Paragon Insurance’s wholly owned subsidiary New Energy Risk (NER) has developed a tailor-made insurance solution for renewable technology firm Yilkins.
The new performance warranty backstop insurance programme has been designed to promote Yilkins’ low-carbon fuel production projects pipeline.
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Under the tie-up, NER has used a proprietary techno-economic model that integrates scientific know-how, engineering evaluation, along with actuarial and financial expertise to examine the performance of Yilkins’ technology and its possible output of on-specification offerings.
Following an evaluation of Yilkins’ torrefaction technology and procedure, NER created a tailor-made solution to backstop Yilkins’ obligations under its warranty.
The customised programme helps Yilkins in mitigating enterprise risk. It also improves the bankability of Yilkins’ warranty from the customers’ perspective.
Financial holding company Markel Insurance provided the solution to Yilkins.
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By GlobalDataThe solution enables Yilkins to commercially deploy its technology at several large international firms and allows the growth of its business across the globe.
NER’s due diligence managing director Brad Price said: “Yilkins’ technology has been rigorously developed and stress tested, enabling New Energy Risk and our insurance partners to support the value of the warranties.
“Qualified Yilkins certificate holders should feel confident knowing that a world-class warranty backstop is in place.
“After extensive technical due diligence, New Energy Risk is proud to stand behind Yilkins’ performance and workmanship.”
NER supports technologies and projects that offer cleaner utilisation ways for non-traditional and difficult-to-manage waste and residual streams, including municipal waste, agricultural waste and others.
Yilkins CEO Rob Voncken said: “The support and expertise provided by New Energy Risk’s insurance backing are essential in facilitating the implementation of new, sustainable biomass-based supply chain projects, leveraging Yilkins’ highly efficient and cost-effective conversion technologies.”
