ESS, a manufacturer of low-cost and long-duration energy storage systems, has secured an investment from reinsurance giant Munich Re, allowing for expanded coverage of its Energy Center.
The policy provides a warranty backstop for ESS’s proprietary flow battery technology and electrolyte management system, supporting the system performance guarantee regardless of project size or location.
ESS has also collaborated with Munich Re to similarly expand its Project Cover to ensure a bankable product offering for the Energy Center.
The Cover eliminates any technology or business continuity risk for operators and can be extended to provide long-term assurance of project performance to system owners, investors and lenders.
“As a leader in the long-duration energy storage industry, we’re constantly looking to innovate and break ground on new programs that increase confidence in our utility-scale storage solutions,” said Eric Dresselhuys, CEO of ESS.
“We are pleased to see our partnership with Munich Re continue to grow and now include a comprehensive insurance policy to cover our Energy Center solution built for global utility and IPP markets. This policy continues to position ESS as the leading and most bankable long-duration storage player. Utility-scale project developers and asset owners can now deploy our flow batteries with greater confidence in securing financing, system operations, and successful performance outcomes.”
“We stand firmly behind ESS Inc.’s flow battery technology and are pleased to see their strong commitment and progress in technology innovation,” said Michael Schrempp, global head of green tech solutions at Munich Re
“Our goal in providing a comprehensive policy across their product line is to enable ESS to expand deployment of its solution at scale globally.”