POWERED BY RESULTS - Convergent Energy + Power
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1 P O W E R E D B Y R E S U L T S
2
Convergent Energy + Power
(Convergent) is the leading
independent developer of
energy storage solutions in
North America.
Powered by results, Convergent
manages all aspects of the energy
storage asset development
cycle to help customers navigate
an increasingly expensive,
decentralized, and renewable-
driven energy landscape.
Convergent deploys state-of-
the-art technology to significantly
lower commercial and industrial
customers’ electricity bills and
provide utilities with cost-effective
grid solutions. With over 120 MW /
240 MWh of projects in operation,
construction, or under contract to
be built, Convergent is the premiere
independent operator of energy
storage projects in North America.
Convergent has committed $350M+
of capital to projects and can bring
this funding to utility partners.
convergentep.com
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Value Proposition
Convergent deploys its own capital into projects, rather than relying on utilities to purchase energy storage
equipment.
Track Record Convergent has a ~10-year track record
of financing, developing, commissioning,
and operating energy storage assets.
Financial Backing Convergent has cost-effective and flexible
capital at scale from its ownership group
Energy Capital Partners.
Ownership Mentality We are in this for the long run. Convergent
owns its projects and approaches risks/
rewards as such.
Customer Experience Convergent combines “small-company“
& Value flexibility to meet specific customer needs
with “large-company” purchasing power
and execution capabilities,
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Financial Stability
Corporate and Convergent is 100% owned by Energy Capital Partners (ECP),
Financial Structure a $20+ billion private equity fund that specializes in energy
infrastructure.
Convergent is a strategic component of ECP’s Fund IV, a
$6.8B fund at the beginning of its life. All project financing
needs are provided via Investment Committee approval in
a straightforward capital request process, where several
hundred million dollars of funding has already been
earmarked for Convergent’s projects.
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Leadership Team
Johannes Rittershausen
CHIEF EXECUTIVE OFFICER
As the Chief Executive Officer, Johannes is responsible for strategic
planning, business development, investor relations, capital planning, and
organizational stewardship at Convergent.
Johannes co-founded Convergent in 2011 and has guided its growth from
a two-person company into the leading independent developer of energy
storage solutions in North America. Prior to Convergent, he spent five
years at Southern California Edison, working as a senior project manager in
corporate strategic planning.
Johannes holds a BA from Pomona College and an MA from Georgetown
University.
Frank Genova III
CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER
Frank is responsible for technology evaluation, asset development, project
and corporate finance, and corporate M&A.
Frank helped found Convergent after six years working in project
development and finance with Fisher Brothers and Plaza Construction,
focusing on renewable development, renewable integration, complex
mechanical and electrical system integration, and corporate strategy.
Frank holds a BA from Villanova University in Mechanical Engineering and
an MBA in Finance, Phi Kappa Phi from Fordham University’s Graduate
School of Business.
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Leadership Team
Chris Streeter
CHIEF INFORMATION OFFICER AND CHIEF RISK OFFICER
Chris is responsible for the quantitative analysis of energy markets and
grid infrastructure, regulatory and compliance activities, and the design,
production, deployment, and maintenance of software systems to optimize
storage asset operations and financial returns.
Prior to joining Convergent, Chris spent eight years as a strategy
consultant, both as an independent contractor and as a member of the
firm AltshulerGray, LLC, focusing on complex data analysis and profit
maximization evaluation frameworks
Chris graduated with honors from Harvard University with an A.B.
in Biology.
Robin Gray Adam Green
SENIOR VICE PRESIDENT OF SENIOR VICE PRESIDENT OF
ENGINEERING AND BUSINESS DEVELOPMENT
PRODUCT DEVELOPMENT
As Senior Vice President, Engineering and Project Devel- Adam is responsible for the team configuring, contracting,
opment, Robin is responsible for the development, siting, permitting, and closing storage and solar projects on
design, construction, and operation of fully integrated the utility side of the meter throughout North America.
energy storage assets for almost four years.
Adam has over eight years of experience with storage
Robin came to Convergent with over 15 years of engi- and solar, and has developed hundreds of megawatts of
neering and project execution experience including projects in three continents, most recently as Director
10 years of direct utility experience with Consolidated of Development at SolarReserve. His areas of expertise
Edison of NY. During Robin’s time with Con Edison, he include real estate and land use, contracting, solar perfor-
was responsible for the execution of large-scale capital mance modeling, and local community relations. He has
projects including the design and project management also written technical papers on the capabilities of solar
of Con Edison’s first energy storage asset. and storage, and he holds two patents.
