MENLO PARK, Calif.--(BUSINESS WIRE)--New Energy Risk, (“NER”) a wholly owned division of Paragon, and provider of customized insurance technology solutions for energy transition projects, has provided Yilkins with a performance warranty backstop insurance program to support the company’s project pipeline. Yilkins supplies novel, patented technology and equipment for cost-effectively turning a wide range of organic residue streams such as forestry and agricultural residuals into standardized fuel products. Yilkins is involved in projects for the production of low carbon intensity fuels for a range of applications including industrial heat and power, green hydrogen, sustainable aviation fuels, and renewable chemicals. Yilkins’ process offers lower capital cost and uses significantly less energy than incumbent solutions. The latter translates into a favorable carbon index for novel biomass-based processes.
Yilkins has spent over five years developing its novel drying and torrefaction technologies. The insurance solution designed by New Energy Risk and provided by Markel Insurance SE supports the commercial deployment of Yilkins’ technology at various large international companies and enables expansion of its business worldwide. The insurance solution provides an efficient means for Yilkins to ensure the value and performance of its warranties to its customers without the need to heavily capitalize its balance sheet.
“We appreciate that Yilkins has put their trust and confidence in NER’s support to help grow their business and enhance customer adoption of their technology,” said New Energy Risk CEO, Tom Dickson.
New Energy Risk has a history of supporting technologies and projects that provide cleaner utilization pathways for non-traditional and difficult-to-manage waste and residual streams such as municipal waste, agricultural waste, and industrial residues.
“Yilkins’ technology has been rigorously developed and stress tested, enabling New Energy Risk and our insurance partners to support the value of the warranties,” said Brad Price, Managing Director for Due Diligence at New Energy Risk. “Qualified Yilkins certificate holders should feel confident knowing that a world-class warranty backstop is in place. After extensive technical due diligence, New Energy Risk is proud to stand behind Yilkins' performance and workmanship.”
New Energy Risk used a proprietary techno-economic model that synthesizes scientific understanding, engineering analysis, as well as actuarial and financial expertise to assess the performance of Yilkins’ technology and its potential output of on-specification products. After its extensive assessment of the torrefaction technology and process, New Energy Risk developed a custom solution, to backstop Yilkins’ obligations under its warranty. The insurance program provides a significant enterprise risk mitigant for Yilkins and enhances the bankability of its warranty from the perspective of its customers.
“Collaborating with New Energy Risk aligns with Yilkins' commitment to create sustainable value and contributing to the realization of carbon-negative initiatives and sustainable development goals,” added Rob Voncken, CEO of Yilkins. “The support and expertise provided by New Energy Risk's insurance backing is essential in facilitating the implementation of new, sustainable biomass-based supply chain projects, leveraging Yilkins' highly efficient and cost-effective conversion technologies.”
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 20 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: www.paragoninsgroup.com/.
About Markel
Markel is headquartered in Richmond, VA and has associates located across the globe. We are a diverse financial holding company serving a variety of niche markets. Our principal business markets and underwrites specialty insurance products. In each of our businesses, we seek to provide quality products and excellent customer service so that we can be a market leader. Our financial goals are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.
About Yilkins
Yilkins is a renewable technology company focused on the valorization of biomass and organic residues into renewable energy and valuable industrial and chemical products. Yilkins proprietary technology platform helps companies reduce their dependence on fossil fuels and lower the environmental impact of their industrial activities. Yilkins' solutions offer high energy efficiency and cost-saving benefits, enabling the production of high-quality products from biomass residues. The company's technology platform offers customized solutions in residue treatment, drying, torrefaction, and the production of high carbon containing products like biochar. Yilkins' approach and technology provide the most profitable and sustainable drying and torrefaction technology, with low operational costs and energy consumption, and the lowest carbon footprint. For more information about Yilkins, visit www.yilkins.com.
