Energy storage developer Convergent Energy + Power has received a strategic investment from GXP Investments to expand its storage business.
This investment will facilitate Convergent's project pipeline growth in a rapidly expanding energy storage marketplace, and strengthen GXPI's engagement with emerging technology companies.
"We are very excited to be working with GXPI, and to receive their strategic support to grow our business," said Johannes Rittershausen, Convergent CEO. "While we've already contracted over 55 MW and $150 million of energy storage projects throughout North America, we're also expanding our product offering to utilities and large electricity users in America's Heartland."
"We are at the beginning of a rapid expansion in the energy storage industry," said Dennis Odell, Senior Director at GXPI. "We see our investment in Convergent as an opportunity to participate in this developing industry, as well as to help utilities and their customers better understand how energy storage can work for them."
In many use cases, energy storage can produce economic savings and increase grid reliability, all without emissions or other negative environmental impacts. Storage can be a particularly effective way to boost grid resilience in rural communities and help mitigate capacity or voltage issues for commercial users. It could also be of significant value in integrating variable renewable generation – an area of concern in the Midwest.
Convergent provides its customers with a "one-stop shop" for energy storage projects, such as matching the business case with the appropriate technology option, as well as providing for an asset's financing, construction, and operations.
Convergent continues to position itself to respond strategically to new and existing opportunities. "Working with partners such as GXPI will expand our access to and credibility with customers in new places," continued Rittershausen.
"Ultimately, the success of this emerging sector will depend on our collective ability to define and deliver the value that energy storage creates. Convergent looks forward to working with GXPI to build on our successful track record."