New Energy Risk (NER), a leader in customized performance insurance solutions for breakthrough technology projects, announced today that it has helped facilitate the purchase and financing of fuel cells in Staten Island, New York. The insurance solution developed by NER was a key component of the project’s financing and execution strategy. 

The fuel cells totaling 12 MW in capacity across three sites were installed by joint venture including Daroga Power LLC. Project financing was in part provided by NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), and New York’s $1 billion sustainable infrastructure investment fund. Daroga Power is poised to become the largest owner/operator of community distributed energy generation projects in New York City, with a total fuel cell and solar portfolio capacity of 20 MW. 

NER, a member of the AXA XL group of companies, conducted a proprietary technoeconomic analysis, and then developed an insurance solution and monitoring schedule that addresses the operation of the fuel cells for up to 12 years. This is the first time NER has supported an investment by NY Green Bank.

“For years, we have been very pleased to support the expansion of fuel cells around the world,” said Tom Dickson, CEO of NER. “The installation of these fuel cells in New York City is another great example of infrastructure that provides reliable and cost-effective power, with the peace of mind that performance insurance provides.”  

“Daroga Power is at the cutting edge of sustainable infrastructure serving New York City,” said Ory Moussaieff and David Matt, founders of Daroga Power. “With this insurance solution by New Energy Risk, we were able to close our financing and more than triple our fuel cell capacity. It would not have been possible without NER.” 

“NY Green Bank is pleased to provide financing for fuel cell-powered community distributed generation projects, which benefit from the credit enhancement provided by NER’s performance insurance product,” said Alfred Griffin, president of NY Green Bank. “Our investments and activities support Governor Cuomo’s nation-leading goals to combat climate change, as outlined in the Climate Leadership and Community Protection Act, which requires that 70 percent of the State’s electricity come from renewable sources by 2030.” 

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About New Energy Risk 

New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. Founded in 2010, the company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. New Energy Risk has helped its customers unlock over $2 billion in financing for commercializing renewable energy and new technology deployments that address global challenges. Insurance policies are administered through New Energy Risk affiliate Complex Risk and Insurance Associates, LLC, CA License #0I24307. To learn more, visit www.newenergyrisk.com.  

About AXA XL 

AXA XL provides insurance and risk management products and services for mid-sized to large multinational companies, and reinsurance solutions to insurance companies globally. As a leading global insurer, AXA XL offers services in over 200 countries and territories for 90% of Fortune 500 businesses. To learn more, visit www.axaxl.com.