Marathon Capital, LLC (“Marathon”) is pleased to announce Convergent Energy + Power (“Convergent”), the leading independent developer of energy storage
solutions in North America, has been acquired by Energy Capital Partners (“ECP”), a private equity and credit investment firm with ~$19 billion in
capital commitments. Marathon served as the exclusive sell-side financial advisor to Convergent.
Since its founding in 2011, Convergent has raised and deployed over $70 million of equity and debt financing into over 120 MW / 240 MWh of energy storage
projects. Convergent lowers electricity bills for commercial and industrial customers and helps utilities manage an increasingly decentralized
and renewables-driven landscape. Convergent developed and operates the largest behind-the-meter energy storage system in North America and was
the first to develop a non-wires-alternative for utility infrastructure. In a sector forecasted to expand 13 times over the coming five years,
ECP’s acquisition includes funding for Convergent’s future pipeline of projects and provides Convergent with the resources to continue setting
milestones for the energy storage sector.
Marathon executed a comprehensive marketing process for Convergent that generated a variety of offers from prospective investors and advised Convergent
through the diligence, commercial structuring, and agreement negotiation deal phases.