CellCube backed up with bankable performance guarantee from Munich Re for its long-duration energy storage systems
The tech leader’s ‘Vanadium Redox Flow Batteries’ come with an investment grade long-term investment security insuring product performance for up to 20 years
Wiener Neudorf, Austria, December 2nd, 2021 – 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’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. This grants a continuous operation level, insures against malfunction, and covers exceeding repair or replacement costs, problems in workmanship as well as manufacturer’s potential insolvency. As such sustainable renewable energy storage systems from CellCube have become bankable assets.
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.”
20 years of R&D work and experience gained from numerous co-developments with customers in over 130 projects worldwide enable CellCube to support analyses of energy storage systems’ performance with hard MTBF numbers. This level of certainty paired with profound knowledge of potentially incurring costs are key components of CellCube’s unique offering, and the hard, data-based facts were also the prerequisite for the warranty agreement with Munich Re.
About CellCube – Enerox GmbH
Under its trademark ‘CellCube’ the Austrian based Enerox GmbH develops, manufactures and distributes vanadium redox flow batteries. ‘VRFB’s are sustainable, long-duration energy storage systems, improving and securing the consumption of energy from renewable sources. Enerox is a developing pioneer and the global technology and industry leader in its field of operation. The bankable VRFB systems suite various microgrid applications alongside four focussed business segments comprising: renewable energy storage for industrial customers, commercial and private deployment, green energy storage for remote microgrids and island solutions as well as long-term back-up systems for green and critical infrastructure facilities. CellCube systems have been deployed at over 130 sites on the planet.
Contact: Yvonne Steinhaeusser, Yvonne.Steinhaeusser@cellcube.com +43 676 843 669 126