Behind-the-Meter Battery Pioneer Stem to Take SPAC Route to Public Markets

By [email protected] Stem, the decade-old behind-the-meter battery startup that was seeking a buyer earlier this year to bolster its growth ambitions, is now launching a plan to go public via a special purpose acquisition corporation (SPAC) reverse merger.

Friday’s announcement names Star Peak Energy Transition Corp. as the SPAC that will enable Stem’s capital needs. The transaction is expected to raise $608 million in gross proceeds, including Star Peak’s $383 million of cash held in trust and $225 million in a private investment in public equity (PIPE) commitment from funds and accounts managed by BlackRock, Van Eck Associates Corporation, Adage Capital Management,

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