CellCube’s Flow Batteries Recieve Munich Re’s Bankable Insurance

A contractual partnership with Munich Re (Muenchener Rueckversicherungs-Gesellschaft AG) equips Enerox GmbH (CellCube) with the option to offer their vanadium redox flow batteries (VRFBs) including a bankable insurance to guarantee for product and performance accuracy, CellCube announced in a recent statement.

Under its trademark ‘CellCube’ the Austrian based Enerox GmbH develops, manufactures and distributes vanadium redox flow batteries.

The company’s customers may chose this additional asset of a long-term performance warranty from Munich Re for 10 years, and have the possibility of a re-certification to prolong the coverage for another decade, added CellCube. This is aimed at granting a continuous operation level, insuring against malfunction, and covering exceeding repair or replacement costs, problems in workmanship as well as manufacturer’s potential insolvency.

The spread of decarbonizing technology grows, so do competition and cost pressure and the commercial reality creates a veritable need for adequate insurance and bankability in this field. “When it comes to deploying green and long-duration energy storage, securities and guarantees for high upfront investments and planned profits become increasingly important for our clients, specifically when business cases include merchant risks”, states Alexander Schoenfeldt, CEO of Enerox, “Munich Re’s coverage insures our systems’ performance at all times over their lifecycle, designed for and widely exceeding 20 years.”

In South Africa, Enerox will be supplying a 1MW/4MWh CellCube solution to a project financed solar and storage minigrid project at the Bushveld Vametco mining and processing facility in Brits, South Africa. “The Munich Re insurance product has assisted us in getting this project over the line in terms of bankability with the project shareholders, the lenders, and the project EPC/O&M partner”, says Mikhail Nikomarov, CEO of Bushveld Energy, and continues “It creates significant comfort around the long-term performance of the VRFB technology in general, and of CellCube’s product in particular. As a result, it has reduced both the risk and the cost of financing this project.”