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Stion Adds Warranty Policy from Global Insurance Leader MunichRe
This insurance solution from the multi-billion dollar global industry leader covers the long-term technology performance risk of Stion’s photovoltaic modules. The policy would cover Stion’s warranty for up to 25 years in the event of an unexpectedly large performance loss below guaranteed performance specification.
Prior to the agreement being signed, Munich Re completed an in-depth review of Stion’s product quality control and manufacturing processes. Backing from MunichRe has become an important milestone for many third-party project financiers, offering proven financial protection while mitigating the long-term technical risk.
“We are pleased to be able to offer this policy as both an important product feature as well as third-party validation of our technology,”
“We are pleased to work with Stion as they continue their expansion into larger projects globally,” said Michael Schrempp, Head of Green Tech Solutions for Munich Re. “We see considerable growth potential in risk transfer solutions for renewable energy.”
Stion worked with Marsh, a global leader in insurance broking and risk management, to secure the coverage.
Stion is a leading U.S.-based manufacturer of high-efficiency thin-film solar modules and provider of solar solutions. Stion was founded in 2006 and is backed by Khosla Ventures, the largest institutional investor in clean technology in the U.S. Stion is headquartered in San Jose, Calif. and opened its first high volume production facility in Hattiesburg, Miss. in 2012. For more information, visit www.stion.com.
About Munich Re:
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. Munich Re creates value for clients, shareholders and staff alike. In the financial year 2014, the Munich Re Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of €3.2bn on premium income of €48bn. It operates in all lines of insurance, with almost 43,000 employees throughout the world.