SOURCE: Convergent Energy and Power

Convergent Energy and Power

December 05, 2016 08:00 ET

Convergent Energy + Power Receives Strategic Investment From Statoil Energy Ventures

Companies to expand energy storage offerings for commercial and industrial electricity users

NEW YORK, NY--(Marketwired - Dec 5, 2016) - Convergent Energy + Power, a market-leading energy storage asset developer, has received a strategic investment from Statoil Energy Ventures, one of the world's largest corporate funds dedicated to renewable energy. Statoil joins a group of five other strategic investors committed to supporting Convergent in developing, financing, and operating cost-effective energy storage assets.

"Our partnership with Statoil represents the continuing expansion of our energy storage offerings," said Johannes Rittershausen, Convergent's CEO. "We are leveraging our experience with over 70 MW and $200 million in contracted energy storage projects, as well as the expertise of one of the largest energy companies in the world, to provide compelling solutions for both utilities and large end-users of electricity."

For many such customers, energy storage can create significant savings and increase operating efficiencies without emissions or other negative environmental impacts. Convergent specializes in designing, building, operating, and optimizing client-tailored energy storage solutions.

"Statoil has been an innovator in the energy sector for many decades, from deep sea oil recovery to offshore wind project development, and we see energy storage as an integral part of our ambition as our clean energy business continues to grow," said Gareth Burns, Vice President in Statoil and managing director of Statoil Energy Ventures. "Our partnership with Convergent is a natural addition to our portfolio and another way to stay ahead of the curve in a rapidly expanding and evolving energy storage industry."

Convergent continues to position itself to respond to new opportunities. "Ultimately, the success of this emerging sector will depend on our collective efforts to define, deliver, and monetize the value energy storage creates," continued Rittershausen. "Working with Statoil enhances our ability to execute on existing projects, as well as reach new customers."

About Convergent Energy + Power

Convergent Energy + Power is a technology-neutral energy storage asset developer with experience across a wide range of projects, from commercial and industrial applications to grid-connected systems. The company manages all aspects of the energy storage asset development cycle, including project-specific opportunity identification and economic evaluation, contract and financial structuring, engineering-procurement-construction, as well as operations and maintenance.

For more information, visit www.convergentep.com or contact info@convergentep.com

About Statoil Energy Ventures

Statoil Energy Ventures was established as part of Statoil's new business area New Energy Solutions, reflecting the company's aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions. The fund will invest up to $200 million. For more information, contact seven@statoil.com.

Contact Information

  • Media contact for Statoil Energy Ventures:
    Elin Isaksen
    Media Relations
    Email Contact
    47 480 91 183

    Media contact for Convergent:
    Eugene Hunt
    Trevi Communications for Convergent
    Email Contact
    978-750-0333