Tempe, AZ, USA, Sept. 05, 2024 (GLOBE NEWSWIRE) — Erthos, a large-scale renewable energy technology company and inventor of Earth Mount Solar, has partnered with New Energy Risk, a wholly owned division of Paragon Insurance Holdings, and CAC Specialty, a leading insurance broker, to develop a unique insurance-backed warranty product for their Earth Mount Solar technology.
Earth Mount Solar marks a milestone advancement in the evolution of large-scale solar plant design. The PV modules are placed flat on the ground, eliminating the need for driven piles and steel tracking structures. This reduces installation time and materials and simplifies operations and maintenance, allowing developers to maximize their project returns.
Following extensive due diligence, New Energy Risk confirmed the suitability of Earth Mount Solar technology and its qualification processes for performance insurance. This insurance program will backstop Erthos’ warranties and break new ground by supporting an expanded scope relative to current market solar warranties. The expanded scope will include coverage for system performance following certain flood and hail events.
“Our Insurance-Backed System Warranty will put the promise of an A-rated insurer behind the Erthos warranty,” said Daniel Flanigan, Chief Technology Officer at Erthos. “This includes PV module warranty enhancements covering our unique use case. We’ve come out with a new way to mount solar modules, so, naturally, there are different environmental factors that need to be understood by the market. New Energy Risk joined us to assess this risk and bring insurance to the table.”
“The NER team has been impressed with Erthos’ rigorous approach to product development and are excited to be supporting them in the development of an insurance program that will become an integral part of their product. We expect this to enhance the value proposition of the Earth Mount Solar system and make it an easy buying decision for their customers,” said Richard Riley, Managing Director of Business Development for New Energy Risk. “We appreciate that Erthos has put their trust and confidence in NER to help grow their business and enhance customer adoption of their solution.”
“Up until now, we have not seen a warranty address natural catastrophe risks in this way. It is an exciting time and a redefining moment in solar deployment,” said Sara Kane, Vice President, Natural Resources at CAC Specialty. “This warranty, backed by insurance, will help instill buyer confidence in the reliability of the Earth Mount Solar technology and pave the way for a more resilient future.”
The insurance program is planned to be placed in Q4 2024 subject to final insurer approvals.
About Erthos
Founded in 2019 and located in Tempe, Arizona, Erthos offers a full suite of products and services aimed at helping developers dramatically reduce the levelized cost of energy (“LCOE”) on utility-scale solar power plants. Its executives and management hail from companies including Tesla, General Electric, First Solar, EnerVenue, Depcom Power, Sterling & Wilson, SMA, Solar Frontier, and Plug Power. The team has extensive experience in global markets, including the US, Latin America, Australia, Europe, the Middle East, Africa, India, Asia, and the Pacific. Find out more about Erthos at htps://erthos.com.
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 Paragon
Paragon Insurance Holdings, LLC, 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://www.paragoninsgroup.com/.
About CAC Specialty
CAC Specialty is a leading specialty insurance broker and advisor that provides expertise and placement capabilities across the spectrum of insurance and capital markets. Part of CAC Group, the company delivers customized solutions for a wide range of risks, serving both large corporations and small-to-medium enterprises. As an employee-controlled company, it houses top industry talent dedicated to meeting clients’ comprehensive risk management needs.