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Convergent and Shell New Energies Announce Joint Venture to Install 21 MWh of Energy Storage Projects at Shell Facilities

May 8, 2019

TORONTO--(BUSINESS WIRE)--May 8, 2019--Convergent Energy + Power (Convergent), the leading independent developer of energy storage solutions in North America, and Shell *, today announced a joint venture starting with 21 MWh of industrial battery storage systems at two Shell Canada Products facilities in Ontario. Convergent and Shell New Energies intend to collaborate on future projects for customers within and beyond Shell’s affiliated portfolio.

“Convergent is focused on building projects that save our customers real money while also increasing the overall sustainability and reliability of electricity,” says Convergent CEO Johannes Rittershausen. “We are proud to launch this joint venture with Shell to create value for a broader group of customers.”

By using the energy storage solutions developed and operated by Convergent, commercial and industrial customers can lower their energy bills by decreasing the amount of electricity their facilities consume during grid peak periods. For example, Convergent’s PEAK IQ™ dispatch algorithm is 25% more accurate at peak prediction than public market forecasts, which, coupled with the energy storage system, can save large commercial and industrial customers up to 40% on their electricity bills. The first two projects under the joint venture are currently in the construction phase at Shell Canada Products facilities in Brockville and Sarnia, Ontario.

“Convergent has a strong track record of delivering cost savings and resiliency services to large industrial customers,” says Eric Bradley, Global General Manager Connected Energy, Shell New Energies. “This energy storage offering complements the broader suite of solutions, including energy efficiency and energy management, that we already provide.”

Convergent is the largest operator of energy storage solutions in Ontario, with 26 MW in service, and Shell Energies North America provides comprehensive power services to industrial customers throughout North America, including Ontario. Under the partnership agreement, Convergent’s energy storage solutions will be offered to existing Shell Energy North America customers in Canada.

* The legal entity is Shell Canada Energy

About Convergent Energy + Power

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 MWs and 240 MWhs of projects in operation, construction, or under contract, Convergent is also the largest independent operator of energy storage in North America. Convergent also commissioned the largest behind-the-meter solution in North America in 2018. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.

About Shell New Energies

Established in 2016, Shell’s New Energies businesses focus on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, at almost every stage of the process, from generating electricity, to buying and selling it, to supplying it directly to customers. Shell’s New Energies businesses are seeking to leverage the company’s strengths and to invest in commercial opportunities in fast-growing parts of the energy industry. For more information, visit www.shell.com/newenergies.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190508005152/en/

CONTACT: Convergent Media Relations

Kate Siskel

917.508.0274

ksiskel@convergentep.com

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: ENERGY OIL/GAS OTHER ENERGY MANUFACTURING OTHER MANUFACTURING NATURAL RESOURCES MINING/MINERALS OTHER NATURAL RESOURCES

SOURCE: Convergent Energy + Power

Copyright Business Wire 2019.

PUB: 05/08/2019 08:40 AM/DISC: 05/08/2019 08:40 AM

http://www.businesswire.com/news/home/20190508005152/en