Peabody, Mass.-based Energi Holdings Inc. has formed a new division to provide energy product warranty assumption and alternative risk solutions. The company's alternative energy solutions division will structure and assume energy product warranties, extended warranties and provide product recall insurance.
The unit will utilize Energi's advanced alternative energy resources and expertise in assessing energy risk. Warranty policies will be issued through a global insurance company, and will allow energy companies to provide competitive product warranties and deploy capital that would otherwise be tied up in warranty reserves, according to Energi.
The warranty program is available for various segments, including manufacturers, distributors or suppliers of wind turbines, solar equipment, batteries and engine retrofits.
‘Given our government's increased focus on renewable energy technologies, Energi's newly created alternative energy solutions division will contribute additional financing support to emerging companies and facilitate energy product commercialization,’ says Brian K. McCarthy, CEO of Energi Holdings.
Energi programs are offered directly or through a select network of independent insurance agents and brokers.
SOURCE: Energi Holdings Inc.