsoEnergy’s market-leading solar asset performance monitoring and control technology, PowerTrack, is being combined with Stem’s best-in-class AI-driven analytics platform, Athena, in this acquisition. For front-of-meter and commercial & industrial (C&I) customers with solar and storage demands, the merged company will provide an attractive one-stop-shop solution.
Furthermore, AlsoEnergy earned roughly $49 million in revenue in the fiscal year ending December 31, 2020, with a gross margin of 60% across its software, grid edge monitoring, controls, and services divisions. In the short term, AlsoEnergy will continue to function under its name and deliver the same services to its consumers.
Additionally, Stem believed that the acquisition of AlsoEnergy marks a pivotal moment in the company’s history, with attractive high-margin software products, high-profile customers, and a considerable rise in assets under management. Its staff will work together to assist drive the phenomenal increase of renewable energy on the grid. As people frequently want to control and optimize combined solar and energy storage assets, its market-leading software solutions will unleash tremendous value for them.