Tony Fadell’s Post

Exciting News! Understory has successfully closed an oversubscribed $15 million Series A funding round, a significant milestone that propels our mission to protect climate-vulnerable industries from severe weather risks in the global renewable energy sector. The round is co-led by True Ventures and Prelude Ventures – strongly supporting our vision and growth potential. Thank you to our incredible investors for supporting us as we built a unique way to crack the code on climate risks. Your trust and partnership are invaluable as we continue to innovate and grow. With the infusion of this funding, we are poised to bring our proprietary risk mitigation technology to the renewable energy industry. Our Dealers Open Lot insurance solution has already made a significant impact, insuring over 1,000 rooftops nationwide and reducing claim trends by 60%. We are confident that we can replicate this success in the renewable energy sector, having already mitigated hail damage for both industries by over $65m! A big shout out to my co-founders, Neil B J Irwin and Bryan Dow, for their incredible dedication to this journey. I am incredibly excited about what we’ve created together and can’t wait to see where this rocketship takes us! Together, we are poised to restore and enhance insurance in a volatile global risk environment. Read more on TechCrunch: https://lnkd.in/gpat833V #Insurance #RenewableEnergy #ClimateRisk #SeriesAFunding #Understory

Are you ready for a phenomenal statistic? Our friends at GCube Insurance published a report yesterday that hail accounted for 1.4% of property insurance claims and 54% of losses for the solar industry over the last 5 years. Woah! I'm heartened to see new tech come to market and people having a better understanding of hail stow, but we still have a long way to go to operationalize how decisions get made and propagate throughout an asset management organization. We need to get our house in order - fast - before carriers just decide to walk away (which unfortunately we are seeing happen). https://lnkd.in/dHjRm2XA

🌞 Fascinating insights into solar project insurance on the latest Clean Power Hour podcast with Hunter Johnson, PWCA of Alliant Insurance Services! 🔎 Some key takeaways: Geography and extreme weather risks are major factors in insuring solar projects. Hail, lightning, floods and equipment breakdown are leading causes of loss. Insurance carriers are scrutinizing projects more closely, looking at details like panel/inverter OEMs, site plans, replacement parts, and O&M practices to determine rates. Rigorous operational practices by asset owners can help reduce insurance premiums. Having spare parts on hand is crucial to limit downtime. Rates are increasing and capacity is tightening as insurers aim to restore profitability after major losses. Asset owners face higher deductibles and longer waiting periods for business interruption coverage. On the installer side, liability claims from rooftop fires are an emerging issue. Insurers have less appetite to cover these risks. 🤔 As solar scales to 50% of U.S. electricity by 2050, managing these risks effectively will be key. Developers and asset owners should carefully consider equipment selection, site design, and operational best practices. Thanks to Hunter Johnson for the informative discussion! Check out the full episode for more expert insights: https://lnkd.in/g3XygJwD #solar #insurance #assetmanagement #climaterisks #cleanenergy

Discover how solar trackers like ours stand strong against extreme weather! In a recent webinar Brandon Taylor, our Senior Director of Business Development, and industry experts John Sedgwick and Michael Perron discuss all things insurance. The dilemma is that solar panels are getting bigger, glass and wafers are getting thinner, and hail poses a greater risk. Insurance companies face a choice: raise premiums, step back from solar, or find a better way? Read our webinar recap: https://lnkd.in/gPax6RZ3 #ShineTogether #ExtremeWeather #Webinar VDE Americas Brown & Brown Insurance

In the face of climate change, the renewable energy sector is grappling with a significant challenge - escalating insurance costs. A recent article from the Insurance Journal sheds light on this issue. Here are some key takeaways: (1) Climate Change Impact: Extreme weather events, amplified by climate change, are increasingly damaging renewable energy infrastructures. A case in point is a Nebraska solar farm, severely damaged by an unusually large hailstorm. (2) Surging Insurance Premiums: This heightened risk has triggered a surge in insurance premiums for renewable energy projects. In the U.S., solar facilities have seen insurance costs rise by up to 50% over the past year, potentially slowing the pace of renewable energy deployment and global carbon reduction efforts. (3) Project Development Hurdles: Rising insurance costs have led some renewable energy companies to halt project development in disaster-prone areas. This trend is not just a U.S. phenomenon but is impacting renewable energy projects globally. (4) Adaptive Measures: In response, renewable energy developers are implementing measures to mitigate climate risk. These include weather monitoring systems and strategic collaborations with insurance brokers to assess natural catastrophe risks prior to investing. (5) Emerging Clean Energy Sources: Emerging clean energy sources, such as carbon capture and hydrogen projects, are also struggling to secure adequate insurance coverage, posing a critical bottleneck in the sustainable energy transition. As we navigate the complexities of climate change, these insights underscore the need for innovative risk management strategies and adaptive measures to ensure the sustainable growth of the renewable energy sector. Contact me today to discuss how my team can help! #RenewableEnergy #RiskManagement #Insurance #ClimateChange #Renewables #sustainability #climateaction #innovation https://rebrand.ly/kaekqsj

