Artificial Intelligence
Stem, Inc. Reports Record Full-Year 2020 Results
Stem Revenue More than Doubles in 2020; 10% Above Outlook Provided at Merger Announcement
Guidance Unchanged, Including 4x Annual Revenue Increase in 2021 Fully Covered by Contracted Backlog
Business Combination with Star Peak Expected to Close Early Q2 2021
MILLBRAE, Calif., March 15, 2021 (GLOBE NEWSWIRE) — Stem, Inc. (“Stem” or “the Company”), a global leader in artificial intelligence (AI)-driven clean energy storage services, today reported results for the year ended December 31, 2020. The Company’s full-year 2020 financial results have been filed in an updated registration statement on Form S-4, which includes a preliminary proxy statement (the “Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) by Star Peak Energy Transition Corporation (NYSE: STPK) (“Star Peak”).
The Company reaffirms its guidance previously communicated on January 25, 2021. John Carrington, Chief Executive Officer of Stem, commented, “This past year, we have experienced tremendous business momentum, exceeding our revenue target. The growth we achieved was driven by solid execution on both behind the meter and front of the meter projects, strong pull-through from our partner channel network, and significant market demand for smart storage solutions. Now more than ever, our corporate customers are seeing the importance of creating a resilient and sustainable energy strategy as we face climate-related weather events, power outages, and pandemic-related economic turbulence.”
Bill Bush, Chief Financial Officer of Stem, added, “We are proud to deliver strong 2020 financial results, with 2020 revenue approximately 10% above the outlook provided at the time of our business combination announcement. Looking ahead, we remain well positioned for significant growth, including a four-fold expected increase in our 2021 revenue, 100% of which is covered by our contracted backlog.”
Stem and Star Peak Business Combination Update About Stem, Inc. Headquartered in Millbrae, Calif., Stem is directly funded by a consortium of leading investors including Activate Capital, Angeleno Group, BNP Paribas, Constellation Technology Ventures, Copec, Iberdrola (Inversiones Financieras Perseo), GE Ventures, Magnesium Capital, Mithril L.P., Mitsui & Co. LTD., Ontario Teachers’ Pension Plan, RWE Supply & Trading, Temasek and Total Energy Ventures. For more information, visit www.stem.com. About Star Peak Energy Transition Corp. Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events of Star Peak or Stem’s future financial or operating performance. For example, projections of future revenue and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “or“ or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Star Peak and its management, and Stem and its management, as the case may be, are inherently uncertain factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against Star Peak, the combined company or others following the announcement of the business combination and any definitive agreements with respect thereto; 3) the inability to complete the business combination due to the failure to obtain approval of the stockholders of Star Peak, to obtain financing to complete the business combination or to satisfy other conditions to closing; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet the NYSE’s listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Stem as a result of the announcement and consummation of the business combination; 7) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 8) costs related to the business combination; 9) changes in applicable laws or regulations; 10) the possibility that Stem or the combined company may be adversely affected by other economic, business and/or competitive factors; 11) Stem’s estimates of its financial performance; 12) the impact of the novel coronavirus disease pandemic and its effect on business and financial conditions; and 13) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Star Peak’s Annual Report on Form 10-K for the year ended December 31, 2020. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Star Peak nor Stem undertakes any duty to update these forward-looking statements, except as otherwise required by law.
Important Information for Investors and Stockholders
In connection with the proposed business combination, Star Peak has filed the Registration Statement with the SEC to be distributed to holders of Star Peak’s common stock in connection with Star Peak’s solicitation of proxies for the vote by Star Peak’s stockholders with respect to the proposed transaction and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of securities to be issued to Stem’s stockholders in connection with the proposed transaction. After the Registration Statement has been declared effective, Star Peak will mail a definitive proxy statement, when available, to its stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about Star Peak, Stem and the proposed transaction. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by Star Peak through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: Star Peak Energy Transition Corp., 1603 Orrington Ave., 13 Floor, Evanston, IL 60201. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release. Participants in the Solicitation
Star Peak and its directors and officers may be deemed participants in the solicitation of proxies of Star Peak’s shareholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Star Peak’s executive officers and directors in the solicitation by reading the registration statement / proxy statement and other relevant materials filed with the SEC in connection with the business combination. Information concerning the interests of Star Peak’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the registration statement / proxy statement relating to the business combination.
