Altelium partners with TMK to offer a BESS warranty program
Altelium has partnered with Tokio Marine Kiln (TMK) to offer a data-driven battery energy storage system (BESS) warranty program.
Battery storage, or battery energy storage systems (BESS), are devices that enable energy from renewables, like solar and wind, to be stored and then released when customers need power most. It allows electricity grids to ensure a reliable supply hence playing a key part in ensuring homes and businesses can be powered by green energy, irrespective of whether the wind blows or the sun shines.
Founded in 2018, Altelium offers an online platform for every aspect of the warranty – from data capture, performance, and risk assessment, to pricing, claims, reporting, and invoicing.
“We are all aware of the urgent need to improve energy security and slash carbon emissions, partnering with start-ups like Altelium helps us support this. Providing insured warranties for BESS will unlock the deployment of large-scale capital investment. One of the most significant ways the insurance industry can support the transition to a sustainable, low carbon future is to create a range of insurance products that encourage the deployment of renewable energy into our everyday lives. This insured warranty product supports that transition.” – Tom Hoad, Head of Innovation at TMK.
Bottom Line: Munich Re’s partnership with Twaice comes to mind.