Albuquerque, NM.–BayoTech, an on-site hydrogen production company, has signed a letter of intent with Ariel Re, a member of Argo Group, a global provider of specialty property and casualty insurance, reinsurance and managed risk solutions.
Under the agreement, through its Lloyd’s of London Syndicate 1910, Ariel Re will develop a performance risk solution guaranteeing the uptime and output of BayoTech’s hydrogen generators. The goal is to deliver a client-focused risk insurance that supports BayoTech’s commercial growth.
“Our goal is to provide our customers with low cost, low/no carbon hydrogen without them having to concern themselves with product performance or financial exposure. We are excited to have the only performance guarantee in the industry backed by a strong partner like Ariel Re”, said BayoTech Chief Financial Officer, Wendy Rollstin. “Our performance guarantee, together with BayoCare, our predictive service and maintenance program, and the ability to upgrade from 200 kg to 1000 kg per day, are all unique features that BayoTech brings to the market. It demonstrates the level of commitment BayoTech has to our customers, investors and technology. We are proud to be the first company in the industry that can provide this level of assurance.”
“Ariel Re is excited to work with BayoTech to provide a strong guarantee that will give BayoTech’s customers and investors confidence to join the rapidly growing hydrogen economy”, said George Schulz, Vice President of Clean Energy for Argo Group. “Our team specializes in evaluating risks associated with clean-energy technologies and tailoring custom risk transfer solutions that enable business with strong counterparty support like Ariel Re. We are optimistic about the advantages of BayoTech’s robust solution to on-site hydrogen generation.”
“Ariel Re’s partnership with BayoTech will lower the risks and facilitate hydrogen generation on a profitable, large-scale basis,” said Daren Gretz, Senior Vice President of Aon Construction Services Group. “As a leading risk advisor and insurance broker, Aon has delivered efficacy, systems performance and warranty insurance solutions that benefit innovative technology companies by improving access to capital, enhancing the credit risk profile and market adoption of the latest innovations.”
More about BayoTech
BayoTech is a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and gas-as-as-service to customers worldwide. Headquartered and produced in New Mexico, USA, BayoTech’s on-site hydrogen generators are more efficient than legacy steam methane reformers, leading to lower carbon emissions and low-cost hydrogen.
More about Ariel Re and Argo Group
Argo Group International Holdings, Ltd. (NYSE: ARGO), is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group’s insurance subsidiaries are A.M. Best–rated “A-” (Excellent), and Argo Group’s U.S. insurance subsidiaries are Standard and Poor’s–rated “A-” (Strong). More information on Argo Group and its subsidiaries is available at argolimited.com.
More about Aon
Aon plc (NYSE: AON) is a leading global insurance professional services company. Aon creates, recommends and executes a range of financial risk-mitigation and risk transfer products, including performance guarantee insurance for companies deploying and commercializating innovative technologies. Aon’s 50,000 colleagues in 120 countries empower results for clients by using industry expertise, proprietary data and analytics to deliver commercial risk solutions that reduce volatility and improve financial profit, growth and continuity.