In the face of climate change, the renewable energy sector is grappling with a significant challenge - escalating insurance costs. A recent article from the Insurance Journal sheds light on this issue. Here are some key takeaways: (1) Climate Change Impact: Extreme weather events, amplified by climate change, are increasingly damaging renewable energy infrastructures. A case in point is a Nebraska solar farm, severely damaged by an unusually large hailstorm. (2) Surging Insurance Premiums: This heightened risk has triggered a surge in insurance premiums for renewable energy projects. In the U.S., solar facilities have seen insurance costs rise by up to 50% over the past year, potentially slowing the pace of renewable energy deployment and global carbon reduction efforts. (3) Project Development Hurdles: Rising insurance costs have led some renewable energy companies to halt project development in disaster-prone areas. This trend is not just a U.S. phenomenon but is impacting renewable energy projects globally. (4) Adaptive Measures: In response, renewable energy developers are implementing measures to mitigate climate risk. These include weather monitoring systems and strategic collaborations with insurance brokers to assess natural catastrophe risks prior to investing. (5) Emerging Clean Energy Sources: Emerging clean energy sources, such as carbon capture and hydrogen projects, are also struggling to secure adequate insurance coverage, posing a critical bottleneck in the sustainable energy transition. As we navigate the complexities of climate change, these insights underscore the need for innovative risk management strategies and adaptive measures to ensure the sustainable growth of the renewable energy sector. Contact me today to discuss how my team can help! #RenewableEnergy #RiskManagement #Insurance #ClimateChange #Renewables #sustainability #climateaction #innovation https://rebrand.ly/kaekqsj

Navigating Through Unprecedented Property Insurance Trends Bret Ahnell of FM Global discusses the prolonged hard market in property insurance, the impact of climate change on the industry, and the company's focus on expanding renewable energy coverage. https://lnkd.in/e3WuFz9u

Tech innovation is crucial for the energy transition, but scaling up new technology can be challenging. The 'valley of death' between prototype and commercial deployment is a hurdle that needs to be crossed. This recent Financial Times article emphasizes the vital role the insurance industry can play in this process. At Munich Re Specialty - Global Markets, Syndicate, our Green Tech Solutions team has been leading the way for over a decade. We provide long-term product guarantees and performance warranties to solar PV, wind, and battery energy storage manufacturers. Additionally, we are introducing new products and solutions to de-risk the energy transition, mobilize capital for carbon markets, and create climate-resilient communities. Read more about the transformative potential of insurance in driving tech innovation in the energy sector: https://on.ft.com/3Kny0Ty Andreas Dill Dominick Hoare Martin Lawless Islay Lord Jeremy T. Mathis, Ph.D. Timothy Lee John C. Wilkinson #impactunderwriting #carbonmarkets #resilience #climaterisk #climatefinance

The report highlights the significant need for at least $10 trillion in insurance cover to achieve net zero, emphasizing the pivotal role of insurance in supporting essential infrastructure and technology for the energy transition. Insurers are already covering key areas such as hydrogen-powered and electric vehicles, offshore wind, and hybrid building materials, with a keen eye on expanding into emerging technologies. Despite this positive momentum, insurers are under pressure to tread carefully when venturing into new territories with limited historical loss data. #NetZero #Sustainability #Hydrogen #EV #EmergingTech

Hail begins to damage solar modules at starting at diameters of 3 cm, causing both invisible and visible damage to occur. Starting at 4 cm, the percentage of visible damage increases significantly. Hailstorms, often unpredictable in nature and destructive to solar panels, pose a challenge to solar infrastructure. In 2021, hail related losses exceeded $1 billion across the United States.