Stem

What Stem does

Stem is a publicly traded (NYSE: STEM) clean energy software company that provides AI-driven energy management solutions for distributed solar, battery storage, and EV charging assets. The company's flagship platform, PowerTrack Suite, integrates monitoring, analytics, energy management (EMS), power plant control (PPC), SCADA, edge logging, and optimization modules under a unified architecture that works across 8,000+ hardware drivers and point maps. Stem operates across 55+ countries, managing 30+ GW of solar and 1.5+ GWh of battery storage on behalf of 16,000+ customers including utility-scale developers (Madison Energy Investments, EDPR NA, Summit Ridge Energy), commercial and industrial enterprises, community solar operators, and asset owners.

The company's technology stack combines AI/ML optimization (PowerTrack Optimizer and PowerTrack Sage) with grid-certified controllers and an edge AI gateway (PowerTrack Logger with a 2.3 TOPS NPU). Acquisitions of AlsoEnergy (2022, adding 32.85 GW of solar assets under management) and raicoon GmbH's software assets (April 2026, fault detection) have expanded capabilities, while product launches including PowerTrack EMS, PowerTrack Sage, and AIONA AI services reflect a deliberate pivot from hardware resale to higher-value software and services. The company is expanding geographically into European utility-scale markets (Germany, with 100 MWh contracted in 2026) and Latin America (Chile, Copec Flux Granja Solar).

Stem operates a sales-led go-to-market targeting enterprise customers through direct sales teams and channel partnerships, with quote-based subscription pricing on multi-year contracts. Revenue streams include software/subscription (primary and growing), professional services for implementation, and diminishing hardware sales as the company repositions toward software-first economics. Following a 27% workforce reduction in April 2025 and leadership transition under CEO Arun Narayanan, Stem achieved its first full year of positive adjusted EBITDA in FY2025 on $156.3 million in revenue, with the strategic focus now on scaling software margins, managed services (2,800+ annual deployments), and the newly launched AIONA AI services practice.

Name

Stem

Legal name

Stem Corporation

Website

https://stem.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Stem (NYSE: STEM) is a clean energy software company that provides AI-driven energy management and optimization software (PowerTrack Suite) for distributed solar, battery storage, and EV charging assets, serving 16,000+ enterprise customers across 55+ countries including utility-scale developers, C&I operators, and community solar owners.

Ownership category

akta.pro rank

Product category

Energy Management Software

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821), Electric Bulk Power Transmission and Control (221121)

SIC

Services-Computer Programming Services (7371)

akta.pro primary industry

Energy Storage Software & Controls (EMS, monitoring, optimization, cybersecurity) (IMAGAHAJ)

akta.pro secondary industries

Renewable Monitoring, Controls & SCADA Hardware Manufacturing (Sensors, RTUs, Meters) (EUAMAHAJ), Microgrid, DER & Building Electrification Energy Controls (Solar/Storage/EV Load Orchestration) (BPABAGAJ)

Keywords

• Energy management software
• Solar storage optimization
• Clean energy analytics
• Grid services platform
• Battery energy storage

Headquarters

HQ city

Millbrae

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Software/Subscription Services: AI-powered software-as-a-service platform providing ongoing energy optimization and asset management, representing the primary and growing revenue stream.
2. Professional Services: Implementation, deployment, and advisory services for energy storage and solar projects.
3. Hardware (diminishing): Battery and energy storage hardware sales, with the company having pivoted away from hardware as a primary focus.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Stem sells an AI-driven energy management software platform — the PowerTrack Suite — that monitors, controls, and optimizes distributed solar, battery storage, and hybrid energy assets in real time. The platform combines analytics, EMS, SCADA, PPC, edge hardware, and dispatch optimization, complemented by AI services (AIONA), managed services, and project delivery for asset owners, developers, and utilities globally.

Product overview

Stem offers a unified PowerTrack Suite platform combining multiple modules for solar, storage, and hybrid energy asset management. The core platform includes PowerTrack Software (monitoring and analytics), PowerTrack EMS (energy management system for storage control), PowerTrack PPC (power plant controller with grid services), PowerTrack SCADA (utility-scale monitoring), PowerTrack Logger (edge hardware gateway), and PowerTrack Optimizer (formerly Athena, for dispatch and financial optimization). PowerTrack Sage adds AI-powered issue detection. The portfolio is complemented by AIONA AI consulting services, Managed Services (full lifecycle operations), and Project Delivery. The company also acquired AlsoEnergy (2022) and raicoon software assets (2026) to expand capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• PowerTrack Suite: Comprehensive suite of solar, storage, and hybrid energy management solutions including Software, EMS, SCADA, PPC, Logger, and Optimizer products.
• AIONA
• Locus
• PowerTrack Optimizer

