Company Overview

Stem, Inc. (NYSE: STEM) is a publicly traded energy technology company that provides artificial intelligence–driven software and services for energy storage, solar, and distributed energy resources. The company operates at the intersection of the clean energy, energy storage, and power optimization software industries, with a core focus on helping customers reduce energy costs, improve grid reliability, and maximize the value of renewable energy assets.

Stem’s primary revenue drivers are its Athena® software platform, long-term software and services contracts, and energy storage system integration. The company serves commercial and industrial enterprises, utilities, independent power producers, and renewable energy developers. Stem is positioned as a technology-led provider with a large operational dataset derived from thousands of energy assets under management, which it uses to differentiate its AI-driven forecasting, dispatch, and optimization capabilities. Founded in 2009, Stem initially focused on behind-the-meter battery storage for commercial customers and has since evolved into a software-centric energy intelligence company, expanding through organic growth and strategic acquisitions.

Business Operations

Stem operates primarily through two reportable business segments: Software and Services and Hardware. The Software and Services segment includes recurring revenue from Athena® subscriptions, monitoring, optimization, and professional services, and represents the company’s strategic focus and higher-margin business. The Hardware segment includes the sale and integration of energy storage systems, often bundled with long-term Athena® software contracts.

The company manages assets across both domestic and international markets and controls proprietary AI, machine learning models, and energy market optimization algorithms embedded within Athena®. Stem maintains relationships with battery manufacturers, solar developers, and engineering, procurement, and construction partners rather than vertically integrating battery manufacturing. Its operations include wholly owned subsidiaries such as Stem Energy Storage Holdings, LLC and acquired entities that expand software capabilities and market access.

Strategic Position & Investments

Stem’s strategic direction centers on scaling its recurring software revenue, expanding grid-scale and front-of-meter deployments, and deepening its role in renewable energy and power market optimization. Growth initiatives include expanding Athena® functionality for utilities and independent power producers, increasing contract duration, and cross-selling software across existing storage and solar assets.

The company has pursued targeted acquisitions to strengthen its software and market reach, most notably AlsoEnergy, Inc., which added solar asset management and monitoring capabilities, and Athena Analytics–related intellectual property developed internally. Stem continues to invest in artificial intelligence, forecasting, and grid-interactive technologies, positioning itself in emerging sectors such as virtual power plants, renewable integration, and energy market participation across deregulated power markets.

Geographic Footprint

Stem is headquartered in the United States, with its principal executive offices in California, and operates across North America, Europe, Latin America, and Asia-Pacific. The company has a strong presence in major U.S. energy markets, including California, Texas, New York, and the Mid-Atlantic, where energy storage and demand response economics are most developed.

Internationally, Stem supports customers and partners in markets with growing renewable penetration and grid modernization initiatives, including Germany, the United Kingdom, Australia, Japan, and India. Its global footprint is primarily driven by software deployments and asset management services rather than owned physical infrastructure, enabling scalable international expansion.

Leadership & Governance

Stem was founded by Brian Cohen, who played a central role in establishing the company’s early focus on intelligent energy storage. The leadership team emphasizes a strategy centered on software scalability, data-driven decision-making, and long-term recurring revenue growth, supported by disciplined capital allocation and market expansion.

Key executives include:

• John Carrington – Chief Executive Officer
• Ahmad Chatila – Chairman of the Board
• Evren Kopelman – Chief Financial Officer
• Michelle DiCicco – Chief Revenue Officer
• Brian Cohen – Founder and Board Member

The company is governed by a board with experience across energy, infrastructure, technology, and public company operations, with oversight informed by regulatory compliance and disclosure obligations under SEC filings.