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New Energy Risk (NER), a subsidiary of AXA XL, has announced a new partnership with Markel to help meet the growing demand for Bloom Energy fuel cell technology in the United States and abroad.
NER underwrites and structures performance insurance solutions issued by a Markel member company and backed by capacity from some of the world’s largest insurance and reinsurance companies as part of this collaboration.
Bloom Energy’s leading solid oxide fuel cell technology provides on-site power that is clean, reliable, and cost-predictable. Fuel cell capacity has been insured in the United States and South Korea since 2013, thanks to policies backed by NER and underwritten by AXA XL. Bloom’s strong technology performance has enabled investors to access cost-effective financing for installations, allowing these investors to stretch their capital over more projects, according to NER’s insurance solutions. Nearly $300 million in project costs have been backed by $220 million in insurance capacity under this new partnership between NER and Markel.
This announcement comes at a time when demand for other sustainable technologies, as well as the risk transfer requirements that go with them, is growing rapidly around the world. As industries decarbonize in the fight against climate change, project financing is increasingly flowing to emerging energy and other technology innovations to meet environmental targets. By continuing to develop new products to meet demand shifts, NER is ensuring a greener future.
“Risk transfer for fuel cell performance is one of the many ways that New Energy Risk is advancing a cleaner future, and collaboration with Markel represents an increasing appetite in the insurance industry for such technologies,” said Tom Dickson, CEO of New Energy Risk. He continued, “We are very pleased to have collaborative, longtime partners including Markel, with whom we will continue to build a more sustainable world.”
“As a pioneering leader in new energy performance insurance solutions, AXA XL is excited to see New Energy Risk’s continued growth and, with Markel’s added support, greater industry involvement,” said Scott Gunter, AXA XL CEO. “Collaboration like this is what needs to happen to help our clients address climate change risks and prepare for a net-zero future.”
“Markel is very pleased to be supporting the use of fuel cell technology both in the United States and around the globe with innovative insurance products,” said Rob Whitt, managing executive corporate development for Markel. “We have stood alongside New Energy Risk for many years in our reinsurance division, and this new collaboration recognizes our shared belief that performance insurance is a powerful tool for helping solve global challenges in energy and beyond.”
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