What happened Shares of special purpose acquisition company (SPAC) Star Peak Energy Transition (NYSE: STPK) rocketed up today after the company revealed its investment target. Shares are up more than 45% as of noon EST. So what Star Peak said it will combine with Stem, a smart energy storage company, to create a new public company that will be listed on the New York Stock Exchange under the new symbol STEM. Stem uses artificial intelligence (AI) to optimize clean energy assets and supplies its customers with digitally connected storage networks. Image source: Getty Images. Stem's customers gain efficiency as their energy systems automatically switch among grid power, onsite generation, and battery storage. The company provides the integrated storage systems, and its software platform delivers recurring software service revenue to Stem. Now what Stem says it operates the world's largest energy storage network, with more than 360 customers and over 40 utility partners. It says its systems help address a $1.2 trillion market opportunity and the deal with Star Peak will offer investors a "pure play clean energy company helping to revolutionize the electric grid." The newly public company will be valued at $1.35 billion. Stem was founded in 2009 and had revenue of $17 million in 2019. But it also reported bookings of $88 million, which it said will allow revenue to almost double in fiscal 2020. It estimates that annual revenue will surpass $1 billion by 2026. The combination will give Stem a solid balance sheet, with no debt, to help in future growth. Investors who believe clean energy storage growth will continue to accelerate may be interested in a long-term, pure-play opportunity like Stem. 10 stocks we like better than Star Peak Energy Transition Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Star Peak Energy Transition Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source