According to sources familiar with the matter at hand, Stem Inc, a U.S. artificial intelligence-driven energy storage company stated it is closing in to a deal to go public through a merger with blank-check acquisition company Star Peak Energy Transition Corp, at a valuation of around $1.35 billion.

A formal announcement could be made as early as Friday, said sources on the condition of anonymity.

Founded in 2009, Stem provides an energy storage system which allows users to automatically switch energy usage between battery and grid power, based on its artificial intelligence platform dubbed “Athena.”

Stem Inc’s backers include GE Ventures, Activate Capital, and BNP Paribas.

Pairing big batteries with renewable energy projects improves reliability without creating climate-changing emissions.

Star Peak is a special purpose acquisition company (SPAC).

In August, Star Peak raised around $350 million through its IPO on the New York Stock Exchange (NYSE) with the aim of buying a business focused on the transition to newer sources of energy.

Star Peak’s chairman is Mike Morgan, the lead director of U.S. pipeline operator Kinder Morgan Inc.

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