This week London-based clean-energy risk analytics company Renew Risk, raised £1.7 million in Seed funding to improve the financing, planning and insurance for renewable energy assets.
Renew Risk is a B2B SaaS startup dedicated to improving the end-to-end financial lifecycle from planning to financing to insurance of renewable energy assets like offshore wind farms.
As the world transitions towards green energy, the next ten years will see exponential growth in the offshore wind industry - expected to be a $1 trillion industry by 2040. This growth requires massive institutional investment, yet the associated risks remain largely unmeasurable.
Offshore wind is currently experiencing 'Capacity Crunch' as the insurers find these large assets too uncertain to insure or price accurately.
Renew Risk has models live with global (re)insurers leading on supporting the transition to green energy.d Asia and develop next-generation products that cover additional asset classes.
The funding round is led by strategic investor Insurtech Gateway, with participation from ClimateTech fund OnePlanetCapital, the University of Surrey, and super angels Chris Adelsbach and Rahul Munjal.
Anthony Chant, Investment Director at OnePlanetCapital, said:
"We are delighted to support Renew Risk as they launch the product globally. We believe this insurance product can help accelerate the financialisation of wind farms globally.
We are looking forward to supporting the business in their future growth."
The investment will enable the company to expand its customer base across the United States and Asia and develop new products that cover additional asset classes.
Lead image: Renew Risk's team. Photo: Uncredited.
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