Stem, Syncarpha to develop solar + storage
Millbrae, California: Stem, Inc., a developer of Artificial Intelligence-driven energy storage services, announced a new partnership July 9 with Syncarpha Capital, LLC, a New York based private equity firm that develops, owns and operates distributed photovoltaic solar energy systems as well as energy storage systems. The partners plan to build 28.2 megawatt-hours of large-scale storage projects co-sited with solar in Massachusetts.
Stem will provide AI-driven storage solutions at five distribution grid-connected sites across Massachusetts that will be developed and owned by Syncarpha Capital. The systems will be connected to just over 26 megawatts of solar and will receive partial support from the Solar Massachusetts Renewable Target (SMART) Program. The systems will be managed by the Stem AI platform, Athena, which enables Syncarpha to participate in the New England Independent System Operator-managed wholesale markets while complying with investors’ SMART and federal investment tax credit requirements.
For Stem, the deal represents an expansion into the front of meter (or wholesale distributed generation) market where distribution-connected sites are participating in the regional wholesale markets. Stem’s behind-the-meter operations in the Northeast have been helping customers to reduce their Installed Capacity Payment “tags” and associated Customer Capacity Payment obligations.