In this Research Note, we examine Stem, the first pure-play smart energy storage company to go public in the US. This article is based on their 2022 annual results, 10K Report, investor presentations and previous analysis. Founded in 2009, Stem is an energy storage company that offers 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. Stem has been engaged in disrupting the energy storage market since 2013, which is having a profound impact on smart buildings, as our interview with CEO, Salim Khan noted at that time. Stem, Inc. announced in December 2020 that it was to become publicly listed through a business combination with Star Peak Energy Transition Corp., a publicly traded special purpose acquisition company. The transaction was completed in April 2021. The company operates in two key areas within the energy storage landscape: Behind-the-Meter (BTM) […]