CEO Carrington says combination will ‘accelerate next phase of growth’ However, Stem’s financial results for 2020, shown in a Form S-4 filed with the US Securities and Exchange Commission (SEC) in March ahead of the combination, demonstrated some of the challenges and risks that lie ahead. Lesser wrote that Stem Inc may be better suited to the SPAC merger route of going public - which can be high risk but also high reward - than some others in the clean, smart and renewable energy industries. While financial expert Charles Lesser at consultancy Apricum wrote in a Guest Blog for this site that Stem was a classic example of a clean energy company with a de-risked business model and strong equity returns that nonetheless saw access to capital as its “final impediment to growth”. “We remain well positioned for significant visible growth, including a more than four-fold expected annual increase in our 2021 revenue, 100% of which is covered by our contracted backlog.” “With over US$500 million of cash on the balance sheet, zero debt and a new public platform, we are now armed with the capital that will help propel Stem’s product, capabilities and market reach to the next level,” Stem’s chief financial officer, Bill Bush, said. “We are more confident than ever in Stem’s significant value, offering investors a unique ESG opportunity to invest in a pure-play clean energy company that’s helping to revolutionise the electric grid.” The listing makes the California-headquartered company “the first pure-play smart energy storage company to go public in the US,” Stem director and Star Peak chairman Michael Morgan said. Star Peak now changes its name to Stem Inc and common stock and warrants in the newly combined entity begin trading today under the tickers “STEM” and “STEM.WS”. Yesterday, Stem said in a press release that the Board of Directors at Star Peak unanimously approved the transaction at a special meeting of the SPAC’s stockholders, held on 27 April.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |