Convergent Energy and Power Publishes 2022 Sustainability and Impact Report

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by KnowESG
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Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, has released its 2022 Sustainability and Impact Report.

The report describes Convergent's strong progress in advancing the clean energy transition through its Environmental, Social, and Governance (ESG) work and its goals for 2023.

“Being a good corporate citizen is core to Convergent’s identity. I’m proud of the progress we’ve made and excited for the path we have charted in our 2022 Sustainability and Impact Report,” said Johannes Rittershausen, Convergent’s CEO. "This report makes it clear that we are committed to continuous improvement and leadership in ESG. This makes Convergent a strong partner for businesses and utilities that put a high value on mitigating the climate crisis, community engagement, safety, ethical governance, and diversity, equity, and inclusion. Energy storage is the linchpin of the clean energy transition, and we are proud to accelerate this transition together with our customers.”

Some of the highlights of the report include the following:

  • Over 2021, Convergent's ESG risk rating went up, and Sustainalytics, a Morningstar company and the leading independent ESG corporate governance research, ratings, and analytics firm, gave it a "low risk" score.

  • As of February 2022, Sustainalytics rated Convergent as the ninth lowest risk out of the 676 companies within the utilities sector.

  • Over 50% of the energy storage systems Convergent originated in the past 24 months include solar PV.

  • In 2022, nearly 10,000 metric tonnes of CO2 were saved by Convergent's systems, and that number is likely to go up as the company builds more solar-plus-storage systems.

  • In 2023, Convergent will add to its community engagement efforts, which already include evaluating sites for climate-related risks and hiring local construction teams whenever possible.

In addition to its commitments to ESG, Convergent has made a lot of progress in creating energy storage solutions that make the electric grid more reliable, cheaper, and powered by renewable energy. More than 500 MW/800 MWh of storage and solar-plus-storage capacity is operating or under development. More than $500 million has been invested in projects already running or allocated to projects under development.

Frank Genova, Chief Operating and Financial Officer, said, "As we start 2023, which is sure to be a big year for the future of energy, I have a lot of faith in our business and think it is in the best position to meet this moment. We now have the regulatory certainty needed for the private sector to invest more heavily in the clean energy transition, and Convergent will continue to hold a leadership role in the future of energy.”

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Source: Convergent Energy and Power

Click here to read the full report.

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