HAMILTON, Bermuda--(BUSINESS WIRE)--Ariel Re, a global (re)insurer with offices in Bermuda, London and Hong Kong, today announced that it has insured the long-term performance warranty of Ecogensus LLC, a global leader in advanced technology focused on delivering sustainable waste management solutions.
Through its Lloyd’s Syndicate 1910, Ariel Re provides insurance coverage to backstop comprehensive performance guarantees for Ecogensus’ recyclers, which process solid waste into high performance biofuels. The insurance coverage puts the strength of Ariel Re behind the performance guarantees for Ecogensus’ processing capacity and fuel specifications.
In addition to the performance warranty, Ariel Re and Ecogensus have also developed a project revenue protection program, which is structured to support debt lenders and based on an up-to-10-year facility level output performance warranty (“OPW”). The OPW program can be coupled with a facility start-up guarantee, which provides a seamless enterprise risk management solution.
“With a growing need for advanced technology to address significant environmental issues, including methane release and ocean plastic pollution, the global market will benefit from product offerings by Ecogensus,” said Frank Petrocelli, Senior Risk Analyst, Clean Energy Risk Solutions at Ariel Re. “Insurance products from strong counterparties like Ariel Re, will help to accelerate the use of these technologies.”
George Schulz, Leader Americas of Ariel Re Clean Energy Risk Solutions, added: “As the demand for sustainable waste management solutions continues to grow and project owners and investors seek support of complex performance warranties from recycling solution providers, the Ecogensus team has demonstrated a scalable waste recycling solution with a strong focus on robust and reliable performance; with open dialogue and sharing of information, it enables us to tailor a custom risk transfer solution. Ariel Re is pleased to help Ecogensus achieve its strategic growth goals.”
Bjornulf Ostvik, Founder and CEO of Ecogensus, said: “We are excited to partner with Ariel Re to provide reliability and certainty to our customers as we roll out our sustainability solutions globally. Our recycling technology offers market-leading waste processing capabilities and enables viable landfill alternatives. The Ariel Re program can enable our customers to access competitive financing solutions as they upgrade their facilities and enhance their valuations with our state-of-the-art recycling solutions.”
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About Ariel Re:
Ariel Re offers a broad range of innovative insurance and reinsurance solutions and services through our offices in Bermuda, London and Hong Kong. We are a focused, specialty (re)insurance underwriting company meeting the business needs of a diverse client base. Ariel Re operates principally through Syndicate 1910 in London and also offers access to Lloyd’s Europe via Syndicate 5336.
Originally founded in 2005, Ariel Re was acquired by Pelican Ventures and J.C. Flowers in November 2020. The new owners provide Ariel Re with significant capital resources and a long track record of supporting successful, entrepreneurial businesses in the (re)insurance industry.
About Ecogensus, LLC (Ecogensus)
Ecogensus is a recycling technology company that has developed useful products (such as sustainable building materials or high performance biofuels) from waste. Ecogensus recycler systems offer market-leading waste processing capacity in a ruggedized, mobile system that can be placed at existing waste sites. For more information, please visit www.ecogensus.com
