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STEM Stock: 2 Reasons the Energy Storage Play Is Charging Up Today The AI-driven energy storage firm has hired a key M&A exec as it readies its virtual roadshow May 25, 2021, 8:29 am EDT May 25, 2021
Stem (NYSE:
STEM) for a fourth day. STEM stock was up more than 5% in pre-market trading after gaining nearly 11% on Monday.
Source: Shutterstock
The rally follows news of key hires by the Millbrae, California firm. Notably, veteran M&A executive Matt Tappin has joined the leadership team as vice president of corporate development, focusing on mergers and acquisitions, investments, and joint ventures. His remit became clear in management’s April 27 fireside chat that focused on its merger and investment strategy to capitalize on the power grid shifting to renewable sources.
Dive Brief:
Long duration energy storage company ESS Inc. is publicly listing its stock through a merger with a special purpose acquisition company (SPAC), the latest storage startup to go public through the expedited strategy.
Oregon-based ESS manufacturers flow batteries, which it says have advantages over lithium-ion batteries because they rely on more abundant materials and are safer from the risk of fire or explosions.
The public listing comes amid a flurry of storage and electric vehicle startups going public through the SPAC method, a more streamlined process than a traditional initial public offering (IPO). Last month, artificial intelligence-based storage system Stem Inc. announced the completion of its business combination with SPAC Star Peak Energy Transition, becoming the first pure-play smart energy storage company to go public in the U.S., according to a release.
Published: 29 Apr 2021, 10:09
By:
Andy Colthorpe
Commercial and industrial (C&I) battery storage from Stem Inc allows business to cut their electricity costs through peak shaving of demand charges levied on commercial customers in the US, while the systems can also be co-optimised to play into other opportunities such as grid services. Image: Stem Inc.
Stem Inc’s shares begin trading on the New York Stock Exchange today, after the “artificial intelligence-driven clean energy storage services” company completed its business combination with special purpose acquisition company (SPAC) Star Peak Energy Transition Corp.
Stem Inc, which was a pioneer in deploying battery storage systems in combination with smart software that enables commercial and industrial electricity users to lower their electricity bills from reducing their draw of power from the grid at peak times, while also enrolling the batteries in various grid, energy and capacity services programmes to
Remember SPACs? Market Focuses on Earnings
An expected quiet day in SPAC land, at least there was one deal announcement, as the market was undoubtedly more focused on big tech earnings.
Author:
Apr 27, 2021
Up and down day for stocks as the market was focused on mega-cap earnings reports due from the likes of MSFT, AMD, and GOOG. The tech heavy Nasdaq 100 dipped, while the S&P500 was relatively flat. Unsurprisingly, there was little mainstream attention towards SPACs today, although this morning did see a late deal announcement bringing the week s total to two. Expect deal flow to remain muted for the time being.