Insurtech Altelium has teamed up with Tokio Marine Kiln to create a warranty programme for data-driven battery energy storage systems, which enable renewable energy to be stored and then released when customers need power, so electricity grids can provide a reliable supply.

Tom Hoad, head of innovation at TMK, said: “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.”

Ed Grimston, co-founder of Altelium, added: “Altelium’s core aim is to help accelerate the transition to renewables by providing a real-time data driven insurance solutions.”

He added: “We are delighted to introduce this product to the market. Market and client reaction has been tremendous.”

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