Products and services

• PowerTrack Suite Industry-leading integrated solution for all solar and storage data, providing complete technology stack from edge devices to cloud software for commissioning, operating, and maximizing revenue throughout the project lifecycle. Includes Software, EMS, SCADA, PPC, Logger, and Optimizer products.
• PowerTrack Software Comprehensive software suite for solar and storage assets offering advanced analytics, remote diagnostics, and performance reporting tools. Works with any equipment through 8,000+ drivers and point maps.
• PowerTrack EMS Intelligent energy management system delivering real-time monitoring, advanced control, and seamless integration for storage and hybrid assets. Reduces commissioning engineering hours by 32% with 99.99% controller reliability.
• PowerTrack PPC Advanced Power Plant Controller module delivering real-time grid support with simultaneous control modes and reliable command coordination for complex solar and storage plants. Features 12 specialized control modes including frequency response, voltage support, and energy arbitrage.
• PowerTrack SCADA Real-time SCADA system for mission-critical monitoring and control of utility-scale solar, hybrid, and energy storage assets with sub-second data updates, alarm management, and edge-to-cloud integration.
• PowerTrack Logger Industrial-grade edge data gateway built for commercial and utility-scale solar installations. Features 2.3 TOPS neural processing unit for AI capabilities at the edge, 100% backward compatible drop-in replacement for PowerLogger 1000.
• PowerTrack Optimizer Intelligent software tools (formerly Athena) powering Managed Services to unlock full value of clean energy systems. Integrates forecasting, value stacking, real-time dispatch, and financial optimization. Manages nearly 2 GWh of battery storage assets.
• AIONA Stem's AI consulting and implementation practice helping organizations identify high-impact AI opportunities, build working solutions on existing systems, and deliver measurable value. Includes operational efficiency, data intelligence, and knowledge management solutions.
• Managed Services Comprehensive services covering design, procurement, commissioning, operation, and optimization of energy storage and hybrid systems. Includes integrated storage solutions, revenue modeling, project deployments, Remote Operating Center (ROC), and energy optimization.
• Project Delivery End-to-end project deployment services from design through commercial operation. Factory pre-configuration, single-vendor accountability, regional support hubs in Americas, EMEA, and APAC. Handles 2,800+ site deployments annually.

Quantifiable outcome

• Reduced energy costs through AI-optimized dispatch and demand charge management
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• Copec FluxcoreStrategic or Co-development Partner · 1 January 2024Copec Flux, the renewable energy subsidiary of Copec S.A., deployed Stem's PowerTrack Energy Management System (EMS) for its energy storage projects in Chile, enabling advanced optimization and control of distributed energy assets in the Latin American market.
• Nuvation EnergyminorGTM or Marketing PartnerCo-marketing agreement for a combined Battery Energy Storage System (BESS) control solution, offering integrated storage hardware and software optimization to customers.
• Bluesphere VenturesminorStrategic or Co-development PartnerAdvisory partnership for New York VDER (Value of Distributed Energy Resources) storage projects, providing specialized guidance for the New York market regulatory environment.
• Everyray GmbHminorStrategic or Co-development PartnerCollaboration on German storage projects, enabling deployment and optimization of energy storage assets in the German market.
• UESA GroupminorStrategic or Co-development PartnerPartnership for German energy storage projects, combining Stem's software platform with local market expertise.
• EntrixminorImplementation/ SI/ Consulting PartnerOptimization solution provider for the Kölsa site, supporting energy storage deployment and performance optimization in Germany.

Scale indicators6 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Fluence Energy: Fluence is the most direct comparable to Stem, offering both battery storage hardware and the Mosaic AI-driven energy management/optimization software platform. Both target utility-scale and C&I customers with SaaS-based optimization for distributed energy assets, making them head-to-head competitors in BESS controls and value stacking.
• Tesla (Energy business): Tesla Energy offers Megapack storage hardware paired with the Autobidder real-time trading and optimization platform. Like Stem, it targets utility-scale and C&I customers with software-driven storage optimization, grid services participation, and AI-based dispatch — making Tesla a primary direct competitor.
• EnergyHub: EnergyHub provides a DER management platform (DERMS) for utilities and aggregators that optimizes distributed energy resources including storage, solar, and EV chargers. It overlaps directly with Stem's PowerTrack platform in the DER orchestration and demand response use cases, particularly for utility and aggregator customers.
• Virtual Peaker: Virtual Peaker offers a SaaS DER management and demand response platform for utilities, focused on orchestrating residential and C&I distributed energy assets including storage and solar. It competes with Stem's PowerTrack in the utility-scale DER aggregation and grid services space.
• AutoGrid (Schneider Electric): AutoGrid, now part of Schneider Electric, provides AI-driven DER optimization and flexibility management software for utilities and energy retailers. It competes with Stem's PowerTrack Optimizer in value stacking, forecasting, and dispatch optimization for distributed energy portfolios.

Emerging players

• Uplight: Uplight provides energy data analytics, customer engagement, and DER orchestration software for utilities. While it overlaps with Stem in energy optimization and grid services enablement, its primary focus is utility customer programs and behavioral demand response rather than hardware-adjacent BESS controls.
• Smarter Grid Solutions: Smarter Grid Solutions offers an active network management (ANM) and DERMS platform for utilities and grid operators to manage distributed generation, storage, and flexible loads. It competes with Stem's PowerTrack in DER interconnection and grid services coordination.
• Opus One Solutions (Hitachi Energy): Opus One Solutions, now part of Hitachi Energy, provides a DERMS platform for distribution utilities to integrate and optimize distributed energy resources at scale. It overlaps with Stem's PowerTrack SCADA and EMS products in grid-edge management and orchestration.

Broad incumbents

• Schneider Electric: Schneider Electric is a global energy management and automation incumbent offering EcoStruxure, including DERMS via AutoGrid, energy storage, and microgrid solutions. It competes broadly with Stem across multiple modules and offers integrated hardware-software portfolios to enterprise customers.
• Generac (Clean Energy / ecobee): Generac is a major distributed energy and clean energy storage provider that acquired Enbala to build a DERMS and energy management capability. While primarily a residential/storage hardware company, it overlaps with Stem in C&I solar+storage optimization and grid services enablement.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/stem-inc-
• Xx.com/stempowered

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries5 records

Funding overview

Funding rounds18 records

Investors25 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stem