Stem, Inc. announced on April 28, 2026 that it has acquired the software assets of Vienna‑based raicoon GmbH, a provider of automated fault detection and event management for solar assets. The terms of the transaction were not disclosed, but the acquisition adds raicoon’s analytics and autonomous operations capabilities to Stem’s PowerTrack platform, which already manages 36 GW of solar assets worldwide.
The deal is a key component of Stem’s strategy to become a software‑centric company. By integrating raicoon’s autonomous operations center—an AI‑driven system that detects faults in real time and generates work orders—Stem can offer deeper performance monitoring and automated issue resolution across its portfolio. The addition is expected to accelerate the deployment of Stem’s AI‑powered optimization tools and broaden its service portfolio in the distributed energy resources market.
Stem’s FY2025 results underscore the strategic fit of the acquisition. The company reported revenue of $156.3 million, with software, services, and edge hardware revenue up 25% YoY to $141.4 million. Adjusted EBITDA turned positive at $7 million, and non‑GAAP gross margins rose to 46% from 35% in FY2024. The acquisition supports the company’s goal of higher gross margins and recurring revenue growth, reinforcing the shift away from low‑margin battery hardware resales.
raicoon’s technology has already been deployed across European solar portfolios, where it can increase energy yield by roughly 6% and reduce operational costs by filtering false alarms and automating corrective actions. Integrating this capability into PowerTrack—ranked #1 by Guidehouse for solar and storage monitoring and control—will give Stem a competitive edge in delivering actionable insights to operators.
Management highlighted the strategic fit of the acquisition. Matt Tappin, President of Software at Stem, said, "Customers are looking for clearer, more actionable insights from their energy assets, not more noise." Ralf Tschanun, Co‑founder and Chief Product Officer at raicoon, added, "Operators don't need more alerts, they need decisions. raicoon was designed to close that gap by automatically identifying what's wrong, what matters, and what to do about it."
The acquisition positions Stem to strengthen its hardware‑agnostic software stack, enhance its AI‑driven analytics, and accelerate growth in the distributed energy resources market while supporting the company’s broader transition to a higher‑margin, recurring‑revenue business model.
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