Convergent Energy + Power To Provide Battery Storage System to Holyoke Gas & Electric

Deal expected to stabilize costs for customers amidst volatile energy market

 Expected to Stabilize Costs for Customers Amidst Volatile Energy Market

NEW YORK , April 14, 2022 /PRNewswire/ -- Convergent Energy + Power (Convergent), a leading provider of energy storage solutions in North America, announced today its plans to provide Massachusetts's municipally-owned utility company Holyoke Gas & Electric (HG&E) with a battery storage system expected to stabilize costs for its customers and further insulate against rising energy prices. Convergent's 5 MW/15 MWh utility-scale battery storage system for HG&E accelerates the clean energy transition through AI-powered energy storage. Convergent will own and operate the battery leveraging its proprietary energy storage intelligence, PEAK IQ®. The battery storage system is projected to come online in Holyoke, MA in 2023.

Energy storage is the linchpin of the clean energy transition because it optimizes renewable energy performance, reduces costs, and increases reliability if deployed and managed intelligently. Convergent's battery storage system for HG&E will dispatch at strategic times, storing energy when it is cheapest and cleanest and discharging energy to displace the most expensive and carbon-intensive periods.  

"HG&E is constantly seeking sustainable and innovative energy solutions that will help keep rates stable for our customer base," says Jim Lavelle, HG&E's Manager. "We are excited to add another energy storage system to HG&E's portfolio, in partnership with Convergent Energy + Power."

Convergent has over a decade of expertise in financing, owning, and operating energy storage assets, both for commercial/industrial and utility customers, and is one of the original players in the energy storage sector. The company has over $400M invested in projects in operation or allocated to projects under development across North America.

"By building energy storage in local communities, we can insulate them against rising energy costs as well as increase renewable energy effectiveness across the grid," says Johannes Rittershausen, CEO, Convergent Energy + Power. "We are proud to partner with HG&E, which has shown a deep, ongoing commitment to its community and continues to set a positive example for its peers by deploying innovative solutions."

Convergent's energy storage system will be the third battery storage project for HG&E.

About Convergent Energy + Power 
Convergent Energy + Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company's commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent's proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. With over $400M invested in projects in operation or allocated to projects under development, Convergent is a leading independent owner and operator of energy storage and solar-plus-storage solutions. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.

About Holyoke Gas & Electric 
For over a century, Holyoke Gas & Electric (HG&E) has supplied innovative utility services to customers. HG&E is a municipally-owned utility company, which puts us in the unique position to make decisions based on the needs of the communities we serve, which include Holyoke and Southampton.  Every day, your neighbors at HG&E work to make the quality of life for residents better and more affordable, while assisting in business growth and economic development.  We are proud to be your neighbors.

SOURCE Convergent Energy + Power

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