Insurance giant Munich Re is allowing manufacturers to insure against the risk of their products not delivering as promised.
This will make it easier for manufacturers to increase the deployment of battery capacities and make renewable energy more dependable. The cover is primarily aimed at major projects like those ensuring grid stability or covering peak demand periods. According to Peter Roder member of the board of Munich Re “The ability to insure battery performance is a key piece of the puzzle in decarbonising our energy sector. The first Customer for this innovative product is the US battery manufacturer ESS, whose redox flow batteries will be sold with Munich Re’s Performance warranty cover. ESS produces stationary battery modules that allow energy from solar parks and network operators to be stored over long periods.