New Energy Risk (NER), a provider of performance risk solutions for breakthrough technologies and an AXA XL affiliate, has signed a memorandum of understanding (MoU) with ThermoChem Recovery International, Inc. (TRI), designed to accelerate project development, increase profits and provide certainty of execution.
NER has completed due diligence on TRI’s range of biorefinery-technologies, and has determined that it is prepared to offer insurance solutions to biorefinery owners and projects which leverage TRI’s equipment and tech.
TRI has said that its preferred supplier of technology performance insurance products for its customers and projects is NER and AXA XL, the latter being a large, global insurance and reinsurance company.
Dan Burciaga, TRI’s President and Chief Executive Officer (CEO), said: “With NER taking the lead on providing solid insurance options to owners using our technology, we have eliminated a key obstacle to making commercial-scale biorefineries profitable and replicable.
“NER studied TRI’s 20-year track record of accomplishments and recognized a great opportunity to help make our projects more bankable. This is a great development for us, and for the whole industry.
“New Energy Risk understands this sector, and they understand our technology. What’s more, they know the types and levels of risk mitigation our project owners and investors need in order to get these projects over the finish line and to get steel into the ground.”
TRI offers steam reforming gasification systems that are suitable for Municipal Solid Waste (MSW), woody biomass, agricultural residues, and other waste feedstocks. The company’s systems have been leveraged for numerous commercial North American projects, including the Fulcrum Bioenergy Project Sierra Biorefinery in Nevada and Norampac black liquor gasification, a division of Cascades Paper.
Jon Cozens, Chief Commercial Officer (CCO) at NER, added: “Our business is in backing technologies with demonstrated reliability. We find the rigor to which TRI has developed and proven its technology to be one of the most thorough we’ve found, and over the last several years TRI has been associated with many of the highest quality projects New Energy Risk vetted.
“We look forward to accelerating the deployment of the TRI technology and providing assurance to owners and investors that the TRI technology will perform.”
