AXA XL affiliate and provider of solutions for breakthrough technology projects New Energy Risk (NER) has provided a performance insurance program to SHINE Medical Technologies, a development-stage company working to become the world’s leading producer of medical isotopes.
The cover is for a new production facility set up by SHINE to be the first non-reactor producer of molybdenum-99 in the US.
Molybdenum-99, or Mo‑99, is relied on for more than 40 million medical procedures every year.
Roughly one percent of all Mo-99 in the world decays every hour, so it must be produced continuously.
Current production is limited to a handful of government-owned nuclear research reactors, the majority of which are overseas.
NER utilised its proprietary technoeconomic analysis to assess SHINE’s technology, then developed an insurance product and monitoring schedule that covers the commissioning and output of the facility.
This is the first time such a performance insurance product has been designed for a private medical isotope technology.
“2019 was SHINE’s best year yet from a project finance and execution standpoint,” said Greg Piefer, founder and Chief Executive Officer of SHINE Medical Technologies.
“New Energy Risk’s technology insurance solution was an important element of our success in 2019 and we are thrilled to be partnering with New Energy Risk on this unique approach.”
“We’re proud to have supported SHINE in their capital raise and are thrilled to apply our bespoke insurance solution for the first time in a critical medical field,” said Tom Dickson, CEO of NER.
“We are on a mission to partner with breakthrough technologies solving pressing global challenges, and SHINE is among the most impactful and exciting companies we have had as a client.”