Energy storage system provider ESS Inc. announced it is now including 10-year insurance coverage on its long-duration energy storage products through Munich Re, a global insurance company. The innovative policy provides warranty backstop for ESS Inc.’s proprietary flow battery technology, supporting the system performance guarantee regardless of project size or location.
ESS Inc. has also collaborated with Munich Re to develop a separate Project Cover to ensure a bankable product offering. The Cover directly addresses technology risk and business continuity risk, and can be extended in order to provide long-term assurance of project performance to system owners, investors and lenders in the energy sector.
“As a leader in the long-duration energy storage industry, we’re constantly looking to innovate and break ground on new programs that increase confidence in our utility-scale storage solutions. We are pleased to now offer a comprehensive insurance policy on all future projects, backed by another industry leader, Munich Re,” said Craig Evans, founder and CEO of ESS Inc. “This policy is a game changer for both our company and our products. Customers can now deploy our flow batteries with greater confidence in securing financing, system operations, and successful performance outcomes.”
“We stand firmly behind ESS Inc.’s flow battery technology as a proven solution for long-duration energy storage at commercial and utility scale,” said Michael Schrempp, global head of green tech solutions at Munich Re. “Our goal in providing a comprehensive policy is to enable ESS Inc. to expand deployment of its solution at scale globally.”
News item from ESS