Renew Risk Raises GBP 1.7 Million Seed Funding to Improve Financing for Renewable Energy Assets
As the world transitions towards green energy, the next 10 years will see exponential growth in the offshore wind industry - expected to be a USD 1T industry by 2040.
September 07, 2023. By Anurima Mondal
As the world transitions towards green energy, the next 10 years will see exponential growth in the offshore wind industry - expected to be a USD 1T industry by 2040. This growth requires massive institutional investment yet the associated risks remain largely unmeasurable. Offshore wind is currently experiencing 'Capacity Crunch' as the insurers are finding these large assets too uncertain to insure, or price accurately.
Renew Risk provides robust risk assessment solutions that will allow (re)insurers, insurance brokers and offshore wind farm developers to appropriately assess the risk of these billion dollar renewable energy assets being constructed in deep sea and in natural disaster prone regions. Their first of its kind risk modelling software, driven by deep data science, calculates the frequency and severity of financial losses due to natural disasters. The product allows (re)insurers to accurately understand the risk and confidently provide capacity. By securing insurance for large offshore wind projects, institutional investors are more inclined to provide the necessary financing to expedite the transition to renewable energy.
The startup already has models live with global (re)insurers leading on supporting transition to green energy. The investment will enable the company to expand its customer base across the United States and Asia and develop next-generation products that cover additional asset classes.
Renew Risk’s CEO, Ashima Gupta, expressed gratitude for the support and confidence demonstrated by the investors, stating, "We are thrilled to have secured this significant funding round, led by Insurtech Gateway. This investment not only validates the tremendous potential of Renew Risk, but it also propels us forward on our mission to help improve the financial processes key for the transition to green energy. With this support, we are now poised to accelerate our product development, expand our market reach, and continue driving innovation in the industry. We are grateful to our esteemed consortium of investors for their trust and belief in our vision and we are excited about the transformative impact we will make in the insurance industry.”
Stephen Brittain, Co-Founder at Insurtech Gateway, commented, “Renew Risk has effectively characterised the risks associated in planning and prioritising the most effective sites for offshore wind farms. With numerous government commitments to accelerate this sector, it is an exciting time to be part of the Renew Risk team. We are delighted to join them on this journey.”
Meanwhile, Anthony Chant, Investment Director at OnePlanetCapital added, “We are delighted to be supporting Renew Risk as they launch the product globally. We believe that this insurance product can really help in accelerating financialisation of wind farms globally. We are looking forward to supporting the business in their future growth.”
As Renew Risk embarks on the next phase of its journey, it invites renewable energy developers, bankers, insurers, financiers and other industry stakeholders to join in its mission of improving the financialisation of renewable energy assets and catalase clean energy investment.
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