Robin holds a Bachelor of Engineering (Hons) degree in Adam graduated Phi Beta Kappa and Magna Cum Laude
Electrical and Electronic Engineering from the University of from Brown University with an honors concentration of
Manchester, Manchester, England, UK. his own design entitled “Rationality and Decision Making,”
and received his MBA from the UCLA Anderson School of
Management.
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Project Portfolio
Founded nearly a decade ago, Convergent is one of the most experienced developers and operators of energy
storage assets in the industry. The chart below provides a sample of Convergent’s project portfolio and highlights
the company’s experience across a variety of storage technologies and applications.
MW / MWh Location Application Technology Project Status COD Customer
Frequency regula- NYISO Merchant
20.0 / 5.0 Stephentown, NY Beacon – Flywheel Operational Q1 2011
tion for NYISO Asset
Frequency regula- PJM Merchant
20.0 / 5.0 Hazle Township, PA Beacon – Flywheel Operational Q3 2014
tion for PJM Asset
Non-Wires Alter- Lockheed Martin Central Maine
0.5 / 3.0 Boothbay, ME Operational Q2 2015
native (“NWA”) - VRLA Power
Ancillary Services for
7.0 / 7.0 Sault Ste. Marie, ON isolated load pocket GE – Li-ion Operational Q3 2017 IESO
for IESO
Peak Demand Lockheed Martin – Husky Injection
4.2 / 9.0 Bolton, ON Operational Q4 2017
Abatement Li-ion Molding
Fast response
Temporal Power –
5.0 / 0.5 Guelph, ON ancillary services Operational Q2 2018 IESO
Flywheel
for IESO
Peak Demand
10.0 / 21.0 Sarnia, ON IHI – Li-ion Operational Q3 2018 Confidential
Abatement
Peak Demand
3.0 / 6.5 London, ON IHI – Li-ion Development Q1 2021 Confidential
Abatement
Peak Demand Lockheed Martin –
0.6 / 1.5 Brockville, ON Operational Q2 2019 Shell Energy
Abatement Li-ion
Peak Demand
1.8 / 4.0 Guelph, ON IHI – Li-ion Development Q1 2021 Confidential
Abatement
Peak Demand
10.0 / 21.0 Sarnia, ON Mitsubishi – Li-ion Operational Q3 2019 Shell Energy
Abatement
Peak Demand Ford Motor
4.0 / 9.0 Windsor, ON Mitsubishi – Li-ion Operational Q3 2019
Abatement Company
Solar + Storage (3
Operational; In Choptank Electric
6.0 / 6.0 Denton, MD projects, 1:1 ration w/ GE – Li-ion & PV Q4 2019
2 hrs storage) Construction Cooperative
Locational capacity
Southern California
15.0 / 60.0 Orange County, CA and ancillary services GE – Li-ion In Construction Q4 2020
for SCE Edison
Locational capacity,
10.0 / 40.0 Kings County, CA peak shaving, renew- GE – Li-ion In Construction Q4 2020 Confidential
able integration
Peak Demand
5.0 / 11.0 Collingwood, ON IHI – Li-ion In Construction Q3 2020 Confidential
Abatement
Peak Demand
3.0 / 6.5 Sault Ste. Marie, ON IHI – Li-ion Development Q1 2021 Confidential
Abatement
PV Firming + Com-
23.0 / 69.0 Chaumont, NY Confidential Development Q2 2021 NYSERDA/NYS
munity Solar
PV Firming + Com-
5.0 / 15.0 Parma, NY Confidential Development Q2 2021 NYSERDA/NYS
munity Solar
NWA + Community
10.0 / 40.0 Cicero, NY Confidential Development Q2 2021 Confidential
Solar
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8 Asset Management Capabilities
9
What is Different About Batteries?
Because the price of Lithium-Ion has dropped 80% in the last decade, battery storage is experiencing exponential
growth. While many co-ops and utilities have deep expertise with diesel generation, demand response, and load
reduction, few have the same level of experience optimizing battery storage; batteries are still considered new,
unfamiliar, and somewhat different from traditional utility solutions.
