Convergent Energy + Power

In June 2019, ECP acquired Convergent Energy and Power (“Convergent”), 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 has over $500M invested in or committed to solutions in operation or under development across North America and 167MW of solar and 570 MW / 1,941 MWh of storage operating, in-construction, awarded, or contracted projects. Convergent’s AI-powered energy storage intelligence, PEAK IQ®, makes data-driven decisions about when and how to charge and discharge energy storage systems for optimal value creation. Batteries do not generate power; batteries store power. As a result, knowing when to charge and discharge a battery storage system is critical. PEAK IQ® helps customers reduce and forecast their energy costs while decreasing their carbon footprints. Energy storage is the linchpin of the clean energy transition and Convergent is developing a more sustainable, cost-effective, and reliable electric grid. Private equity firm Energy Capital Partners has bought its way into the energy storage development business with Convergent Energy + Power, the companies announced Wednesday. New York-based Convergent develops, owns and operates large-scale storage for industrial customers and utilities. It distinguished itself as a rare startup that chose to self-fund its projects, raising $70 million to do so. Convergent also took the title for largest commercial and industrial storage project, with a 10-megawatt/20-megawatt-hour system in Ontario, Canada.