01 Feb 2023
Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, announced its joint eMobility offering with ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network. Stem and ChargePoint are developing a joint offering that will aim to help generate economic, environmental, and resilience benefits for owners, developers, and operators of EV charging stations. The offering is expected to integrate Athena®, Stem's clean energy platform, on-site energy storage, and ChargePoint's Express Platform to help drive cost savings and maximize value now and over the lifetime of the assets. The joint offering, plus support from Stem energy experts, will help asset owners navigate federal and state processes for securing funding incentives offered through the $5 billion National Electric Vehicle Infrastructure (NEVI) Program for added EV charging asset value that could offset up to 80% of project costs, where available. Beyond NEVI-qualified projects, all commercial EV charging sites with high energy demands will be able to leverage the joint offering to help maximize operational savings while providing backup power for resiliency.
As part of the Bipartisan Infrastructure Law (BIL), the NEVI Program provides $5 billion over five years to strategically deploy EV charging infrastructure and establish an interconnected network to facilitate data collection, access, and reliability. On-site energy storage systems like those offered by Stem have already been identified by states like California and Texas as potential EV charging strategies that provide grid stability, high reliability, and minimized demand charges.
Stem's Athena platform, the foundation for its fully integrated, interoperable eMobility solution, learns from EV charging behaviors in addition to optimizing and controlling batteries, solar photovoltaics (PV), and microgrids. The companies intend to integrate Athena's core optimization services, such as optimizing demand charges and time of use rates, with ChargePoint's Express Plus management software to reduce costs, increase resiliency, and minimize greenhouse gas (GHG) emissions. ChargePoint's Express Plus is designed specifically for fueling and convenience, retail and highway corridor charging locations. The Express Plus system can deliver up to 500 kilowatts (kW) per port, depending on the configuration, and is designed to easily scale to meet future demand as EV adoption and vehicle capability grows. Additionally, ChargePoint's charge management software provides control and insights into charging behavior and system status. Together, the cloud-based integration will allow for data sharing for higher uptime, lower costs, and an improved user experience. The joint solution will be designed to empower customers to:
Enable resilience: Continue EV charging during outages driving resilience into electrification strategies.
Overcome grid constraints: Mitigate constrained grid conditions and accelerate charging deployments by using solar + storage.
Optimize operational savings: Maximize program revenues and utility bill savings by using power from mixed resources.
Maximize on-site renewable use in EV charging: Reduce GHG emissions from fleet charging using stored solar energy on-site, and cleaner energy from the grid.
"Stem is excited to partner with ChargePoint to help customers quickly design, develop, and operate cost-effective EV charging infrastructure projects that deliver real value," said John Carrington, CEO at Stem. "Electrification of transportation is creating a new load category that is expected to equal one-third of all U.S. electrical load. For Stem, eMobility is expected to represent approximately 50% of our behind-the-meter activity in three years, representing a multi-billion opportunity with our Fortune 500 customers."
"An integrated ChargePoint and Stem solution broadens the number of sites that can support high-speed charging economically at scale," said Pasquale Romano, CEO, ChargePoint.
Learn more about how Stem's eMobility solutions can help secure NEVI funding for EV charging infrastructure, visit https://www.stem.com/resources/incentives-programs/nevi/.
Stem | www.stem.com
ChargePoint | https://www.chargepoint.com/