Report highlights Convergent’s plans to build an energy landscape that is less expensive, more reliable, and increasingly sustainable
NEW YORK–(BUSINESS WIRE)–Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced the publication of its 2022 Sustainability and Impact Report. The report details Convergent’s strong progress toward advancing the clean energy transition through its Environmental, Social, and Governance (ESG) work and its goals for 2023—the first year in history with a federal Investment Tax Credit (ITC) for stand-alone energy storage following the passage of the Inflation Reduction Act (IRA).
“Being a good corporate citizen is core to Convergent’s identity. I’m proud of the progress we’ve made and excited for the path we have charted in our 2022 Sustainability and Impact Report,” said Johannes Rittershausen, Convergent’s CEO. “This report makes clear our commitment to continuous improvement and leadership in ESG, positioning Convergent as a strong partner for businesses and utilities that prioritize mitigating the climate crisis, community engagement, safety, ethical governance, and diversity, equity, and inclusion. Energy storage is the linchpin of the clean energy transition and we are proud to accelerate this transition together with our customers.”
Highlights of the 2022 Sustainability and Impact Report include:
- Convergent improved its ESG risk rating over 2021, earning a coveted “low risk” score from Sustainalytics, a Morningstar company and a leading independent ESG corporate governance research, ratings, and analytics firm.
- As of February 2022, Sustainalytics rated Convergent as the ninth lowest risk out of the 676 companies they rated within the utilities sector.
- Over 50% of the energy storage systems Convergent originated in the past 24 months include solar PV.
- Convergent’s systems saved nearly 10,000 metric tons of CO2 in 2022, a number expected to increase with the increasing number of solar-plus-storage systems the company is developing.
- In 2023, Convergent will build upon its community engagement efforts, which already include evaluating sites for climate-related risks and hiring local construction teams whenever possible.
In addition to its ESG commitments, Convergent has made significant progress in developing the energy storage solutions that create a more reliable, economical, and renewable-powered electric grid. The company has more than 500 MW/800 MWh of storage and solar-plus-storage capacity operating or under development, with more than $500M invested in projects in operation or allocated to projects under development.
“As we begin 2023, which is sure to be a landmark year for the future of energy, I am incredibly confident in our business and believe it is optimally positioned to meet this moment,” said Frank Genova, Chief Operating and Financial Officer. “We now have the regulatory certainty that is needed for the private sector to invest more heavily in the clean energy transition and Convergent will continue to hold a leadership role in the future of energy.”
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 $500M invested in or committed to projects in operation or under development across North America. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.
Convergent Press Contact
SVP, Marketing and Communications
Convergent Energy and Power
ksiskel [at] convergentep.com