Collaboration powers innovative approach to insuring battery energy storage systems
Tackling complex insurance needs by combining insurance and technology expertise
At PIB, collaboration lies at the heart of our approach. When tasked with addressing the insurance needs of Gore Street Capital and their energy storage assets, Andrew Sinclair, Head of Renewable Energy Practice at PIB Insurance Brokers, leveraged this collaborative mindset.
Working alongside ACCURE, a Battery Intelligence Software provider, and HDI Global SE, an international insurance firm, Andrew devised an innovative insurance program tailored to meet their specific requirements.
To find out more about this innovative relationship between battery energy storage safety and insurance, join Gore Street Capital, ACCURE, HDI Global SE, and PIB on 15th May for a webinar hosted by Energy Storage News. Find out more and register.
Gore Street Capital Leverages ACCURE Battery Intelligence Software to Help Secure Enhanced Insurance Conditions at UK Energy Storage Sites
Gore Street Capital, the investment manager of the internationally diversified Gore Street Energy Storage Fund, announced today (30.04.2024) an agreement with ACCURE Battery Intelligence, a leading provider of battery analytics technology, and international insurance firm HDI Global SE, to use data analytics technology as part of an innovative risk-managed policy covering two energy storage systems.
Gore Street Capital has implemented ACCURE’s AI-based software at its 80 MW Stony project to increase safety by reducing the risk of thermal runaway and operational issues. The technology was tested at the site in 2022, as well as at the 10 MW Lower Road project, and will be installed at the 50 MW Ferrymuir asset, which is also located in the UK. By using cloud-based predictive analytics, Gore Street Capital has secured an insurance package from HDI Global SE that utilises a risk-managed approach to accurately assess coverage.
Alex O’Cinneide, CEO of Gore Street Capital, said: “As the manager of a market-leading portfolio of energy storage assets, we are always looking for new approaches to help improve the safety and operations of the assets under our care. We’re proud to have helped establish battery analytics software as a valuable means of assessing and reducing risks to secure enhanced insurance conditions.
“The insurance benefits we have secured for our client and its investors are just one aspect of the advantages of this approach and I commend everyone involved for delivering this market-leading strategy. We hope this will pave the way for others to follow in the adoption of new technological approaches to safe and sustainable battery energy storage system operations.”
Following its assessment of ACCURE’s AI-based cloud computing software, HDI Global SE’s technology innovation arm, HDI TH!NX, developed a joint business model with ACCURE that increases risk transparency for the insurer. HDI Risk Consulting was then able to determine that Gore Street Capital’s insurance risk assessment for the Stony and Ferrymuir energy storage projects should take into account improved safety measures provided by the predictive technology.
HDI’s insurance agreement covering the Stony and Ferrymuir assets, delivered through PIB Insurance Brokers, recognises the effective utilisation of data analytics as a valuable means of improving the safety, reliability and operations of battery energy storage systems.
“We are delighted to be working with ACCURE, alongside Gore Street Capital and PIB, to provide an innovative, risk-managed solution that incorporates ACCURE’s battery safety intelligence for BESS risks. By combining the technology expertise of HDI TH!NX with our deep underwriting and risk engineering capabilities, we create solutions to support clients through times of transformation.” said Dr Dirk Höring, Member of the Executive Board, HDI Global SE.
Andrew Sinclair, Head of Renewable Energy Practise at PIB Insurance Brokers, added: “We are thrilled to deliver this bespoke policy to Gore Street Capital, which recognises the benefits of combining improved risk management, performance, safety, revenue and cost for its energy storage portfolio to ultimately deliver greater value for investors.”
ACCURE’s predictive analytics software uses AI, field data and modelling to detect irregular battery cell behavior, diagnose battery health and recommend corrective action for any problems identified. The platform gives energy storage providers more control and lead time to address critical issues, ensuring their battery systems run safely and at peak performance.
“In addition to improving safety, we look forward to ACCURE’s predictive analytics technology enabling us to accurately monitor degradation of our batteries to determine the most economic operational strategies when accessing multiple revenue streams,” said Daniel Sherlock-Bruke, Head of Asset Performance at Gore Street Capital.
"Analytics software such as ACCURE's is a win-win for asset owners, unlocking cost savings whilst materially improving safety and project optimisation. We hope these policies set the standard as this would represent a legitimate safety improvement for the whole industry."
Kai-Philipp Kairies, CEO and Co-founder of ACCURE, commented: “With a track record of monitoring more than 40 energy storage sites, we have proven over and over again that predictive analytics increases safety and reliability for battery energy storage systems.
“As insurance companies recognise the benefits that the technology provides to energy storage operators like Gore Street Capital, we can look forward to even greater deployment of energy storage systems that support renewable energy and the grid.”
Gore Street Capital will continue to work alongside PIB and other partners to achieve similar benefits across its 1.248 GW of energy storage systems under management, located in the UK, Ireland, Western Europe and the US.
To find out more about this innovative relationship between battery energy storage safety and insurance, join Gore Street Capital, ACCURE, HDI Global SE, and PIB on 15th May for a webinar hosted by Energy Storage News.