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Stem, Regis Energy Partners, and Excelsior Energy Capital Announce $400M Portfolio of Energy Storage Projects in Texas

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SAN FRANCISCO–()–Stem, Inc. (NYSE: STEM), a global leader in AI-powered clean energy solutions and services, today announced four 9.9 megawatt (MW) autonomous energy storage projects in Texas with REX Storage Holdings, LLC (REX), an independent energy producer focused on autonomous battery energy storage systems (BESS) for ERCOT energy customers. REX is a joint venture between Regis Energy Partners LP, an independent developer, owner and operator of energy storage systems, and Excelsior Energy Capital (EEC), a leading investment fund focused on renewable energy generation. The projects represent the first of a $400 million equity commitment by REX to acquire additional ready-to-build projects from Regis’ development pipeline within the territory of the Electric Reliability Council of Texas (ERCOT), provider of power for more than 26 million customers representing about 90 percent of the state’s electric load.

Regis is overseeing the development of the projects while Stem is supplying the drum hardware, Athena®, its leading AI-powered clean energy management platform, and services throughout the operational life of each project. Stem’s proven experience in multiple jurisdictions and deep market knowledge have been instrumental in understanding the complexities of the evolving ERCOT market to position the projects for short- and long-term success. As a result, projects are poised for optimized returns over their lifetime. The first four energy storage systems are currently under construction and are expected to go online in 2023.

John Carrington, CEO of Stem, commented, “The Texas energy storage market represents an important growth opportunity for major renewable energy investors such as Excelsior, who recognize the rich revenue opportunities for traders in the ERCOT market. Stem has spent the last decade helping project developers and Independent Power Producers (IPPs) get projects to commission and achieve higher economic production with our AI-powered Athena platform, energy support and advisory services, and the ability to manage and optimize projects over time. We will continue to partner with regional developers like Regis to collectively help investors achieve their energy optimization goals in the region while accelerating the adoption of renewable resources.”

“Excelsior values ​​long-term partnerships with trusted industry leaders. Stem and Regis bring regional renewable energy experience, technology and knowledge to ensure we can rapidly deliver successful and resilient clean energy projects across Texas. We look forward to advancing our corporate and environmental goals with this partnership,” said Anne Marie Denman, co-founder and partner at Excelsior Energy Capital.

Daniel Senneff and Nathan Vajdos, co-founders and managing partners of Regis Energy Partners, added, “Distributed energy storage presents an unprecedented opportunity to rapidly modernize and strengthen the Texas power grid. With the incredible amount of support and expertise provided by Stem and Excelsior, Regis was able to execute a focused business plan focused on speed and simplicity to develop this portfolio of high-value projects.”

About Stelo

Stem (NYSE: STEM) provides clean energy solutions and services designed to maximize the economic, environmental and resiliency value of energy assets and portfolios. Stem’s leading AI-powered enterprise software platform, Athena®, enables organizations to deploy and unlock the value of clean energy assets at scale. Powerful applications, including PowerTrack by AlsoEnergy, simplify and streamline asset management and connect an ecosystem of owners, developers, assets and marketplaces. Stem also offers integrated partner solutions to help improve the yields of energy projects, including storage, solar energy and electric vehicle fleet charging. For more information, visit www.stem.com.

About Excelsior Energy Capital

Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar farms in North America. Team Excelsior has over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational skills; making Excelsior Energy Capital a valuable partner for developers and operators and a trusted manager for investors. For more information visit http://www.excelsiorcapital.com.

About Regis Energy Partners LP

Regis is a private developer of large-scale energy storage projects pursuing a portfolio of deployment-level assets in the ERCOT energy market. The company leverages a unique development strategy to identify opportunities in the most volatile and demand-prone locations along the distribution grid, where large-scale high-voltage transmission projects would be impractical. For more information visit www.regis-energy.com.

Forward-Looking Statements

This release, as well as other statements we make, contain “forward-looking statements” within the meaning of federal securities laws, which include all statements that are not historical facts. Such statements often contain words such as “expect”, “may”, “may”, “believe”, “foresee”, “plan”, “potential”, “projected”, “projections”, “forecast”, “estimate,” “intend”, “anticipate”, “ambition”, “goal”, “target”, “think”, “should”, “may”, “would”, “will”, “hope”, “see”, “probable” and other similar words. Forward-looking statements address issues that are, to varying degrees, uncertain, such as the success of the projects discussed in this release. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results differ materially from those expressed or implied by such forward-looking statements, including but not limited to changing business, economic and political conditions in the markets in which we operate; the ongoing effects of the COVID-19 pandemic on our workforce, operations, financial results and cash flows; the effects of the confl itt underway in Ukraine; our inability to secure sufficient inventory from our suppliers to meet customer demand and supply us with contracted quantities of equipment; supply chain disruptions and delays in production or delivery; disruptions in sales, manufacturing, services or other business activities; the risk that the total addressable market as a result of the Inflation Reduction Act will not be as expected; the results of operations and financial condition of our customers and suppliers; our inability to meet our financial and performance goals and other forecasts and expectations; the risk that the global commitment to decarbonise may not materialize as we anticipate, or even if it does, we may not be able to take advantage of it; our inability to help customers reduce greenhouse gas emissions to the desired extent; our inability to integrate and optimize energy resources; price pressure; inflation; meteorological and seasonal factors; general economic, geopolitical and business conditions in key regions of the world, including inflationary pressures, a general economic slowdown or recession, rising interest rates and changes in monetary policy; challenges, disruptions and costs of integrating our company following the acquisition of AlsoEnergy and achieving anticipated synergies, or such synergies take longer than expected to materialize; risks that the integration will disrupt current plans and operations that could harm our business; uncertainty about the effects of the transaction on the long-term value of our common stock; our ability to continue to grow and to manage our growth effectively; our ability to attract and retain qualified employees and key personnel; our ability to comply with and the effect on their businesses of evolving legal rules and regulations, particularly regarding data protection and consumer privacy and evolving labor standards; risks related to the development and performance of our energy storage systems and software-enabled services; our inability to retain or upgrade existing customers, further penetrate existing markets, or expand into new markets; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, commercial and competitive factors; and other risks and uncertainties disclosed in our most recent Forms 10-K, 10-Q and 8-K filed or provided to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of such development changes), or if our underlying assumptions prove incorrect, actual results could vary materially from those reflected in our forward-looking statements. The statements in this press release are made as of the date hereof, and Stem disclaims any intent or obligation to publicly update or revise any such statements, whether as a result of new information, future events, or otherwise.

Source: Stem, Inc.

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Written by Natalia Chi

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