Stem Inc. is involved in smart energy storage projects in South America that stand to benefit energy companies in the region.
On Wednesday, the artificial intelligence–driven energy storage company announced the completion of its first smart energy storage project in Chile along with plans to construct South America’s first virtual power plant.
Back in July, Stem partnered with Central and South American energy company Copec to bring intelligent storage solutions to countries throughout South America. Earlier this month, the two finished their first project, a smart energy storage solution for a lubricant manufacturing plant in the Valparaíso Region of Chile.
Stem has a track record of achieving significant performance improvements for its customers, including a 975% improvement in retail, a 129% improvement in bakery, and an 86% improvement in sanitation. It does this by analyzing consumption patterns, time-of-use rates, and other relevant energy programs and automatically switching between battery power, onsite generation, and grid power to optimize energy use and cost savings. Additionally, its distributed energy storage stabilizes electricity grids by supplying power from numerous sources, protecting against spikes in demand and powerplant failures.
By generating power more efficiently, smart energy storage will help South American countries reduce costs while simultaneously decarbonizing. Copec New Energies leader Mauricio de la Torre stated,
“Through our partnership with Stem, we have begun to demonstrate the investment returns of smart energy storage and the tremendous potential for Copec to help Chile meet its ambitious climate goals.”
Stem’s ??Stem CEO John Carrington similarly acknowledged the mutual benefits of its partnership with Copec:
“The energy storage market in South America represents a significant growth opportunity for Stem…[while] driving energy cost reduction and enhancing the sustainability profile of Copec’s manufacturing facilities.”
Stem noted that its partnership with Copec also includes plans to bring smart energy storage to regional electric vehicle charging infrastructures and solar project developments.
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