Very good news from AXIOS & Maggie Teliska
German insurance company Munich Re will now offer long-term insurance on battery performance in energy storage systems, a move that could reduce barriers to investment in energy technologies.
Why it matters: Large-scale renewable energy systems are expensive and complex, and in some cases their manufacturers have declared bankruptcy before the end of their systems’ maintenance and warranty periods. Insuring against such risks — as well as those associated with relatively untested new battery chemistries — could spur adoption of innovative technologies by utilities and transportation providers and in off-grid applications.
“When insurers move into a new space, it means that capital will flow more freely as the security for the risk enhances stability”-Ray Dean