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 guarantee of Ecogensus LLC, a world leader advanced technologies focused on sustainable waste management solutions.
Through its Lloyd’s Syndicate 1910, Ariel Re provides insurance coverage to ensure comprehensive performance warranties to Ecogensus recyclers, which turn solid waste into high-performance biofuels. Insurance coverage puts Ariel Re’s strength behind Ecogensus’ performance guarantees for handling capacity and fuel specifications.
In addition to the performance guarantee, Ariel Re and Ecogensus have also developed a project revenue protection program, which is structured to support lenders and based on a facility-level exit performance guarantee (“OPW”) that can go up to 10 years. The OPW program can be combined with an installation start-up guarantee, which provides a transparent enterprise risk management solution.
“With a growing need for advanced technologies to address significant environmental issues, including methane releases and ocean plastic pollution, the global market will benefit from Ecogensus’ product offerings,” said Frank Petrocelli, Principal Risk Analyst. , Clean Energy Risk Solutions at Ariel Re. “Insurance products from strong counterparties like Ariel Re will help accelerate the use of these technologies.”
George Schulz, Americas Manager of Ariel Re Clean Energy Risk Solutions, added, “As demand for sustainable waste management solutions continues to grow and project owners and investors seek the support of complex performance guarantees from recycling solution providers, the Ecogensus team has demonstrated scalability a waste recycling solution focused on robust and reliable performance; with open dialogue and information sharing, it allows us to tailor a bespoke risk transfer solution. Ariel Re is delighted to help Ecogensus achieve its strategic growth goals.
Bjornulf Ostvik, Founder and CEO of Ecogensus, said, “We are delighted to partner with Ariel Re to deliver reliability and certainty to our customers as we deploy our sustainability solutions globally. Our recycling technology offers market-leading waste treatment capabilities and enables viable landfill alternatives. The Ariel Re program can provide our customers with access to competitive financing solutions as they upgrade their facilities and improve their ratings with our industry-leading recycling solutions.
About Ariel Re:
Ariel Re offers a wide range of innovative insurance and reinsurance solutions and services through our offices in Bermuda, London and Hong Kong. We are a focused and specialized (re)insurance underwriting company that serves the business needs of a diverse client base. Ariel Re operates primarily through Syndicate 1910 in London and also offers access to Lloyd’s Europe through Syndicate 5336.
Originally founded in 2005, Ariel Re was acquired by Pelican Ventures and JC Flowers in November 2020. The new owners provide Ariel Re with significant capital resources and a long history of supporting successful and entrepreneurial businesses in the (re)insurance sector.
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 recycling systems offer market-leading waste handling capability in a robust, mobile system that can be placed at existing waste sites. For more information, please visit www.ecogensus.com