The first thing that’s different about batteries is that they are “use-limited” (limited by the amount of energy
inside); once you use it, it’s done until you charge again. This puts a higher premium on five-minute-monitoring and
discharging more frequently for shorter durations. It also introduces new computational challenges when storage
is directly integrated with solar photovoltaic (PV) systems. The operational algorithms to optimize the charging and
discharging decisions are very complex yet, great benefit can be derived from a fully optimized strategy.
The second thing that’s different about batteries is that every time you use a battery it degrades its useful life. How
deeply it discharges it, how it manages its state of charge, the maintenance of operational conditions, the cycling
profile (frequency of use), and other factors contribute to optimizing the asset’s performance and useful life.
FACTORS TO CONSIDER
• Parasitic Loads • Number of Cycles • Type of Chemistry (even within
• Operating Temperatures • Rate of Discharge and Charge Lithium-Ion)
• Ambient Temperatures • State of Charge • Distribution Interconnection
• Depth of Discharge • Solar PV Integration
Convergent’s expertise in batteries and use-limited resources pairs efficiently with co-op and utility
customers who know their systems, constraints, and economics better than anyone else. Together, it’s a
winning combination.
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Proprietary Algorithm:
PEAK IQ®
Convergent’s PEAK IQ®, the result of seven years of development, Analytical Techniques Include:
is a best-in-class asset management platform. PEAK IQ®’s
proprietary algorithms draw data from the grid operator, weather Deep Learning Neural Networks
stations, and energy markets to make data-driven, real-time
Multiple Linear Regression
decisions about when to dispatch the system to target the utility’s
grid peaks. In 2014, Convergent filed US patent 2014/0279361 Ridge Regression
based on its early work in optimizing the dispatch of energy Convex Optimization
storage systems; the methods in this patent, along with advanced
machine learning techniques, serve as the brains for PEAK IQ®. Decision-Tree Analysis
The predictive power of PEAK IQ® has been integrated into a ARIMA / Time Series Forecasting
single proprietary control platform that allows for seamless,
remote operation. To date, PEAK IQ® has saved Convergent’s
customers nearly $20M … and counting.
How does PEAK IQ® work?
PEAK IQ® combines state-of-the-art machine intelligence
and human ingenuity to accurately predict coincident peak or
system peak hours on the grid, where customers are subject to
high coincident peak demand charges. The expansive range of
analytical techniques that comprise PEAK IQ® are reinforced by
24-hour, real-time monitoring to predict peak days and hours.
convergentep.com11 Commitment to Safety
12
Above all, Convergent is dedicated to ensuring the safety of our systems and the wellbe-
ing of our customers, community partners, employees, and vendors. We have had zero
safety incidents since our inception in 2011 and only contract with top-tier suppliers and
types of equipment that have had zero incident rates in North America. As the largest
independent developer of energy storage solutions in North America, we’re constantly
collecting data from the 120 MW / 240 MWh we have on the grid or under construction
in order to evaluate our practices and procedures.
Safety Standards and Protocols
All of our systems are both fully automated and monitored We live in a world full of
24/7/365. Our systems exhibit numerous safety features includ- uncertainties but the
ing built-in alarms, self-activating fire-suppression systems, and safety of our energy stor-
NEMA3/4 battery enclosures specifically designed to withstand age systems does not
significant heat and pressure parameters. have to be one of those
Each system meets the latest safety standards dictated by UL 1741 uncertainties, particularly
(grid connections) and UL 9540 (battery connections) and uses if we follow the rules, use
UL-certified safety equipment (cUL in Canada). Although UL 9540 is the right equipment for
not required in the United States, all of our projects meet this newer the right application, and
standard. In Canada, all of our projects are built and certified to meet avoid unnecessary risks.
the highly stringent CSA requirements.
– ROBIN GRAY
SVP Engineering and
We create a customized, site-specific Emergency Prepared-
Project Development
ness Plan for every energy storage system we operate. The plan
provides a clear chain of command if there is any issue with the
system. If there is an issue, our systems are designed to automat-
ically disconnect and power down in a safe manner. In addition
to training and educating our customers, we provide a tour for
and train local fire departments. We work with fire departments
directly to meet any and all local certifications.
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About UL (cUL in Canada)
UL is a global independent safety science company with more than a century of expertise innovating
safety solutions from the public adoption of electricity to new breakthroughs in sustainability, renew-
able energy and nanotechnology.
