Star Peak Energy Transition (NYSE:STPK) stock is taking off on Monday despite a lack of news concerning the company today.
Even without there being any news coming from Star Peak Energy Transition, that doesn’t mean investors have no reason to take an interest in the company. Chatter on social media last week was building shares of STPK stock up on speculation it could soar as green energy becomes a focus for incoming President Joe Biden.
Investors still expecting the company to benefit from the new administration could be what’s boosting STPK stock up today. As of this writing, some 9 million shares have traded. That’s quite the spike from its daily average trading volume of 1.54 million shares.
With investors taking an interest in STPK stock today, it only makes sense that they will want to know more about the company. Luckily, our breakdown below has everything they need to know.
- Star Peak Energy Transition is a special purpose acquisition company (SPAC) seeking to take Stem public.
- Stem is an energy storage company with a focus on “battery storage systems, network integration and battery optimization.”
- The company makes use of an artificial intelligence (AI) platform called Athena to manage its systems.
- The SPAC merger will value the combined company at $1.35 billion.
- It will also set it up with $608 million in gross proceeds to make use of after the SPAC merger is complete.
STPK stock was up 27.7% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
