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December 17, 2021

Stem to buy solar asset management software company AlsoEnergy

The combination of the two businesses is intended to create a 'one-stop shop' solution for renewable energy projects.

By Umesh Ellichipuram

US-based energy storage company Stem has signed a definitive agreement to acquire solar asset management software provider AlsoEnergy in a stock and cash transaction valued at $695m.

The deal is intended to create a ‘one-stop shop’ solution for renewable energy projects by combining Stem’s storage optimisation capabilities with AlsoEnergy’s solar asset performance monitoring and control software.

Stem has also agreed to provide smart energy storage solutions to AlsoEnergy’s existing front-of-meter, commercial and industrial customers.

The transaction is expected to benefit AlsoEnergy by giving the company better visibility in the solar and storage project segments through Stem’s customer and partner network.

Stem CEO John Carrington said: “Through this immediately accretive transaction, a combined Stem and AlsoEnergy will bring the unique software, controls and analytics capability to accelerate the energy transition to a renewable, decarbonised future.”

Under the terms of the agreement, Stem will offer almost 75% of the total purchase amount in cash and around 25% in its common stock.

The deal is expected to close in the first quarter of next year subject to customary closing conditions and regulatory approvals.

AlsoEnergy CEO Robert Schaefer said: “Combining our business with Stem will unlock tremendous value for customers as they increasingly focus on integrating solar and energy storage assets to optimise financial performance.

“We are thrilled to be joining the Stem team and, together, believe our combined software offering will become a critical element to creating the future of the grid.”

AlsoEnergy was established in 2007 and offers performance, analytics, monitoring and control solutions to multiple stakeholders in the solar power sector.

The company currently manages 32.5GW of solar capacity across more than 50 countries.

In 2018, it agreed to merge with German solar software and hardware company Skytron Energy and acquired Draker’s assets for an undisclosed sum.

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