TCG to deploy first-of-its-kind gasification technology at
Red Rock Biofuels LLC's waste wood-to-fuel project in Lakeview, Oregon
MENLO PARK, California,
June 21, 2018 /PRNewswire/
-- Today, New Energy Risk, a provider of technology
performance insurance solutions for renewable energy projects, is
announcing the creation of an insurance product for TCG Global, LLC
("TCG Global"), a leader in gasification technology and design.
This novel insurance product will cover TCG Global's high
efficiency gasifier as it is field-tested and installed, beginning
with the Red Rock Biofuels LLC's ("Red Rock Biofuels") Lakeview, Oregon plant. This waste
wood-to-fuel facility is slated to produce 15 million gallons of
renewable diesel, jet, and gasoline blendstock fuels per year for
partners such as Southwest Airlines and FedEx.
In order to cover delivery and installation of its gasifiers and
reduce uncertainty for new customers, TCG Global turned to New
Energy Risk and its affiliates. New Energy Risk's custom insurance
solution not only accelerates time to market but also provides
support for TCG Global in terms of warranting and insuring
performance through delivery and startup of the gasifier. This
support greatly mitigates the gasifier technology risk to project
financing partners and other stakeholders.
"New Energy Risk has been a tremendous partner for us," said
Creg Hughes, CEO of TCG Global.
"Insurance was the critical element in supporting the performance
of our gasifier, and no other team had the ability and dedication
to understand our technology and creatively structure insurance
around it, thereby creating a financeable product we could provide
to Red Rock Biofuels."
"TCG's gasifier presents the best gasification technology for
producing fuels with this feedstock," said Jeff Manternach, CFO of Red Rock Biofuels,
"However, at this first commercial scale, the financing partners
wanted additional security around the performance of the
technology. New Energy Risk's insurance solution completed the
package, allowing us to move forward."
"Our team at New Energy Risk, with the support of our XL Catlin
insurance affiliate, has developed extensive expertise in
gasification technologies and is deeply dedicated to bringing TCG's
best-in-class gasifiers to market, at scale, beginning with Red
Rock Biofuels this year," said Tom Dickson, CEO of New Energy
Risk. "TCG Global is one of the leaders in gasification technology
and we look forward to supporting their roll-out and fostering
increased customer adoption."
New Energy Risk is a leading specialty insurance technology
company that enables efficient financing and risk management for
emerging renewable technologies. For this project, New Energy Risk
synthesized scientific understanding, engineering analysis, as well
as actuarial and financial expertise to assess the output and
efficiency of TCG Global gasifiers. After its extensive evaluation
of TCG Global technology, New Energy Risk developed a custom
insurance solution for its gasifiers, provided by a licensed
insurance affiliate of XL Catlin Ltd., a leading global insurer.
This innovative insurance program provides a significant technology
risk mitigant for both TCG and Red Rock Biofuels, allowing the
companies to commence construction of the Lakeview, Oregon project.
To learn more, please visit www.newenergyrisk.com.
About New Energy Risk
New Energy Risk is a provider of innovative data analytics and
technology performance risk transfer solutions to the new and
renewable energy industry worldwide, and pioneered the development
of large-scale technology performance insurance. It was founded in
2010 to provide complex risk assessment and serve as an effective
bridge between clean-energy innovators and insurers, and is part of
XL Innovate, an insurance technology venture fund. Since then, New
Energy Risk has helped its customers gain over $1
billion in financing for renewable energy and new technology
deployments.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd's
(NYSE: XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
About TCG Global
TCG Global LLC (TCG) designs, builds, sells, owns, and operates
gasification plants capable of converting any carbon-containing
feedstock such as biomass, coal, petroleum coke, or municipal solid
waste into synthesis gas. The Syngas produced by this gasification
process is a clean, dry, flexible fuel which can be burned to
create heat and electricity; passed through any of several
different catalysts to produce fluids such as alcohols and
transportation fuels, including clean burning diesel; or used to
supply pure hydrogen gas for multiple applications.
About Red Rock Biofuels
Red Rock Biofuels ("RRB") was founded in 2011 and is positioned
to be the leading producer of drop-in, renewable, low-carbon jet
and diesel fuels. With broad international agreement in the
aviation industry for carbon-free growth beyond 2020 under CORSIA,
airlines are actively seeking low-carbon jet fuel to reduce their
greenhouse gas emissions. To meet these high demands for low-carbon
renewable fuels, RRB will build a global portfolio of biorefineries
to convert waste woody biomass into renewable jet and diesel fuels.
Through a proprietary integration of existing technologies, RRB
makes the long-commercialized Fischer-Tropsch process economic at
the biomass scale. And by using forest and sawmill residues,
we will not only avoid competition for agricultural resources, but
also reduce the risk of catastrophic wildfires by removing waste
biomass from overgrown forests.
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SOURCE XL Catlin