UL 1741 UL 9540
Standard for Inverters, Converters, Standard for Energy Storage Systems
Controllers and Interconnection and Equipment*
System Equipment for Use With *UL 9540 is mandatory in Canada but is applied to all
of Convergent’s projects
Distributed Energy Resources
1.1 These requirements cover inverters (the main piece of 1.1 T
hese requirements cover energy storage systems that
equipment in the battery system), converters, charge are intended to receive electric energy and then to store
controllers, and interconnection system equipment (ISE) the energy in some form so that the energy storage
intended for use in stand-alone (not grid-connected) or system can provide electrical energy to loads or to the
utility-interactive (grid-connected) power systems. Util- local/area electric power system (EPS) up to the utility
ity-interactive inverters, converters, and ISE are intended grid when needed. The types of energy storage covered
to be operated in parallel with an electric power system under this standard include electrochemical, chemical,
(EPS) to supply power to common loads. mechanical and thermal. The energy storage systems
equipment (constructed either as one unitary complete
1.2 F
or utility-interactive equipment, these requirements are system or as matched assemblies that when connected
intended to supplement and be used in conjunction with are the system) may include equipment for charging,
the Standard for Interconnecting Distributed Resources discharging, control, protection, power conversion,
With Electric Power Systems, IEEE 1547, and the Standard communication, controlling the system environment, air,
for Conformance Test Procedures for Equipment Inter- fire detection and suppression system, fuel or other fluid
connecting Distributed Resources with Electric Power movement and containment, etc. The system may contain
Systems, IEEE 1547.1. other ancillary equipment related to the functioning of the
energy storage system.
1.3 T
hese requirements cover AC modules that combine flat-
plate photovoltaic modules and inverters to provide AC 1.2 T
he systems covered by this standard include those
output power for stand-alone use or utility-interaction, intended to be used in a standalone mode (e.g. islanded)
and power systems that combine other alternative energy including "self-supply" systems to provide electric energy
sources with inverters, converters, charge controllers, and those used in parallel with an electric power system
and interconnection system equipment (ISE), in system or electric utility grid such as "grid-supply" systems, or
specific combinations. applications that perform multiple operational modes.
1.4 T
hese requirements also cover power systems that 1.3 R
equirements for installation, with the exception of instal-
combine independent power sources with inverters, lation manuals and documents for installation provided
converters, charge controllers, and interconnection with the system that are integral to the tested system
system equipment (ISE) in system specific combinations. are outside the scope of this standard. The installation
instructions indicate that the energy storage systems
1.5 T
he products covered by these requirements are intended are to be installed in accordance with the national and
to be installed in accordance with the National Electrical local electrical codes and other applicable codes. This
Code, NFPA 70 (the equivalent in Canada is ESA/CSA). standard assumes that the final installation of the energy
storage system will be performed by qualified service
1.6 T
hese requirements also cover rapid shutdown equip- personnel in accordance with the applicable installation
ment and systems. instructions, installation practices and national instal-
lation codes. Energy storage systems are intended for
installation subject to approval by the Authority Having
Jurisdiction.
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Testimonials
We have traditionally connected to Convergent has a strong track Convergent was an excellent
load customers or generators, but record of delivering cost savings and company to deal with. We would
batteries were a new area [for us]. resiliency services to large industrial be thrilled to work with them again.
The Convergent team was a really customers. This energy storage The pricing that they offered was
great group to work with. Anytime offering complements the broader the best in the market at the time,
we needed technical expertise they suite of solutions, including energy the service that they provided
were able to get the right people and efficiency and energy management, was excellent, and they were very
get all the right players to the table that we already provide. transparent and easy to work with.
to make a smooth and successful Ultimately, it was a very successful
project. collaboration.
ROB HARTEN ERIC BRADLEY RICH SILKMAN
Manager of Engineering, Global General Manager Founder, Grid Solar
PUC Services Municipal Utility Connected Energy,
of Sault Ste. Marie Shell New Energies
Convergent in the News
(CLICK LOGOS TO READ ARTICLE)
convergentep.comCONVERGENT ENERGY + POWER 7 Times Square Suite 3504 New York, NY 10036 convergentep.com CONTACT Adam Green Senior Vice President Business Development M: 401.339.3443 agreen@convergentep.com
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