![]() ![]() Stem’s legacy senior management team will continue to lead the now combined company, including John Carrington (Chief Executive Officer), Bill Bush (Chief Financial Officer), Larsh Johnson (Chief Technology Officer), Prakesh Patel (Chief Strategy Officer), Mark Triplett (Chief Operating Officer), Alan Russo (Chief Revenue Officer) and Sylvia Lan (Vice President, Human Resources). All Stem shareholders have rolled 100% of their equity holdings into the new public company. Stem will use the proceeds to fund the company’s planned growth, advance its Athena™ software platform, and repay all outstanding debts. The PIPE is anchored by investors including funds and accounts managed by BlackRock, Van Eck Associates Corporation, Adage Capital Management, L.P., Electron Capital Partners, and Senator Investment Group. ![]() The transaction is primarily comprised of $383 million of cash from Star Peak’s former trust account and $225 million of cash from a private investment in public equity (PIPE), not including transaction fees. We remain well positioned for significant visible growth, including a more than four-fold expected annual increase in our 2021 revenue, 100% of which is covered by our contracted backlog.” I look forward to continued partnership with John and the world-class Stem team as we drive further growth and success over the long-term.”īill Bush, Chief Financial Officer of Stem, commented, “With over $500 million of cash on the balance sheet, zero debt and a new public platform, we are now armed with the capital that will help propel Stem’s product, capabilities and market reach to the next level. We are more confident than ever in Stem’s significant value, offering investors a unique ESG opportunity to invest in a pure play clean energy company that’s helping to revolutionize the electric grid. Michael Morgan, Chairman of Star Peak and Director of Stem, commented, “We are proud to complete the combination of Star Peak and Stem, establishing Stem as the first pure-play smart energy storage company to go public in the U.S. We appreciate the invaluable collaboration from Star Peak to make this transaction a success, and look forward to their ongoing support as we deliver value to Stem stakeholders.” Our experience, robust service offerings and industry-leading software, Athena TM, continue to differentiate Stem in this rapidly growing market, providing our customers enhanced savings, reliability, and sustainability. We continue to benefit from strong, sustainable macro tailwinds as the world deepens its commitment to de-carbonization. John Carrington, Chief Executive Officer of Stem, commented, “We are excited to complete this business combination, which will accelerate the next phase of Stem’s growth and further extend our leadership position in AI-driven clean energy storage systems. The ticker symbols for the common stock and warrants of Stem will change from “STPK” and “STPK.WS” to “STEM” and “STEM.WS” and will begin trading as such on the New York Stock Exchange on April 29, 2021. In connection with the closing, Star Peak changed its name to Stem, Inc. The transaction was unanimously approved by Star Peak’s Board of Directors and was approved at a special meeting of Star Peak stockholders on April 27, 2021. MILLBRAE, Calif., Ap(GLOBE NEWSWIRE) - Stem, Inc., a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today that it has completed its previously announced business combination with Star Peak Energy Transition Corp. Stem’s common stock to begin trading on the NYSE under symbol “STEM” on April 29, 2021 Results in over $600 million of gross cash proceeds to Stem Creates first publicly traded pure-play smart energy storage company ![]()
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