Convergent Energy and Power Releases 2023 Sustainability and Impact Report

Report underscores Convergent’s commitment to advancing the clean energy transition

Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced the publication of its 2023 Sustainability and Impact Report. In its third annual report, Convergent shared how it integrates Environmental, Social, and Governance (ESG) performance into its overall success metrics and detailed the steps the company is taking to mitigate the impact of the climate crisis.

“There has never been a more motivating or urgent time to be an ESG-led business,” said Johannes Rittershausen, Convergent’s CEO. “This report documents our demonstrated leadership in the renewable energy sector but also our commitment to improve in the year ahead. We’re proud to be in the business of accelerating the clean energy transition through AI-powered energy storage. The future of energy depends on our ability to store it and we look forward to continuing to create a more sustainable future for our employees, customers, communities, and planet.”

Highlights of the 2023 Sustainability and Impact Report include:

• Convergent improved its ESG risk rating over 2022 and was named an “ESG Industry Top-Rated” company by Sustainalytics, a Morningstar company and a leading independent ESG corporate governance research, ratings, and analytics firm.
• As of April 2023, Sustainalytics rated Convergent as the seventh-lowest risk company out of 706 companies rated within the utilities sector.
• Over 50% of the energy storage projects Convergent originated in the past 24 months include solar PV.
• Convergent was recognized for its workplace culture in 2023 and was named to Inc. Magazine’s annual Best Workplaces list.
• Convergent’s systems saved nearly 21,500 metric tons of CO2 in 2023, a number expected to increase with the increasing number of solar-plus-storage systems the company is developing.
• With over a decade of expertise and over 500,000 operating hours without incident, Convergent systems and system components comply with all the latest applicable energy storage system (ESS) electrical, safety, and industry standards, including UL 1741 (inverter-based generation) and UL 9540 (ESS).

In addition to its ESG commitments, Convergent has made significant progress in developing energy storage solutions that create a more reliable, economical, and renewable-powered electric grid. In January 2024, the company announced that it has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development, which is equivalent to the power consumed by approximately 750,000 homes. Convergent has over $1bn invested in or committed to systems in operation or under development.

“Convergent has been a trailblazer in identifying new applications and industry firsts for both energy storage and solar-plus-storage, including the first non-wires alternative for utility infrastructure in the United States and the largest (at the time) behind-the-meter battery energy storage system in North America,” says Frank Genova, Convergent’s Co-Founder and Chief Financial Officer. “We are excited to continue offering solutions for our customers that also contribute to a better energy future and planet.”

Click here to read the full report.

About Convergent Energy and Power

Convergent Energy and Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company’s commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent’s proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. Convergent has over $1bn invested in or committed to assets in operation or under development across North America. For more information, visit convergentep.com or follow us on LinkedIn.

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