Media Contact – Stem Investor Contacts – Stem Contact – Star Peak
Stem expects to complete its previously announced merger with Star Peak early in the second quarter of 2021. Upon closing, the combined company will be named Stem, Inc. and remain listed on the New York Stock Exchange under the new ticker symbol “STEM.”
Stem provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena™, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter.
Star Peak is a blank check company incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Star Peak is led by a management team with extensive experience investing in the energy, energy infrastructure and renewables sectors, including Chairman, Michael Morgan and Chief Executive Officer, Eric Scheyer. Michael Morgan is Chairman and Chief Executive Officer at Triangle Peak Partners LP and currently serves as a director of Sunnova Energy International and lead director of Kinder Morgan, Inc., one of the largest energy infrastructure companies in North America, a company he joined at its founding in 1997. Eric Scheyer is a Partner at Magnetar and has served as the Head of the Magnetar Energy and Infrastructure Group since its inception in 2005. For more information, visit https://stpk.starpeakcorp.com/.
Cory Ziskind, ICR, Inc.
[email protected]
Ted Durbin, Stem, Inc.
Marc Silverberg, ICR, Inc.
[email protected]
Tricia Quinn
Courtney Kozel
[email protected]
847 905 4400
Artificial Intelligence
Storykit simplifies video production with new, innovative UX
STOCKHOLM, Sept. 18, 2024 /PRNewswire/ — Storykit is once again revolutionising video creation. With the release of their new workflow and UX, Storykit is completely erasing the thresholds for video creation. “Now, you can go from text to video in seconds,” says Peder Bonnier, CEO and founder of Storykit.
Storykit has long been paving the way for efficient video creation for enterprises like Tietoevry, KPMG, Skanska and BKS Bank. These companies use the groundbreaking text-to-video tool to produce videos with high pace, high volume, and high quality.
Now, Storykit is making video creation even more straightforward: By combining the power of Storykit with a much simpler workflow, the users are enabled to go from text to video in seconds.
– Increased productivity and automation are central to being competitive today. In a world where the best answer to the question “How can I succeed in social media?” is “Publish more, and preferably video,” this is important not only for the single marketer or recruiter but for the business itself, says Peder Bonnier.
With a unique use of AI combined with deep, built-in editorial knowledge, Storykit now analyses your text, writes your script in your preferred manner, and adds images, animations, music, and styling with just a few clicks.
As always, Storykit is also built to safeguard the customer’s messaging and brand.
– There are many ways to create fun and quirky videos out there – video creation has gone from an exclusive competence to something everyone can do. But we know how important quality, brand, and storytelling are for our customers, so we’ve ensured that the tool’s speed and simplicity never compromise the end result, says Peder Bonnier.
With the new workflow, Storykit is also taking the opportunity to release a new offering for small and medium businesses: Storykit Lite.
– Now, nothing is stopping any company from creating tens, or even hundreds, of high-quality videos daily. We’re looking forward to seeing even more of these thumb-stopping stories in our feeds now, says Peder Bonnier.
About Storykit: Storykit is the complete AI video creation tool turning any text into high-performing video content. Since 2018, over 1.000 satisfied customers have chosen Storykit for their video marketing needs. Read more at: storykit.io
For media inquiries, please contact:Jonna Ekman, Communications Director at [email protected]+46 701 62 23 82
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/storykit/r/storykit-simplifies-video-production-with-new–innovative-ux,c4037829
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Storykit simplifies video production with new, innovative UX
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Artificial Intelligence
Clarivate Launches Generative AI-Powered Primo Research Assistant
Transforming library discovery with Academic AI that provides users a new and easy way to find trusted content
LONDON, Sept. 18, 2024 /PRNewswire/ — Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, today launched Primo™ Research Assistant. Developed in collaboration with partners from the library community, the new generative AI-powered library discovery solution offers a seamless experience for students and researchers. It provides immediate answers to natural language queries and offers expansive visibility into sources and references.
Yariv Kursh, Senior Vice President at Ex Libris™, part of Clarivate™ said: “Primo Research Assistant harnesses responsible academic AI to ensure that students and researchers have access to reliable and trustworthy sources, helping to nurture their curiosity and confidence to push the boundaries of knowledge. By partnering with the community, Clarivate is committed to responsibly applying AI, identifying where AI brings most value and developing best practices.”
