Stem and ChargePoint announce joint electric mobility offering
An interoperable EV charging infrastructure solution will be designed to capture and maximize EV value streams, plus support to offset up to 80% of project costs through NEVI incentives
Stem (NYSE: STEM), a leading global provider of AI-enabled clean energy solutions and services, announced its joint eMobility offering with ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network . Stem and ChargePoint are developing a joint offering aimed at bringing economic, environmental and resilient benefits to owners, developers and operators of EV charging stations. The offer should integrate Athena®, Stem's clean energy platform, on-site energy storage and ChargePoint's Express platform to achieve cost savings and maximize value now and over the life of assets. The joint offering and support from Stem's energy experts will help facility owners navigate the federal and state processes to secure the funding incentives offered through the $25,000 National Electric Vehicle Infrastructure (NEVI) program. 5 billion for the added value of charging stations for electric vehicles that could offset up to 80%. of the project costs, if available. Beyond NEVI-qualified projects, all energy-intensive commercial EV charging stations can leverage the joint offering to maximize operational savings while providing backup power for resiliency.
As part of the Bipartisan Infrastructure Act (BIL), the NEVI program commits $5 billion over five years to strategically deploy EV charging infrastructure and establish an interconnected network for easy data collection, access and reliability. On-site energy storage systems like those offered by Stem have already been identified by states like California and Texas as potential EV charging strategies that offer grid stability, high reliability, and minimized demand charges.
Stem's Athena platform, the foundation of its fully integrated and interoperable eMobility solution, learns from EV charging behavior and optimizes and controls batteries, photovoltaics (PV) and microgrids. The companies intend to integrate Athena's core optimization services, such as power charge and time-of-use optimization, with ChargePoint's Express Plus management software to reduce costs, increase resiliency and minimize losses from greenhouse gas (GHG) emissions. ChargePoint Express Plus is specifically designed for gas and convenience locations, retail outlets and highway corridors. Capable of delivering up to 500 kilowatts (kW) per port, depending on configuration, the Express Plus system is designed to easily scale to meet future demand as EV adoption and vehicle capacity grows. In addition, ChargePoint's charging management software provides control and information on charging behavior and system status. Together, the cloud-based integration enables data sharing for longer uptime, lower costs, and an improved user experience. The joint solution will be designed to enable customers to:
- enable resilience: Keep EVs charging during power outages to promote resilience of electrification strategies.
- Overcome network limitations: Mitigate constrained grid conditions and speed up charging by using solar + storage.
- Optimize operational savings: Maximize program revenue and save on utility bills by utilizing mixed-source energy.
- Maximize the use of renewable energy on site when charging electric vehicles:Reduce greenhouse gas emissions from fleet charging by using on-site stored solar power and cleaner electricity from the grid.
"Stem is excited to partner with ChargePoint to help customers rapidly plan, develop and operate cost-effective EV charging infrastructure projects that deliver real value," said John Carrington, CEO of Stem. "The electrification of transportation is creating a new charging category that is expected to account for a third of all electric charging in the US. For Stem, e-mobility is expected to account for about 50% of our behind-the-meter activity three years from now, which is a multi-billion dollar opportunity." dollars to our Fortune 500 customers.”
"An integrated ChargePoint and Stem solution expands the number of sites that can economically support high-speed charging at scale," said Pasquale Romano, CEO of ChargePoint.
To learn more about how Stem's eMobility solutions can help secure NEVI funding for EV charging infrastructure, visithttps://www.stem.com/resources/incentives-programs/nevi/.
About the tribe
Stem (NYSE: STEM) provides clean energy solutions and services that maximize the economic, environmental and resilient value of energy assets and portfolios. Athena®, Stem's leading AI-powered enterprise software platform, enables companies to deploy and unlock the value of clean energy assets at scale. Powerful applications, including AlsoEnergy's PowerTrack, simplify and streamline asset management, connecting an ecosystem of owners, developers, assets and marketplaces. Stem also offers integrated partner solutions that improve performance on energy projects, including storage, solar power, and EV fleet charging. For more information visitwww.stamm.com.
ChargePoint is building a new gas station network to move people and goods with electricity. Since 2007, ChargePoint has been committed to making the EV transition easier for businesses and drivers with one of the largest EV charging networks in North America and Europe and a comprehensive portfolio of charging solutions. ChargePoint's cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario, from homes and multi-family dwellings to workplaces, parking lots, hospitality, retail and truck fleets. Today, a ChargePoint account provides access to hundreds of thousands of charging stations across North America and Europe. To date, more than 133 million charges have been completed, with drivers connecting to the ChargePoint network every second on average. For more information, visit the ChargePoint newsroom, the ChargePoint Investor Relations website, or contact ChargePoint's Investor Relations or press offices in North America or Europe.
This press release and other statements we make contain "forward-looking statements" within the meaning of the federal securities laws, including any statements that are not historical facts. Such statements often contain words such as "expect", "may", "may", "believe", "predict", "plan", "potential", "project", "projections", "forecast", "estimate". "intend", "anticipate", "ambition", "goal", "aim", "think", "should", "could", "would", "will", "hope", "see", "likely". “. ' and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the success of the Stem-ChargePoint relationship and the projects discussed in this press release, and the potential revenue opportunities that eMobility represents for Fortune 500 customers. Forward-looking statements are subject to risks , uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, changes in business, economic and political conditions in the markets. . in which we operate; the continued impact of the COVID-19 pandemic on our workforce, operations, financial results and cash flows; the impact of the ongoing conflict in Ukraine; our inability to secure sufficient inventory from our suppliers to meet customer demand and provide us with contracted quantities of equipment; supply chain disruptions and delays in manufacture or delivery; disruptions in sales, production, service or other business activities; the risk that the overall addressable market may not be as expected as a result of anti-inflation law; the results of operations and financial condition of our customers and suppliers; our inability to achieve our financial and performance goals and other projections and expectations; the risk that the global decarbonization commitment will not materialize as anticipated, or even if it does, that we will not be able to benefit from it; our inability to help customers reduce greenhouse gas emissions at desired levels; our inability to integrate and optimize energy resources; price pressure; Inflation; weather and seasonal factors; General economic, geopolitical and business conditions in key regions of the world, including inflationary pressures, general economic slowdown or recession, rising interest rates and changes in monetary policy; challenges, disruptions and costs of integrating our business following our acquisition of AlsoEnergy and achieving anticipated synergies, or such synergies taking longer than expected to materialize; risks that the integration will disrupt current plans and operations that could harm our business; uncertainty as to the impact of the transaction on the long-term value of our common stock; our ability to continue growing and to manage our growth effectively; our ability to attract and retain qualified employees and key personnel; our ability to comply with evolving legal standards and regulations and the impact on your business, particularly in relation to privacy and consumer protection and evolving employment standards; risks related to the development and performance of our energy storage systems and software-enabled services; our inability to retain or enhance existing customers, further penetrate existing markets, or expand into new markets; the risk that other political, economic, business and competitive factors could adversely affect our business, financial condition and results of operations; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or filed with the SEC. If one or more of these or other risks or uncertainties (or the consequences of such changes in trends) materialize, or if our underlying assumptions prove incorrect, actual results may vary materially from those projected in our forward-looking statements. Statements in this press release are made as of the date of this press release and Stem disclaims any intention or obligation to publicly update or revise any such statements, whether as a result of new information, future events or otherwise.
Source: Tribe, Inc.
Suraya Akbarzad, Tallo
charging station contact
Director of Corporate Communications
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