Stion Adds Warranty Policy from Global Insurance Leader MunichRE
SAN JOSE, Calif.—Stion, a leading U.S.-based manufacturer of high efficiency thin-film solar modules and provider of photovoltaic solar solutions, announced today the addition of Munich Re solar panel warranty insurance for installations worldwide.
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 Munich Re 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,” said Jim McGrath, Stion’s Vice President of Sales. “The Munich Re policy provides important financial and technical security to customers and financial institutions.”
“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.
Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 27,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and people. With 57,000 colleagues worldwide and annual revenue exceeding US$13 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting.