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German Insurer to Cover Battery Performance
German insurance giant Munich Re Group is launching a service that will cover battery performance, eventually including those in electric vehicles.
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German insurance giant Munich Re Group is launching a service that will cover battery performance, eventually including those in electric vehicles.
The program initially will target large stationary applications, such as grid stability systems. Munich Re says the coverage will help reduce risks and make it easier to obtain project financing.
Insurance for electric vehicle batteries will be added in the second phase. The program promises to alleviate concerns about high costs for replacement batteries, but the company provided no details about how or when the coverage would be available.
The first customer for the stationary coverage is ESS Inc., an Oregon-based batterymaker that supplies modules for solar parks. Munich Re claims the plan is the first to cover long-term battery performance. The company also provides performance insurance for wind parks and fuel cell systems.
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