MILLBRAE, Calif.--(BUSINESS WIRE)--Stem, Inc., a leader in intelligent energy storage, today announced it successfully bid into the California Independent System Operator (CAISO) real-time market using aggregated customer storage systems. Stem’s predictive software combined with Olivine’s technology platform can now bid and automatically dispatch stored power into the energy market. This marks the first time that an energy storage provider has participated in real-time energy markets benefitting the electricity grid while earning revenue in California.
The action came under Pacific Gas and Electric’s (PG&E) Supply-Side Pilot (SSP), an innovative project that enables customer-sited, demand-side resources to participate in the CAISO wholesale markets as demand response. Olivine is administering the pilot and Stem is an SSP participant.
“Wholesale electricity market participation is a new and compelling revenue stream that enables businesses to transform energy from a cost center into a profit center,” said John Carrington, CEO of Stem, Inc. “The ability to leverage customer-sited storage for multiple applications is the foundation for unlocking the full potential of energy storage for both customers and the grid. Once in place, these capabilities are highly replicable across other markets in the U.S. and around the world.”
Stem’s intelligent energy storage systems are installed in the buildings of customers like Adobe’s San Francisco campus to automatically decrease energy costs, storing energy when costs are low and deploying when high. By participating in the CAISO market, Adobe is turning its Stem system into a revenue stream. Stem sets its price target and then its predictive software automatically accepts market bids and dispatches available power to the grid.
Stem collected extensive data during successful day-ahead bidding at six customer sites for more than a year to enhance forecasting and refine automation. Accurately forecasting customer energy use is critical to ensure systems can be used both for decreasing energy costs at the customer site as well as participating in energy markets.
“Stem’s successful real-time market award in PG&E’s SSP demonstrates the ability for demand side resources to provide services in both day-ahead and real-time markets,” said Olivine CEO Beth Reid. “This is a big step toward future opportunities for distributed, behind-the-meter resources to provide a variety of grid services and supports achievement of our sustainable energy goals. We are delighted to be working with Stem on this project.”
Olivine’s platform serves as the critical link for distributed resources such as those managed by Stem to participate in open energy markets. The company, in addition to managing the PG&E pilot, is a scheduling coordinator and demand response provider (DRP).
About Stem
Stem, a leading provider of intelligent energy storage, combines big data, predictive analytics and energy storage to simultaneously reduce electricity costs for businesses and in aggregate, deliver services to the grid. Stem’s software learns a customer’s unique energy profile to maximize savings and displays real-time and predicted energy use alongside actionable recommendations. When aggregated, Stem’s customer-sited storage network offers flexible, cost-competitive capacity to the grid. Headquartered in Millbrae, California, Stem is funded by a consortium of leading investors including Angeleno Group, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Constellation New Energy, Total Energy Ventures, Mitsui & Co., Ltd. and RWE Supply & Trading. For more information visit http://www.stem.com.
About Olivine
Olivine is a leader in grid services market access. The company’s unique blend of technology and services provides both programmatic and transactional management capabilities for distributed energy resources (DERs) including real time telemetry, meter data management as well as full integration for bidding, awards and dispatch with the wholesale market. Olivine services specialize in providing distributed energy resource aggregators access to the electric grid and related markets for grid services. For more information, visit www.olivineinc.com.