May 13, 2022: Batteries insurance and warranties company Altelium has teamed up with Tokio Marine Kiln (TMK), an international insurance underwriting business, to launch what the partners say is a world-first warranty programme for battery energy storage systems.
Warranties are issued based on battery properties, behaviours and data analytics. An online platform is used to gather the information, including data capture, performance and risk assessment, to the pricing of the premium.
The companies say such warranties can be used to support the use and trade-in of second life batteries, and so lowering technology and operational risk.
Purchasing warranties enables battery manufacturers “to free up trapped capital”, allowing greater resources to be focused on growth, UK-based Altelium said.
Altelium co-founder Ed Grimston said the aim was to “help accelerate the transition to renewables by providing real-time, data-driven insurance solutions for first and second-life BESS and EVs”.
TMK head of innovation Tom Hoad said: “Providing insured warranties for BESS will unlock the deployment of large-scale capital investment.
“We are all aware of the urgent need to improve energy security and slash carbon emissions. Partnering with start-ups like Altelium helps us support this.”