Convergent Energy & Power Inc.

Convergent Energy & Power Inc. is a US-based company specializing in energy storage solutions, focusing on advanced technologies to optimize electricity storage and discharge for commercial and industrial applications. Founded in 2011 by Frank Genova and Johannes Rittershausen, Convergent Energy & Power Inc. operates from its headquarters in New York, US.

The company has engaged in 3 major deals, with its most recent deal occurring on April 1, 2019. Johannes Rittershausen currently serves as CEO. Convergent Energy & Power specializes in energy storage solutions that incorporate advanced technologies to store and discharge electricity at optimal times. Their key product offerings include Lithium-ion battery systems tailored for commercial and industrial use, which can operate independently or alongside solar photovoltaic (PV) systems.

These energy storage solutions are designed to improve energy efficiency, potentially reducing electricity costs for businesses by up to 40%, while also postponing significant infrastructure upgrades for utility providers. The company serves a broad client base across sectors including utilities, corporations, and project developers in the United States and Canada. With their PEAK IQ® energy storage intelligence analyzing over 150 million data points daily, Convergent customizes solutions to address specific customer needs, aiding in the transition to clean energy. Convergent Energy & Power generates revenue from the development and financing of large-scale energy storage projects, primarily through direct B2B transactions with organizations and utilities.

The company collaborates with clients to design, install, and manage energy storage systems, ensuring they meet each client’s operational requirements and energy strategies. Revenue streams come from the performance of their PEAK IQ® systems and associated services, supporting energy management and cost efficiency for businesses. This model may include initial investments from Convergent, paired with revenue-sharing agreements based on energy savings or performance metrics, underlining the firm's commitment to the success of its projects. Convergent Energy & Power plans to leverage its recent acquisition by Energy Capital Partners, finalized in June 2019, to enhance its product offerings and market reach.

The company is focused on the development of innovative energy storage products, although specific launch dates have not been disclosed. Additionally, Convergent aims to expand its presence in new markets across North America, specifically targeting utility and industrial sectors, to promote its energy storage solutions. The financial backing from the recent acquisition will support these growth initiatives.