Bermuda-based reinsurer Ariel Re has insured the long-term performance warranty of Ecogensus, a technology firm focused on delivering sustainable waste management solutions.
Through its Lloyd’s Syndicate 1910, Ariel Re will provide insurance coverage to backstop comprehensive performance guarantees for Ecogensus’ recyclers, which process solid waste into high performance biofuels.
In addition to the performance warranty, Ariel Re and Ecogensus have also developed a project revenue protection program, which is structured to support debt lenders and based on an up-to-10-year facility level output performance warranty.
“With a growing need for advanced technology to address significant environmental issues, including methane release and ocean plastic pollution, the global market will benefit from product offerings by Ecogensus,” said Frank Petrocelli, Senior Risk Analyst, Clean Energy Risk Solutions at Ariel Re.
“Insurance products from strong counterparties like Ariel Re, will help to accelerate the use of these technologies.”
George Schulz, Leader Americas of Ariel Re Clean Energy Risk Solutions, also commented: “As the demand for sustainable waste management solutions continues to grow and project owners and investors seek support of complex performance warranties from recycling solution providers, the Ecogensus team has demonstrated a scalable waste recycling solution with a strong focus on robust and reliable performance; with open dialogue and sharing of information, it enables us to tailor a custom risk transfer solution. Ariel Re is pleased to help Ecogensus achieve its strategic growth goals.”
“We are excited to partner with Ariel Re to provide reliability and certainty to our customers as we roll out our sustainability solutions globally,” added Bjornulf Ostvik, Founder and CEO of Ecogensus.
“Our recycling technology offers market-leading waste processing capabilities and enables viable landfill alternatives. The Ariel Re program can enable our customers to access competitive financing solutions as they upgrade their facilities and enhance their valuations with our state-of-the-art recycling solutions.”