New Energy Risk Supports Topsoe’s Electrolyzer Projects With Innovative Insurance Solution
MENLO PARK, Calif.–(BUSINESS WIRE)–New Energy Risk (“NER”), a wholly owned division of Paragon Insurance Group and leading provider of customized technology performance insurance solutions for energy transition projects, has entered into a partnership with Topsoe, a global leader in carbon emission reduction technologies. NER will serve as the preferred insurance supplier for Topsoe’s hydrogen electrolyzer business.
This partnership supports the global deployment of Topsoe’s electrolyzer technology by facilitating cost-effective financing for the company’s customers. These customers can leverage NER’s technology performance insurance products to strengthen the bankability of their projects. This partnership follows NER’s completion of detailed technical due diligence on Topsoe’s electrolyzer technology. Completing this process streamlines the underwriting and placement of performance insurance, and eligible projects will benefit from improved timelines and the potential for increased financing certainty.
Topsoe’s solid oxide electrolyzer technology expands on its extensive experience in electrolysis. These electrolyzers utilize Topsoe’s proprietary technology to convert water into sustainable hydrogen for a range of applications including transportation, manufacturing, energy storage and industrial processes.
“We recognize the potential of the hydrogen market to replace essential hydrocarbon feedstocks and are grateful that Topsoe, a company with over 80 years of excellence in the process industries, has entrusted NER to add value to its offering and support customer adoption,” said New Energy Risk’s CEO, Tom Dickson.
“Topsoe’s vast experience in chemical processing is evident in its solid oxide electrolyzer technology. NER has completed extensive technical due diligence and is proud to offer a world-class performance insurance product in support of this technology,” said Brad Price, Managing Director for Technical Due Diligence at New Energy Risk.
“Our partnership with NER is an important milestone to accelerate the delivery of our customers’ green hydrogen projects and is testimonial to the confidence in our technology. As the insurance provides performance coverage for commissioning, ramp-up and operations, it’s a strong de-risking tool supporting customers and investors with increased bankability for projects that involve our SOEC electrolyzers,” said Sundus Cordelia Ramli, CCO Power-to-X at Topsoe.
About New Energy Risk
New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. The company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. Insurance policies are administered through New Energy Risk affiliate, Complex Risk and Insurance Associates, LLC, CA License #0I24307. Learn more: https://newenergyrisk.com/.
About Topsoe Energy
Topsoe is a leading global provider of technology and solutions for the energy transition. It combats climate change by helping its customers and partners achieve their decarbonization and emission reduction goals.
Based on decades of scientific research and innovation, Topsoe offers world-leading solutions for transforming renewable resources into fuels and chemicals for a sustainable world, and for efficient and low-carbon fuel production and clean air.
Topsoe was founded in 1940 and is headquartered in Denmark, with over 2,800 employees serving customers all around the globe. To learn more, visit www.topsoe.com.
About Paragon
Paragon Insurance Holdings, LLC, a Galway Holdings company formed in 2014, writes all commercial lines of insurance across more than 25 programs. Paragon’s industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Learn more: https://paragoninsgroup.com/.
Contacts
Media Contact:
Shawn Langlois
EVP Communications
Paragon Insurance Holdings, LLC
slanglois@paragoninsgroup.com
(310) 989-4895
Lexie Brazil
StreetCred PR
lexie@streetcredpr.com
214-773-7114
