Stem, Inc. announced the Company has entered into an agreement to provide smart energy storage services to NineDot Energy, a cleantech developer that designs and deploys community distributed energy generation and storage projects. The projects consist of six front-of-the-meter (FTM) standalone energy storage sites in Staten Island that represent more than 110 megawatt hours (MWh). The portfolio, expected to be completed by May 2023, will participate in New York's Value of Distributed Energy Resources (VDER) program, through which NineDot will develop the energy storage sites, own the assets, and monetize the VDER credits.

In addition to procuring the storage hardware, Stem will use its Athena® smart energy software to optimize VDER credits and other incentive programs to help generate additional project revenues, achieve incentive and warranty compliance, and provide a single platform for NineDot to monitor the portfolio of energy storage sites. Together, NineDot and Stem aim to support New York's mission to achieve its goal of 100% clean energy use by 2040. New York recently announced plans to double its energy storage target to 6,000 megawatts (MW) by 2030.

Carlyle, one of the private equity firms, recently committed to invest approximately $100 million in NineDot to build and operate energy storage sites in New York.