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Battery storage will experience heavy supplier attrition similar to solar market
“And we expect to see something similar in the battery storage and other clean technologies, so that's why”
Solar PV makers offer 30-year warranties despite lacking 30-year histories
“So PV modules, for example, have all standardized on 25 or thirty-year warranties. But most all of those companies have not been around for 25 or 30 years.”
Battery makers offer 20-year warranties on products with 5-year track records
“Same thing with batteries. They're guaranteeing their product for 15, maybe 20 years, although their product may be in the field for a maximum of three or five years.”
Financiers strand non-lithium batteries and bio-conversion in valley of death
“The ones that are trying to get across the valley of death are The new entrance. It's think of the non lithium battery suppliers, some of the long duration battery suppliers, many of the bio conversion companies that are out there that have a newer technology …”
Powin filed for Chapter 11 months after $200M KKR investment
“So they received a two hundred million or so capital injection from KKR, One of the biggest names in private equity as a backer, and then only a few months later, they filed chapter 11.”
Under 20% of leading solar suppliers from a decade ago survived
“We've been insuring PV module manufacturers for nearly 15 years, and if you look back a decade, fewer than 20% of the leading solar suppliers from that time are still around today.”
Battery storage fires will continue happening as project deployments scale
“With so many more projects being built today, even rare events and fight like fires or explosions Will still continue to happen, but each one pushes the industry to raise the bar a little higher on safety.”
Tariffs, FEOC rules, and tax changes cause 2025 renewables delays
“Tariffs, FIAC rules, tax credit changes, there's no question they've all added friction to the storage market this year and the renewables market more generally. We've seen delays, higher costs, definitely uncertainty in the market, but at the same time, this …”
Large-scale long-duration storage projects will come online by 2026 or 2027
“So I'd say by 20, 26, 20, 27, we'll, we'll see some of these larger scale long duration projects just coming online and we'll definitely be, Watching and likely involved in some of those.”
Most clean energy suppliers and project companies lack a credit rating
“Most clean energy suppliers and project companies also don't have a credit rating.”
Ariel Green continued coverage for Powin buyers after Chapter 11 bankruptcy
“This happened this year with Powen, and we've been insuring Powen systems, and so as soon as they filed their chapter 11, You know, the buyers reached out and said, you know, what happens now? And our insurance policies worked exactly like they were supposed t…”
FlexGen bought Powin service rights without assuming warranty coverage
“FlexGen, who stepped in. They purchased many of the rights to service many of the Powen portfolio, but they're not covering the warranties.”
Moss Landing battery fire caused $400M in insurance losses
“You know, the event resulted in about four hundred million dollars in insurance losses, and thankfully no one was hurt, but that was a striking event where the project was built to fire codes of the time, and it still burned to the ground.”
Storage industry shifting from NMC to LFP chemistry to reduce fire risk
“You know, on the technology side, the industry has been moving away from NMC chemistry, which was the type of battery chemistry, lithium ion battery chemistry used at Moss Landing, towards LFP chemistry, which has a lower fire risk of thermal runaway.”
Sodium-ion batteries could be a near-term replacement for energy storage
“You know, we see sodium ion playing a part, and we're already interested in, and seeing how that's going to participate. I think that could potentially be a replacement in the nearer term, even.”
Clean tech developers increasingly hire dedicated VPs of risk and insurance
“Within the last year or two, you know, the counterparts that I interact with at some of the suppliers and project developers have titles like VP of risk or VP of insurance and risk, which I think goes to show that they're now focusing on long-term risk plannin…”
Mature PV solar technologies now compete primarily on price and compressed margins
“PV modules have matured, you know, polycrystalline technologies are mature. There's lots of companies and, you know, we insure many of those companies but they're not trying to cross the valley of death. They're competing on price, driving down their margins.”