Renew Risk secures £5M for renewable energy risk modelling

Risk modelling and analytics for renewable energy assets company Renew Risk has raised £5 million in a funding round led by Molten Ventures with participation from Lloyd’s, existing investors Insurtech Gateway and influential angels.

The company bridges the gap between the renewable energy sector and financial markets, providing insights to (re)insurers, insurance brokers, bankers, developers and asset managers into physical risks like hurricanes, earthquakes and severe connective storms affecting renewable energy assets like offshore wind farms and solar farms. 

These models enable all participants in financial markets to make data-driven decisions, ensuring more resilient and sustainable coverage and investments.

Renew Risk has already established itself as a trusted partner within the insurance industry where a number of its clients are currently using the product. With this new funding, the company is poised to scale its impact, delivering innovative solutions at the intersection of renewable energy and risk management.

According to Ashima Gupta, CEO and co-founder of Renew Risk:

“This investment will accelerate our ability to build sophisticated risk models for the renewable energy sector, empowering stakeholders to navigate the complex challenges of disaster risk with confidence.”

George Chalmers, Head of Climate at Molten Ventures, commented:

“Renewable assets coming online need to be financed and insured. The pace of deployment is being impaired by the lack of appropriate risk modelling for these new assets—leading to risk that isn't properly quantified and priced.“

Warren Clegg, Head of Private Assets at Lloyd’s, added: 

“Renew Risk’s solution will help our market and the insurance industry to have greater confidence in underwriting renewable energy projects around the world."

The £5 million investment will be deployed to enhance Renew Risk’s proprietary risk models suite, expanding its team of risk modellers and climate experts, and extend its market reach globally.