Primo Research Assistant, part of Primo Discovery solution, is built based on a Retrieval Augmented Generation (RAG) architecture and grounded in the Ex Libris Central Discovery Index (CDI), which contains over 5 billion records from thousands of publishers, aggregators and repositories.
Key features include:
Semantic search and natural language queries: Users can interact with the system using everyday language, making the search process more intuitive.AI-powered answers with references to sources used: The tool provides immediate answers based on the top five abstracts, with links to the full text and the complete result list.Search suggestions: The assistant offers suggestions to help users expand their topics and delve deeper into their research.Non-English query support: Users can ask questions and receive answers in multiple non-English languages.To ensure the product was designed to fit the needs of librarians and their end users, the product was created in close partnership with development partners. The Primo Research Assistant beta program began in June 2024 and featured 18 institutions across 10 different countries/regions. The group of beta testers includes representatives from various cultural and language backgrounds and reflects the diversity of the global academic community.
Summon Research Assistant, first announced in June 2024, will launch in Q1 2025.
Notes to the editors:
Primo Research Assistant is powered by the Clarivate Academic AI Platform, a technology backbone enabling accelerated and consistent deployment of AI capabilities across our portfolio of solutions. All Clarivate AI tools have been responsibly developed in line with the Clarivate AI Principles.
This year Clarivate launched the Academia AI Advisory Council, a group committed to fostering a collaborative environment where diverse voices can contribute to the responsible advancement of AI in academia.
About ClarivateClarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com
Media Contact:Helen Chung-Kesl, Manager, External Communications, Academia & [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/clarivate-launches-generative-ai-powered-primo-research-assistant-302250387.html
Artificial Intelligence
Medvarsity Announces the AI Revolution in Healthcare Summit: The Largest AI in Healthcare Gathering in the GCC
DUBAI, UAE, Sept. 18, 2024 /PRNewswire/ — The largest healthcare ed-tech company in Asia, Medvarsity, is hosting the AI Revolution in Healthcare Summit (AIRH) on February 15-16, 2024, at Expo City, Dubai. This will be the largest two-day AI summit in healthcare in the GCC region, which will be offering a platform to share the future of healthcare through artificial intelligence.
The AI Revolution in Healthcare Summit will bring together global thought leaders from the GCC and beyond, including Dr. Jonathan B. Perlin, President and CEO of The Joint Commission Enterprise; Ms. Kimberley Pierce, CEO of King’s College Hospital London-Dubai; Dr. Mohaymen Abdelghany, CEO of Fakeeh University Hospital; Mr. Tom Navasero, Chairman of the Genomics Institute of Asia; Dr. Sangita Reddy, Joint Managing Director of Apollo Hospitals; Mr. Antonio Spina from the World Economic Forum; Mr. Ajay Gannerkote, President & Head – Ultrasound of Siemens Healthineers; and Mr. Marc Perlman, Managing Director of Deloitte Healthcare, along with over 40 other distinguished healthcare leaders. They will share their insights on how AI is transforming patient care, diagnostics, and healthcare delivery globally.
Gerald Jaideep, CEO of Medvarsity, emphasized the importance of the event, adding that, “AI is reshaping healthcare, from diagnostics to drug discovery. This event represents our commitment to bringing together visionary thinkers to explore the potential of AI in healthcare. Together, we can challenge existing approaches and reshape the future of patient care. AIRH Summit provides an opportunity for innovators to connect, exchange ideas, and drive change.”
Participants at the summit will engage with over 1200 top decision makers from various healthcare organisations including healthcare ministers, CEOs, and AI specialists. AIRH will provide unprecedented networking opportunities, exclusive insights from global leaders and access to the most recent AI powered advancements in healthcare.
Key topics include AI in personalized medicine, ethical challenges, regulatory frameworks, and impact of AI on healthcare systems in GCC and beyond. This conference will foster collaboration and explore the future of AI in healthcare.
To secure your spot at AIRH, visit www.airh.one. For sponsorship and participation inquiries, contact [email protected].
About Medvarsity
Medvarsity, Asia’s largest Healthcare EdTech company, empowers healthcare professionals across 192 countries. The AI Revolution in Healthcare Summit positions the GCC region as a leader in healthcare innovation.
View original content:https://www.prnewswire.co.uk/news-releases/medvarsity-announces-the-ai-revolution-in-healthcare-summit-the-largest-ai-in-healthcare-gathering-in-the-gcc-302251509.html
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