Stem Soars on Five-Year Neovolt Deal to Enhance 484MW Solar Portfolio

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Stem Soars on Five-Year Neovolt Deal to Enhance 484MW Solar Portfolio

Stem Secures Five-Year Deal with Neovolt, Boosting Stock Price

Stem, Inc. (STEM) shares are experiencing a significant surge on Tuesday, following the announcement of a five-year agreement with Neovolt. This deal will see Stem's solar monitoring and optimization solutions deployed to enhance the operation of a 484-megawatt (MW) solar portfolio in Hungary.

Under the agreement, Stem's PowerTrack Web technology will be utilized to oversee, optimize, and manage the portfolio. This technology is expected to play a crucial role in ensuring the smooth operation and optimal performance of the solar assets, supporting Neovolt's renewable energy vision.

Ritter Antal, CEO of Neovolt, expressed his satisfaction with Stem's contributions during the commissioning phase of the portfolio, highlighting the company's localized engineering expertise, well-aligned KPIs, and outstanding software solutions. He emphasized the importance of seamless operation and optimal performance for the portfolio, aligning with Neovolt's long-term renewable energy goals.

Antal further emphasized the decisive role Stem's software solutions and local market experience played in selecting them as the partner of choice. He expressed optimism for continued success as Neovolt scales its renewable energy portfolio.

The news of this partnership has had a positive impact on Stem's stock price, which is currently trading 27.3% higher at 85 cents. This surge reflects investor confidence in the potential of this collaboration to drive value for both companies.