Stem, Inc. (NYSE: STEM) demonstrated the power storage capabilities of its software during a recent demonstration. Stem’s solutions ensured reliable grid operation during the hot weather in the United States, and this could be another factor driving sales.
Stem uses an artificial intelligence platform called Athena that is used to reallocate energy, monitor power grids, manage energy storage, and prevent power quality problems. The company is awarded new contracts, and the increase in renewable energy is yet another factor contributing to its growth.
The extremely hot weather in June 2021 allowed Stem to demonstrate its value. With the peculiarities of modern weather patterns, energy consumption has been spiking sharply in recent years, which has created difficulty for grid operators. Athena is exactly designed to solve this problem.
Stem’s Athena platform leveraged Stem’s energy assets, with a total capacity of 500 MWh. During the heatwave, nearly 4,000 events were handled by the platform’s algorithms at hundreds of facilities in different parts of the United States.
Specifically, the platform quickly transferred energy from storage units to the wholesale electricity market in regions where temperatures were rising rapidly and air conditioners were being used at full capacity. As the heat subsided, Athena sent the unexpected surplus energy into the batteries.
In this case, Athena can analyze electricity prices, which gives it an edge. Thus, you can reduce losses and make use of the strengths of solar energy, virtual power plants, and batteries.
The demand for these technologies will increase in the future, including in light of the proliferation of electric vehicles and autonomous homes.
Stem, Inc. (STEM) share price increased 2.75% to $37.00 in the normal trading session on Thursday. The company gained 0.54% in today’s premarket at the time of this writing.