In this Research Note, we examine Stem’s energy storage and solar business and assess their revised strategic direction towards a software-centric model. This article is based on Stem’s Q4 2024 results, published on 4th March 2025, Q3 2024 results, published on 30th October 2024, and their latest 10K report. Stem Profile Founded in 2009, Stem originally offered commercial and industrial (C&I) customers a complete solution of integrated battery storage systems, network integration, and battery optimization via its Athena proprietary AI-driven software platform.  In April 2021, Stem became the first pure-play smart energy storage company to go public in the US through a business combination with Star Peak Energy Transition Corp., a special purpose acquisition company (SPAC). We previously wrote about the company in 2023. Following a change in strategic direction in October 2024, they provide AI-enabled solutions that transform how solar and energy storage projects are developed, built, and operated, including an integrated suite of […]