NEW YORK, NY--(Marketwired - Nov 15, 2016) - Convergent Energy + Power ("Convergent"), a market-leading energy storage asset developer, has received a strategic investment by GXP Investments ("GXPI"), the non-regulated affiliate of Great Plains Energy Incorporated, the holding company for one of the leading electric utilities in the Midwest. This investment will facilitate Convergent's project pipeline growth in a rapidly expanding energy storage marketplace, and strengthen GXPI's engagement with emerging technology companies.
"We are very excited to be working with GXPI, and to receive their strategic support to grow our business," said Johannes Rittershausen, Convergent CEO. "While we've already contracted over 55 MW and $150 million of energy storage projects throughout North America, we're also expanding our product offering to utilities and large electricity users in America's Heartland."
"We are at the beginning of a rapid expansion in the energy storage industry," said Dennis Odell, Senior Director at GXPI. "We see our investment in Convergent as an opportunity to participate in this developing industry, as well as to help utilities and their customers better understand how energy storage can work for them."
In many use cases, energy storage can produce economic savings and increase grid reliability, all without emissions or other negative environmental impacts. Storage can be a particularly effective way to boost grid resilience in rural communities and help mitigate capacity or voltage issues for commercial users. It could also be of significant value in integrating variable renewable generation - an area of concern in the Midwest. Convergent provides its customers with a "one-stop shop" for energy storage projects, such as matching the business case with the appropriate technology option, as well as providing for an asset's financing, construction, and operations.
Convergent continues to position itself to respond strategically to new and existing opportunities. "Working with partners such as GXPI will expand our access to and credibility with customers in new places," continued Rittershausen. "Ultimately, the success of this emerging sector will depend on our collective ability to define and deliver the value that energy storage creates. Convergent looks forward to working with GXPI to build on our successful track record."
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 firstname.lastname@example.org
GXP Investments ("GXPI") is the non-regulated investment affiliate of Great Plains Energy Incorporated. GXPI is led by a management team experienced in regulated and non-regulated energy solutions, investments, entrepreneurship and strategy, and is focused on investments within the energy value chain that are adjacent to Great Plains Energy's core utility operations. Great Plains Energy Incorporated is the holding company of Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company, two of the leading regulated providers of electricity in the Midwest. For more information, visit www.gxpinvestments.com.