ARIEL GREEN (A LLOYD’S OF LONDON BUSINESS) SUPPORTS KOREAN WASTE TO ENERGY PROJECT WITH TECHNOLOGY PERFORMANCE INSURANCE

Ariel Green, the Clean Energy division of Ariel Re, underwriters at Lloyd’s of London, is providing Technology Performance Insurance for the Gyeongju Waste Emulsification Project applied Eco Creation Co., Ltd. low-temperature pyrolysis technology. Issued through Korean-based DB Insurance Co., Ltd. and PIS Nonlife Insurance Services Co., Ltd., an insurance brokerage firm specializing in Technology Performance Insurance, the policy mitigates the technical risk of the Gyeongju Project, which produces oil from waste plastics.

 

Eco Creation Co., Ltd. is a leading company in waste plastic pyrolysis technology. It manufactures and sells equipment that can safely produce high-quality pyrolysis refined oil by efficiently reforming or removing impurities such as wax and chlorine contained in oil vapor during the pyrolysis process. With this technology, it was the only company in Korea to obtain NET (New Excellence Technology) certification from the Ministry of Environment in May 2021.

 

Ariel Green also insures various cutting-edge technologies, such as fuel cells, which have gained recent attention as a new green power generation method. Additionally, the company provides coverage for waste-to-energy processes, generating liquid, solid, and gaseous fuels, along with other valuable products.

 

To date, Ariel Green has supported more than 160 projects utilizing more than 30 new technologies around the world. It has also supported the technical risks of waste-to-energy projects as a reinsurer in Korea for Korea’s ESG and zero carbon businesses through DB and PIS.

 

Ariel Green, acting as a reinsurer through DB and PIS, has recently underwritten the technical risk associated with the Gyeongju Waste Emulsification project. This innovative initiative utilizes low-temperature pyrolysis to produce oil from 100 tons of plastic waste daily, including waste vinyl, waste fishing nets, waste electric wires, and more. The Technology Performance Insurance provided by Ariel Green safeguards against potential technology failures, covering debt service and operating expenses in the event of reduced output and revenue.

 

In Korea, the Gyeongju project is the largest waste emulsification project of its kind and is backed by large domestic financial institutions, including Shinhan Bank Co., Ltd., Shinhan Capital Co., Ltd., and IBK Capital Co., Ltd. all of which participated in project financing. Ariel Green’s Technology Performance Insurance was instrumental in enabling the debt portion of project financing by protecting against the non-repayment of loan principal and interest due to a technology that is not yet widespread.

 

“In order to cope with climate change, ESG and zero carbon movements are taking place around the world and in Korea; and in line with this, there is a significant push for national agencies to mandate and companies to produce low-carbon green energy using various new technologies,” said Jan Napiorkowski, Ariel Green’s Managing Director. “However, due to the lack of experience with these new technologies, we are faced with the reality that it is very difficult to commercialize them due to the large-scale investment required. Ariel Green is addressing this challenge by providing Technology Performance Insurance, easing concerns about potential setbacks. This enables financial institutions, business owners, and affiliated organizations to confidently adopt the necessary new technologies for achieving net zero goals.”

About Ariel Green
Ariel Green provides Technology Performance Insurance (TPI) for the clean energy industry, deploying capital through customized long-term and non-cancellable risk management solutions. As a division of Ariel Re, a premier (re)insurance business and underwriters at Lloyd’s, our team is supported by the world’s leading insurance and reinsurance marketplace. Ariel Green brings deep expertise and a collaborative approach to developing insurance products that enable clean energy projects to secure financing, get built and begin operations. Learn more at https://www.arielgreen.com.

 

About Great Power
Great Power is a leading global battery manufacturer, established in 2001 and headquartered in China, with R&D centers, manufacturing facilities, and offices around the globe. Great Power is committed to providing energy storage products and solutions utilized in various markets, such as energy storage, consumer electronics, and power tools. Great Power’s products offer excellent safety performance, long cycle life, and high energy efficiency and deliver value to customers in more than 50 countries. Great Power is listed and traded under stock code 300438:CH. Learn more: https://www.greatpower.net

 

MEDIA CONTACT:
Shannon Murphy
Trevi Communications
+1 603-505-5606
shannon@trevicomm.com