#South Korea #Seoul #TPI #Ariel Green #ECO Technology

Ariel Green Demonstrates Commitment to Clean Energy with TPI Claim Payment

In a remarkable display of support for innovative environmental technologies, Ariel Green has announced the payment of a Technology Performance Insurance (TPI) claim associated with a plastic recycling facility in South Korea. This significant milestone reinforces the importance of Technology Performance Insurance in the renewable energy sector, ensuring that projects can continue to operate even in the face of unforeseen challenges.

The TPI claim, paid following collaboration between the Ariel Green Consortium at Lloyd's as reinsurer, DB Insurance as the local provider, and the specialized Technology Performance Insurance broker PIS, highlights Ariel Green's steadfast pledge to honor legitimate insurance claims and help maintain investor confidence. The insurance coverage for the facility is active until 2031, under a 6.25-year policy term, ensuring long-term protection against potential revenue shortfalls due to technology underperformance.

Tad Dritz, Bioconversion Hydrogen Lead at Ariel Green, stated, "Technology Performance Insurance is specifically designed to come into action when technology-related issues impact the performance of projects. This claim reflects our unwavering commitment to contractual obligations and the sustained success of pioneering clean energy initiatives."

Ariel Green's TPI solutions are crucial for mitigating technology risks that could jeopardize clean energy investments. By safeguarding against performance-related problems that can influence revenue streams, TPI encourages easier access to funding and promotes the diffusion of sustainable energy technologies.

H.S. Yoo, CEO of PIS Nonlife Insurance Services, emphasized the significance of this claim, stating, "As the specialized broker that structured and implemented this TPI program, we are thrilled to see it functioning as intended—providing tangible financial protection exactly when our client required it most. This development sends a powerful message to project developers, lenders, and investors throughout Korea that TPI is a proven tool that sustains financial viability and operational continuity for innovative clean energy projects during unpredictable circumstances."

The insured facility operates under Eco Technology, specializing in converting plastic waste into pyrolysis oil, which is then integrated into refineries along with crude oil. This operation supports environmental efforts to reduce landfill waste and lessen reliance on fossil fuels. The TPI claim payment plays a pivotal role by allowing the facility to maintain operations and further advance sustainable technological solutions.

David Choi, Senior Manager at DB Insurance, remarked on the first claim under a domestic TPI policy, "While there were initial concerns about interpreting and applying the policy terms, the reinsurer's proactive response enabled a smooth and transparent claims process, benefiting all parties involved."

Jeong Young-hoon, CEO of Eco Technology, highlighted the claim payment as an experience that showcases the real value TPI brings to project finance. He noted, "Early adoption of Technology Performance Insurance proves its worth within a project financing structure by enhancing the financial stability of facilities employing innovative technologies. This support is vital for lenders and project owners operating within a more predictable framework. We express our gratitude to both PIS Nonlife Insurance Services, who adeptly designed and brokered this insurance solution in Korea, and to Ariel Green, who honored their commitments. We expect this case sets a positive example, encouraging further investment and project financing within the circular economy and carbon neutrality sectors."

Ariel Green has established itself as a formidable entity within the Korean market, extending its TPI offerings across a diverse range of clean energy technologies. Their strategy combines extensive technical expertise with tailored risk management solutions to cater to the unique needs of project developers, investors, and financial institutions.

About Ariel Green

Ariel Green is a provider of Technology Performance Insurance (TPI) aimed at the clean energy sector, delivering tailored, long-term, and non-cancellable risk management solutions. As a division of Ariel Re and underwriters at Lloyd's, the company harnesses insights from the leading insurance marketplace to facilitate financing, construction, and operation of clean energy projects.

For more information about Ariel Green and its offerings, visit www.arielgreen.com.

About Eco Technology

Eco Technology manages an advanced plastic-waste pyrolysis plant in South Korea, transforming end-of-life plastics into pyrolysis oil for co-processing with crude oil at refineries. This initiative diverts waste from landfills while contributing to Korea's circular economy and resource recovery objectives, significantly curtailing dependence on fossil feedstock.

About DB Insurance

DB Insurance Co., Ltd. (KRX 005830) is a premier non-life insurance company in South Korea, providing a wide range of insurance products and services. With a market share of approximately 19 percent, the institution boasts an A+ rating from AM Best, underscoring its robust financial position and operational efficiency.

About PIS Nonlife Insurance Services

PIS Nonlife Insurance Services Co., Ltd. specializes in complex non-life insurance brokerage, particularly in the industrial energy sector and project finance placements. With expertise in TPI for renewable and waste-to-energy projects, PIS crafts risk-transfer solutions that empower developers and investors to secure financing while protecting their revenues.

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