What Happened to Stem?
Ticker: STEMSPAC Year: 2020Merger: 2021
Return
-99.4%
Current Price
$0.3
Peak Price
$51.49
Trust Size
$383M
Summary
AI-powered energy storage company lost 99% as the clean energy SPAC bubble burst. Accumulated $780M in goodwill impairments and was acquired for pennies.
What Happened
Stem merged with Star Peak Energy Transition Corp in April 2021. The company uses AI software to optimize battery storage for commercial and industrial customers. It rode the clean energy SPAC wave to a $51 stock price before reality hit â hardware-dependent business with razor-thin margins, massive goodwill from overpriced acquisitions (AlsoEnergy for $695M), and slowing growth. By 2024, the stock was under $1 after writing off $780M in goodwill. Acquired by a consortium for essentially nothing in early 2025.
Key People
Timeline
2020-12
SPAC merger announced
2021-04
Merger completed
2021-11
Stock peaks at $51.49
2022-09
AlsoEnergy acquisition ($695M)
2024-06
Stock under $1, $780M goodwill writeoff
2025-01
Acquired for pennies