Stem, Inc., a global leader in AI-driven clean energy software and services, has announced the appointment of Brian Musfeldt as Chief Financial Officer (CFO), effective July 17, 2025. This leadership change aligns with Stem’s strategic realignment to enhance its software and services revenue, following a period of financial restructuring and growth initiatives.
Brian Musfeldt appointed as Stem’s CFO, effective July 17, 2025.
Succeeds Doran Hole, who will advise until July 31, 2025.
Musfeldt brings 30 years of clean tech and energy finance experience.
Previously CFO at AlsoEnergy, instrumental in its 2022 sale to Stem.
Appointment supports Stem’s focus on software and services revenue growth.
Aligns with recent strategic moves, including a 1-for-20 reverse stock split.
Stem’s appointment of Brian Musfeldt as CFO marks a pivotal moment as the company pursues its strategic shift toward a software and services-oriented business model. Musfeldt succeeds Doran Hole, who is stepping down to pursue other opportunities but will remain in an advisory role until July 31, 2025, to ensure a smooth transition. “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.
With nearly 30 years of finance and management experience, Musfeldt is well-positioned to lead Stem’s financial strategy. He previously served as CFO of AlsoEnergy from 2017 to 2023, playing a key role in its $652 million sale to Stem in 2022. From 2023 to 2025, he was CFO at ikeGPS, where he navigated stringent utility grid compliance requirements. Musfeldt also held the CFO role at MST Global Inc. from 2011 to 2015, focusing on industrial network solutions. His career began as a certified public accountant at KPMG/Arthur Anderson, specializing in high-tech and manufacturing sectors. He holds an MBA from Colorado State University (2012).
Musfeldt’s deep familiarity with Stem’s operations and its PowerTrack™ product suite positions him to support the company’s growth objectives. “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,” Narayanan added. “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.”
The CFO transition follows Stem’s recent strategic initiatives, including a 1-for-20 reverse stock split effective June 23, 2025, to regain NYSE compliance, and a 27% workforce reduction to achieve $30 million in annual cost savings. Despite financial challenges, including a -63.86% revenue growth in the past year, Stem reported a Q1 2025 revenue of $32.5 million, surpassing forecasts. The company serves over 16,000 global customers, leveraging AI to optimize clean energy assets.
Stem’s appointment of Musfeldt signals a commitment to financial discipline and growth in its AI-driven clean energy solutions. With his expertise and prior experience with the company, Musfeldt is poised to drive Stem’s next phase of development, enhancing value for stakeholders in the clean energy sector.
Stem is a global leader in AI-enabled software and services that enable its customers to plan, deploy, and operate clean energy assets. The company offers a complete set of solutions that transform how solar and energy storage projects are developed, built, and operated, including an integrated suite of software and edge products, and full lifecycle services from a team of leading experts. More than 16,000 global customers rely on Stem to maximize the value of their clean energy projects and portfolios.
TechIntelPro empowers B2B technology decision-makers with the latest industry trends, deep insights, leadership perspectives and actionable intelligence to drive both organizational and professional milestones—and thrive on the tech pulse.