Convergent Energy and Power – Accelerating the clean energy transition through AI-powered energy storage

According to the Center for Climate and Energy Solutions, renewables made up almost 20% of electricity generation in 2020, with hydro and wind making up the majority. That’s expected to rise to 35% by 2030. And with a fifth of the world’s largest companies prioritizing net-zero, we must work to find new, sustainable energy sources. However, with that comes the challenge of finding ways to store energy efficiently. And as artificial intelligence (AI) continues to evolve, it’s becoming increasingly clear that AI can play a critical role in production and storage. This blog post will explore how AI is being used in the energy industry and discuss its potential for the future. Companies in the energy industry use AI to process and analyze data more quickly and with less human intervention. This means they can react to new developments (such as sudden power outages) much faster than before. These new developments mean savings for the production side of the industry and increased safety for consumers. As AI is embedded into electricity grids worldwide, it will anticipate any potential problems and make sure they don’t happen (by automatically shutting down a power grid, for example). Artificial intelligence is already transforming smart grids to become truly intelligent, enabling them to meet the energy demands of the future. As energy storage becomes more and more integral to the smart grid, AI will revolutionize our understanding of consumption patterns, allowing power grid operators to operate their assets better to drive revenue.

Convergent Energy and Power manages all aspects of energy storage development for its grid operator, utility, and industrial customers. The company reduces electricity costs; guarantees power quality and reliability, and solves infrastructure problems. Founded in late 2011 with a focus on energy storage project development, Convergent has more than $500M of contracted projects in North America.

Why Convergent Energy and Power

Continuous Improvement: Convergent knows that the work to achieve a more equitable society requires an ongoing and unending commitment to improvement.

Diversity, Equity, and Inclusion: Although the STEM fields and energy sector are widely regarded to be among the least diverse, they are committed to fostering a work environment where diversity, equity, and inclusion are valued and progressed.

Ethical Governance: They are dedicated to operating with the highest standard of ethics, which extends to their team, vendors, communities, and investors.

Safety: They are committed to ensuring the safety of their systems and the well-being of their customers, community partners, employees, and vendors.

Sustainability: Convergent continually strive to reduce waste and the emission of pollutants, recycle, and conserve natural resources.

The Clean Energy Transition: Climate change poses the greatest threat in recent time and Convergent is working to mitigate the catastrophic impact of a warming planet on current and future generations.

Energy Storage Made Simple

Utility-Scale Battery Storage: Energy storage allows power to be deployed at more strategic times, insulating utilities against rising wholesale demand and energy costs. The most common form of energy storage today is lithium-ion-based battery storage, which comprises over 90% of large-scale battery storage systems in the United States. The cost of batteries has dropped 80% in the past decade, largely due to the proliferation of electric vehicles, contributing to the increasing adoption of storage, particularly in front-of-the-meter applications.  In the U.S., a record 1.2 GW of storage was installed in 2020, a number that would surely have been higher were it not for the impact of COVID-19. WoodMac forecasts that utility-scale energy storage solutions will grow by 7.5x between now and 2026, equating to over 100 GWs of new projects in the next five years in the United States alone. These projects will address the largest challenges facing the electricity grid.

For the majority of the customers, Convergent finances, designs, and owns the battery on their behalf, a model referred to as a “storage capacity agreement.” For these customers, the battery system reduces costs for members or ratepayers starting on day one and requires no capital outlay.  Convergent also has flexible options for utilities who would like to invest their own capital into the projects. There are many applications for battery storage beyond cost reduction: battery storage increases capacity, improves reliability, supports renewables integration and defers transmission upgrades. Because of its versatility and ability to solve many challenges faced by utilities, battery storage is often referred to as the “Swiss army knife” of grid solutions.

Solar Projects: Convergent combines the benefits of working with a small team of knowledgeable decision makers with the technical and financial resources of a larger company. They bring an unparalleled creativity, flexibility, and storage expertise to the table. Their deep expertise across the project development cycle and access to flexible capital provides the partners with unparalleled opportunities to realize project success. The company partners with project developers as well as technology, finance, and investment companies to maximize value for all stakeholders. Their team brings the technical expertise and capital availability of a large fund or bank without unnecessary bureaucracy or hassle. They are flexible, creative, and have a deep understanding of the execution and operational side of the business; if there’s a way to make a project work, they will identify it and execute on it.

Landowner Partnerships: A stable source of long-term income for underutilized or repurposed land. Land allocated to battery storage, or battery storage coupled with solar, provides landowners with a source of long-term predictable income now without compromising future land use options. Convergent's team will work closely with you to develop a plan that aligns with your priorities. As the largest independent developer, owner, and operator of energy storage assets in North America, they offer competitive rates for the lease of your land. Their projects are securely fenced to limit access to authorized personnel. Once a project is up and running, site visits occur infrequently for routine maintenance and to inspect equipment. All projects are monitored remotely 24/7/365 by Convergent from their network operations center.

Johannes Rittershausen | CEO

Johannes Rittershausen serves as Convergent's Chief Executive Officer and member of the board. Prior to co-founding Convergent with Chief Operating and Financial Officer Frank Genova in 2011, Johannes worked as a senior project manager in corporate strategic planning and the electric vehicle readiness unit at Southern California Edison (“SCE”) from January 2007 to November 2011. Johannes began his career in the utility industry in 2007 as an analyst in SCE’s power procurement business unit, performing functions in commodity trading, long-term resource planning, and ISO market settlements. Johannes holds a Bachelor of Arts in Philosophy, Politics and Economics, with a focus in Economics, from Pomona College and a Master of Arts from Georgetown University’s School of Foreign Services.

"Our mission has not wavered: build an energy landscape that is less expensive, more reliable, and increasingly sustainable—one that benefits our employees, customers, communities, and planet."

"We remain trailblazers in the energy storage sector; we’ve continually delivered many industry “firsts,” proving time and again that energy storage is ready for prime time and can contribute meaningfully to a clean energy future."

"Convergent finances, owns, and operates battery energy storage systems to reduce Global Adjustment charges by “peak shaving,” or dispatching the battery when electricity is most expensive."