Investor demand and revenue opportunities drive C-suite leaders’ sustainability plans
SAN FRANCISCO–(BUSINESS WIRE)–Stem (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy software and services, today announced the results of a new survey that reveals Fortune 1000 C-suite leaders’ perspectives on and investment plans for sustainability. According to the survey, despite current economic uncertainties and ongoing energy challenges, a majority (57%) of leaders are increasing their investments in sustainable solutions and clean technology. The survey findings highlight a critical shift in the business landscape, driven by two principal factors: (40%) investor demand and (39%) the potential for new revenue sources. Investments in sustainability technology, specifically AI-powered software and clean energy storage solutions, emerged as a priority among Fortune 1000 leaders in the U.S. to tackle energy costs, decrease emissions, and unlock new revenue streams.
Importantly, the urgency of sustainability investments was confirmed with nearly all (93%) respondents agreeing energy challenges will negatively impact their business in the next 12 months, and 99% are planning to focus on cleantech solutions over the next 12 months to help address those energy challenges.
Leaders’ sustainability investments encompass many new energy-efficient technologies and digital software solutions. Fifty-three percent are specifically tapping the power of software to improve efficiency. Above all, the survey showed that battery storage (60%) and energy optimization software (60%) are the main energy technologies that leaders are currently adopting or planning to adopt. Thirty-five percent plan to combine these powerful technologies together. Leaders also see data integration (53%), artificial intelligence (AI) software (52%), and application integration (51%) as top digital technologies they need to reach their sustainability goals.
Beyond their core sustainability investments, leaders are also taking advantage of new government legislation and policies: 92% of leaders are using tax incentives offered by policies like the Inflation Reduction Act. Over half (53%) have made minor improvements to their existing sustainability initiatives based on new policies and legislations, and 39% have started major new initiatives. They are funding these projects with re-distributed budgets (55%), incentives from utilities (50%) as well as federal or state tax incentives (46%).
“Sustainability investments can fuel growth and better position businesses for future success. In the short term, these investments can save costs and counter the negative effects of energy challenges, and in the long term they can provide an additional revenue source,” said John Carrington, CEO of Stem. “Stem believes that by integrating advanced clean energy technologies, businesses are better able to achieve enhanced resilience, a competitive edge, investor support, and long-term profitability, demonstrating that the drive toward sustainability is not just a moral or social commitment, but a key business strategy. At Stem, we’re seeing this take shape as our customers, including multiple Fortune 500 companies, leverage our integrated, AI-driven solution to maximize value across their clean energy assets that include battery storage, solar, and EV charging.”
Conducted by Wakefield Research on behalf of Stem, the survey highlights a critical shift in the business landscape, with sustainability emerging as a true priority among Fortune 1000 C-suite leaders in the U.S. To view more results from the survey, visit https://www.stem.com/lp/stem-sustainability-survey/.
Methodology
The Stem survey was conducted by Wakefield Research among 100 C-Level leaders at Fortune 1000 Companies, between March 24 and April 4, 2023, using an email invitation and an online survey.
About Stem
Stem provides clean energy solutions and services designed to maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena®, enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions to help improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.
Source: Stem, Inc.
Contacts
For News Media:
Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
Stem Media Contacts
Suraya Akbarzad, Stem
