By ESS news
For insurers insuring gigawatt-scale battery energy storage systems (BESS), thermal runaway is no longer the only bogeyman. It is the speed of product development, inexperienced integration and vulnerabilities in the factory balance sheet that keep the insurance sector on its toes.
Michael Carrington, an underwriter at TMGX, a specialist in renewable energy insurance, noted this ESS news that the sector is iterating faster than insurers can build historical models.
“The launch of the very first Megapack in 2019 was a 3 MWh enclosure,” says Carrington. “Moving to the last year, high-end products such as BYD’s HaoHan reaches 14.5 MWh. In that very short time frame, we have seen an increase of almost 500% in megawatt hours per enclosure.”
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