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Ariel Re delivers innovative insurance to support Powin Storage Solutions

Client-focused risk mitigation and insurance program to backstop the performance guarantees of Powin’s energy storage systems at a utility-scale project in Mexico.

(September 21, 2021) Ariel Re today announced that it has insured the performance warranty of Powin LLC (“Powin”), a global leader in the design and manufacture of battery energy storage solutions, at a project developed by Invenergy, a leading global developer, owner and operator of sustainable energy solutions, in Baja Californian Sur, Mexico. Through its Lloyd’s Syndicate 1910, Ariel Re provides Battery Storage System Replacement Cover to backstop Powin’s contracted capacity guarantee in the event of unexpected defects and/or accelerated degradation of the storage systems causing a warranty default.

“As the utility-scale storage market continues to flourish and deliver enhanced asset valuation through improved grid flexibility and project owners and investors seek support of complex performance warranties from BESS technology providers, the market will benefit from insurance products from strong counterparties like Ariel Re,” says Frank Petrocelli, Senior Risk Analyst, Clean Energy Risk Solutions at Ariel Re. George Schulz at Ariel Re added, “The Powin team has demonstrated a scalable storage solution with keen focus on supply chain management to produce a reliable energy storage system; with open dialogue and sharing of information, it enables us to tailor a custom risk transfer solution. Ariel Re is pleased to help Powin achieve its strategic growth goals.”

The Powin team of industry veterans are building energy storage solutions to address the growing demand for the utility-scale and commercial markets. They continue to hone their technology to deliver world-class products in terms of adaptability, reliability and safety. Ariel Re is delighted to partner with Powin to strengthen its position as a global leader of energy storage solutions.

Geoff Brown, CEO of Powin, said, “Over the past two years Powin has made tremendous strides in building a trusted reputation with our customers and partners in the energy industry. This announcement with Ariel Re is yet another key milestone in our mission to become the leader in the industry. With 750MWh of projects in operation, over 2 GWh in construction and an additional 4 GWh contracted, Powin has established itself as one of the fastest growing, highest value, and safest energy storage system integrator in the world.”

HUB International was the exclusive insurance broker for the transaction.

About Ariel Re:

Ariel Re offers a broad range of innovative insurance and reinsurance solutions and services through our offices in Bermuda, London and Hong Kong. We are a multi-line, specialty (re)insurer meeting the business needs of a diverse client base. Ariel Re operates principally through Syndicate 1910 in London and also offers access to Lloyd’s Europe via Syndicate 5336.

Originally founded in 2005, Ariel Re was acquired by Pelican Ventures and J.C. Flowers on November 24, 2020. The new owners bring to the table significant capital resources and a long track record of supporting successful, entrepreneurial businesses in the (re)insurance industry.

About Powin, LLC (Powin):

As a global leader in the design and manufacture of safe and scalable battery energy storage solutions, Powin supplies the software and hardware to the growing volume of next generation energy storage projects that will transform the grid, enable high levels of renewable generation and put conventional generators out of business. To learn more about Powin, please visit www.powin.com.

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Leading the transformation of the modern power grid through Energy Storage. Enabling 100% Renewables Initiatives, Grid Decentralization and Resiliency.

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