Stem, Inc. (NYSE:STEM) shares are trading higher on Tuesday after the company announced it secured a five-year deal with Neovolt.
The Details: Under the deal, Stem's solar monitoring and optimization solutions will enhance the commercial operation of a 484-megawatt (MW) solar portfolio in Hungary. Specifically, the company's PowerTrack Web technology will oversee, optimize and manage the portfolio.
“We have seen Stem drive value throughout the commissioning of this portfolio with the invaluable support of Stem’s localized engineering expertise, well-aligned KPIs, and outstanding software solutions. Having built over 500MW of assets in Hungary, we must ensure the seamless operation and optimal performance of our portfolio supporting Neovolt’s renewable energy vision now and in the years to come,” said Ritter Antal, CEO of Neovolt.
He added, “The combination of Stem’s powerful software solutions and experience in local markets made them the clear partner of choice. We look forward to continued successes as we scale our renewable energy portfolio.”
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STEM Price Action: At the time of writing, Stem stock is trading 27.3% higher at 85 cents, according to data from Benzinga Pro.
Image: via Unsplash
