Stem finalises USD-695m sale of solar software co AlsoEnergy

Artificial intelligence (AI)-driven energy storage company Stem Inc (NYSE:STEM) has wrapped up its USD-695-million (EUR 614m) acquisition of solar asset management software developer Also Energy Holdings Inc.

Boulder, Colorado-based AlsoEnergy runs software, grid edge monitoring, controls and services businesses that generated total revenue of about USD 49 million in 2020. The firm services various stakeholders in the solar ecosystem such as developers, asset owners, operations and maintenance (O&M) contractors, commercial customers and utilities.

The transaction brings in about 32.85 GW of solar assets under management in over 50 countries and enables Stem to combine its AI-driven analytics platform, Athena, with AlsoEnergy’s solar asset performance monitoring and control platform, PowerTrack.

“We expect the combination to be immediately accretive and will boost our growth, enhance our margins, and accelerate our expansion as a global provider of clean energy intelligent software solutions,” said John Carrington, CEO of Stem.

Separately, private equity management firm Clairvest Group Inc. (TSE:CVG) said that, together with Clairvest Equity Partners V (CEP V), it has received some USD 350 million in proceeds from the sale of its AlsoEnergy interest.

(USD 1.0 = EUR 0.883)

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