In the United States (US), California-based New Energy Risk, a wholly owned division of Paragon Insurance Holdings LLC (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.
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The Netherlands-headed Yilkins B.V. 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 (SAF), and renewable chemicals.
Yilkins has spent over five years developing its novel drying and torrefaction technologies, and, according to NER, its process offers lower capital costs and uses significantly less energy than incumbent solutions.
The latter translates into a favorable carbon index for novel biomass-based processes.
Supports commercial deployment
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 the 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 Tom Dickson, CEO of New Energy Risk.
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. 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, said Brad Price, Managing Director for Due Diligence at New Energy Risk.
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 creating sustainable value and contributing to the realization of carbon-negative initiatives and sustainable development goals. The support and expertise provided by New Energy Risk’s insurance backing are essential in facilitating the implementation of new, sustainable biomass-based supply chain projects, leveraging Yilkins’ highly efficient and cost-effective conversion technologies, said Rob Voncken, CEO of Yilkins.
