HOUSTON, July 03, 2025 — Stem, Inc. (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy software and services, today announced that Brian Musfeldt has been appointed Chief Financial Officer (CFO), effective July 17, 2025. Musfeldt succeeds Doran Hole, who is stepping down as CFO and EVP, effective July 17, 2025, to pursue other interests. Musfeldt returns to Stem after having served as CFO of AlsoEnergy from 2017 to 2023 and was instrumental in Also Energy’s sale to Stem in 2022.
In order to promote an orderly transition, Hole will continue to support the Company in an advisory capacity until July 31, 2025.
Musfeldt brings extensive experience to Stem at a pivotal time as the Company continues its growth trajectory following its strategic realignment of business units, software offerings and professional services. He has nearly 30 years of finance and management experience, providing leadership in strategy and operational efficiency in the clean technology and energy industries. From 2023 to 2025, he served as CFO of ikeGPS, a platform technology company supporting above ground grid resiliency and capacity expansion for utilities, where he led its financial strategy through increasingly stringent requirements for utility grid compliance. Musfeldt also served as CFO at MST Global Inc, an industrial network and software provider for mining and other critical infrastructure companies, from 2011 to 2015. Musfeldt began his career as a certified public accountant, with six years at KPMG / Arthur Anderson as an audit manager focused on the high-tech and manufacturing sectors. He earned his MBA from Colorado State University in 2012.
“We’re pleased to welcome Brian to our leadership team as we continue to evolve our business and focus on growing software services revenue, innovating impactful technology and driving profitable growth,” said Arun Narayanan, Chief Executive Officer of Stem. “Brian’s experience, including previously serving as one of the leaders of part of Stem’s business, is in complete alignment with the strategic direction I have charted for the Company. I look forward Brian’s support in the next phase of Stem’s development. He is adept at developing and leading teams to deliver high quality results and his deep firsthand knowledge of our Company’s journey and the PowerTrackTM product suite will be critical to our goal of increasing our software and services revenue. I am excited to collaborate with him as we continue to grow in the near- and long-term.”
“I am a strong believer in Stem’s innovative solutions and have seen firsthand the value that they can deliver to the market,” said Musfeldt. “This is a full-circle moment for me to return to this tremendous team, and I look forward to helping Stem further mature into a financially and operationally efficient company unlocking the full potential of clean energy assets and portfolios.”
Narayanan continued, “On behalf of our Board and management team, I would like to thank Doran for his contributions to Stem over the last year and wish him the best in his future endeavors. Doran was an integral part of the core team that helped Stem navigate a new strategic direction and was a very key player in building relationships with our stockholders and analysts.”