Also Energy

Market position

Described in acquisition announcements as a global leader in solar asset management software and in performance, analytics, monitoring and control solutions, with 32.5 GW of solar assets under management across more than 50 countries at the time of the December 2021 agreement (32.85 GW cited at closing). Company materials cite over 200,000 sites reaching 25+ GW in 50 countries.

A vertically integrated, hardware-agnostic edge-to-cloud stack that lets customers buy either SaaS monitoring alone or a combined offering with weather sensors, DAS and on-site SCADA and controls; a long history of operating data and analytics in PowerTrack; and, post-acquisition, combination with Stem's Athena AI analytics to offer a single vendor across solar and storage asset management.

Technology

An edge-to-cloud platform pairing on-site hardware (weather sensors, DAS, SCADA, power plant controllers, metering gateways) with the cloud-based PowerTrack application for monitoring, diagnostics, analytics, reporting, remote control and battery energy storage management. The platform is hardware-agnostic for data ingest and integrates with third-party CMMS and BI applications via APIs; after the acquisition PowerTrack is described as running on Stem's Athena platform.

Go-to-market

Direct enterprise sales supported by online ordering of monitoring and optimization solutions, expert consultations and product demos, authorized resellers for hardware, and, in the post-acquisition period, cross-selling into Stem's storage customer and partner network (only about 30% of AlsoEnergy customers were Stem customers at the time of the deal).

Solar and clean energy asset owners, developers, EPCs, O&M contractors, performance engineers, control center and field service teams, commercial and industrial energy users, and utilities. Market segments covered are utility-scale, commercial and industrial, and aggregated residential.

Geography

Headquartered in Boulder, Colorado, with assets under management and customers in more than 50 countries; hardware warranty and parts-replacement programs apply to North America, with separate arrangements handled by local representatives elsewhere.

History

Founded in 2007 and headquartered in Boulder, Colorado. Early materials (circa 2010) marketed PowerTrack for PV and solar thermal performance monitoring together with the PowerLobby public display product. On December 16, 2021, Stem, Inc. (NYSE: STEM) and Also Energy Holdings, Inc. announced a definitive agreement for Stem to acquire AlsoEnergy on a cash-free, debt-free basis for an aggregate purchase price of $695 million, approximately 75% in cash and 25% in Stem common stock. The transaction closed on February 1, 2022. CEO Robert Schaefer became President of AlsoEnergy, a Stem company, and AlsoEnergy continued operating under its own brand.

Risks & controversies

Stem's announcement of the transaction listed forward-looking-statement risks including challenges, disruptions and costs of integrating the two companies, synergies taking longer than expected or not materializing, disruption to current plans and operations, transaction-related costs and charges, uncertainty about effects on financial performance, business and political conditions in operating markets, effects of the coronavirus pandemic, ability to manage growth and retain key personnel, and compliance with evolving data protection, consumer privacy and labor regulations.