Austrian Solar Tech raicoon Exits to NYSE-Listed Stem

Vienna-based EnergyTech company raicoon has completed an exit: US-based AI-powered energy software provider Stem, Inc. (NYSE: STEM) has acquired the software assets of raicoon. The purchase price was not disclosed.

As previously reported, raicoon, which was founded in 2018 by Thomas Ralf Tschanun, secured seed funding of approximately four million euros in 2023. At the time, Push VC and Voltares came on board.

What raicoon does and what Stem is acquiring

raicoon was founded in Vienna and specializes in automated fault detection and event management for solar plant performance monitoring. The software analyzes large volumes of asset data, identifies performance anomalies, and automatically prioritizes the issues that are actually relevant to operators. This is intended to reduce the workload for operators and shorten the time to fault resolution.

With this deal, Stem acquires raicoon’s core technology and will gradually integrate it into its existing platform PowerTrack. PowerTrack is a software product for managing renewable energy portfolios. The acquisition explicitly covers the software assets, not the entire company.

Stem: A small company by US standards

Stem is listed on the New York Stock Exchange, but currently has a market capitalization of only around 89 million US dollars. For a publicly listed US technology company, that is a comparatively modest figure. The company positions itself as a global provider of AI-powered software and services for clean energy and is headquartered in Houston, Texas.

The acquisition of raicoon is part of Stem’s stated strategic priority for 2026: to strengthen the core business around PowerTrack and increase value for existing customers. The raicoon technology is already deployed in European solar portfolios, giving Stem direct access to European operators.

Statements from those involved

“Customers are looking for clearer, actionable insights from their energy assets, not more noise. This acquisition further strengthens PowerTrack by improving our ability to automatically identify and prioritize the most important issues, so operators can resolve performance problems faster and act with greater confidence,” said Matt Tappin, President of Software at Stem.

“Operators don’t need more alerts – they need decisions. raicoon was built to close exactly that gap by automatically detecting what is going wrong, what matters, and what to do about it. As part of Stem, we can deliver that to a global customer base on the platform that already sets the standard for clean energy asset management,” said Ralf Tschanun, Co-Founder and Chief Product Officer at raicoon.

What happens to existing raicoon customers

Stem assures that existing raicoon customers will continue to be served with the same platform and the same service model. In addition, they will gain access to Stem’s global resources as well as expanded software capabilities. The full integration of raicoon’s technology into PowerTrack is to take place gradually, with the goal of a unified user experience.