GUANGZHOU, China, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Great Power, a leading global battery manufacturer since 2001, has signed a letter of intent with Ariel Green to provide technology performance insurance for its battery cells. Under the agreement, through Lloyd’s of London Syndicate 1910, Ariel Green will develop a coverage solution guaranteeing Great Power’s battery cells and systems backstopping the company’s warranty. Through the collaborative process, Great Power will provide technical and strategic insight to help Ariel Green develop multiple insurance structures for the company’s lithium-ion battery products.
“As a leader in the battery manufacturing industry, we’re constantly looking to innovate and introduce new programs that demonstrate our commitment to quality and increase customer confidence. We look forward to developing and implementing this comprehensive insurance coverage, backed by Ariel Green,” said Yang Xia, head of Great Power global ESS. “This offering will de-risk our products, ensuring our customers feel confident in their choice to use Great Power battery systems both from a technology and bankability standpoint.”
“Ariel Green brings deep expertise in battery technology required to cover the complexities and potential losses associated with battery warranties and performance guarantees, especially as projects grow in size,” said Jamie Daggett, Energy Storage Lead at Ariel Green. “Great Power’s battery cells have been extensively evaluated and are being thoroughly validated. We’re pleased to welcome the organization as the first lithium-ion battery cell manufacturer among our portfolio of companies and we look forward to working with the team to enable Great Power to expand the deployment of its solutions on a global scale.”
This policy, available on orders starting this year, further solidifies Great Power’s commitment to highly reliable products and services and supports the company’s global growth, customer trust, and superior service.
About Ariel Green
Ariel Green provides Technology Performance Insurance (TPI) for the clean energy industry, deploying capital through customized long-term and non-cancellable risk management solutions. As a division of Ariel Re, a premier (re)insurance business and underwriters at Lloyd’s, our team is supported by the world’s leading insurance and reinsurance marketplace. Ariel Green brings deep expertise and a collaborative approach to developing insurance products that enable clean energy projects to secure financing, get built and begin operations. Learn more at http://www.arielgreen.com.
About Great Power
Great Power is a leading global battery manufacturer, established in 2001 and headquartered in China, with R&D centers, manufacturing facilities, and offices around the globe. Great Power is committed to providing energy storage products and solutions utilized in various markets, such as energy storage, consumer electronics, and power tools. Great Power's products offer excellent safety performance, long cycle life, and high energy efficiency and deliver value to customers in more than 50 countries. Great Power is listed and traded under stock code 300438:CH. Learn more: https://www.greatpower.net
MEDIA CONTACT:
Shannon Murphy
Trevi Communications
+1 603-505-5606
shannon@trevicomm.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1f63a376-a728-4a92-8a6f-fe6c3f38d9dd
