Stem, Inc., a global provider of artificial intelligence (AI)-powered energy storage and ForeFront Power, a C&I solar developer, announced a partnership to develop solar+storage energy systems for schools and municipalities throughout California.
ForeFront Power’s solar solutions and financing, paired with Stem’s energy storage, enable public schools and agencies to reduce substantial energy expenses, hedge rising utility costs, and conserve bond funds for other needs, with no need for capital outlay or bond money. Stem has been developing solar-plus-storage projects since 2013 for public and private non-residential customers, including sites at several California schools and universities.
“This demonstrates that the leading American solar developers are aligning with Stem’s platform to access the power of our AI,” said John Carrington, CEO of Stem, Inc. “Our artificial intelligence and partner-friendly platform allows solar developers to maximize economic returns for the solar customer in the face of dramatically changing solar rates and rules, while also building the capabilities for future grid services revenue.”
ForeFront Power and Stem were recently selected as the best renewable energy solutions provider by the School Project for Utility Rate Reduction (SPURR), a California-based joint powers authority that aggregates the buying power of over 240 member schools, colleges, and other public agencies. Over 20 public agencies have used SPURR’s Renewable Energy Aggregated Procurement Program to secure preferential pricing and terms for solar and storage solutions with less sourcing expense and effort.
“Our partnership with Stem is a natural fit,” said Go Mizoguchi, Co-CEO of ForeFront Power. “Stem is a market leader in storage solutions, and we share the goal of offering innovative renewable energy solutions to our customers. Our partnership is reinforced by the common investment of Mitsui & Co., Ltd. across our firms.”
Stem has the largest project finance pool among its peers, now over US $500 million, enabling Stem’s 860 energy storage systems under management across five states and three countries (U.S., Japan, and Canada). Athena, Stem’s AI, is the first of its kind for customer-sited energy storage, performing real-time energy optimization that reduces onsite peak demand and enabling customers to participate via Stem’s networks to access additional services and value streams.