The Renew Risk team. Image: Renew Risk
The investment will enable the renewable energy risk organisation to grow its teams and reach new, international markets.
London-based Renew Risk has today (13 February) announced a £5m funding round, with participation from Molten Ventures, Lloyd’s and existing investors Insurtech Gateway and influential angels.
Renew Risk was founded in 2021 by Ashima Gupta, Joshua Macabuag, Subhamoy Bhattacharya and Gaurav Chawla. The organisation pairs advanced analytics and risk modelling to improve financing, planning and insurance for renewable energy assets.
It gives insurers, insurance brokers, bankers, developers and asset managers insight into physical risks such as hurricanes, earthquakes and severe storms affecting renewable energy assets, for example offshore wind and solar farms. The investment will be used to enhance Renew Risk’s proprietary risk models suite, expand its teams of risk modellers and climate experts, and extend the organisation’s global reach.
Gupta, the CEO Renew Risk, said: “We are thrilled to have the support of Molten Ventures and Lloyd’s, two powerhouses in innovation and insurance, respectively. This investment will accelerate our ability to build sophisticated risk models for the renewable energy sector, empowering stakeholders to navigate the complex challenges of disaster risk with confidence.”
George Chalmers, the head of climate at Molten Ventures, said: “Renewable assets coming online need to be financed and insured. The pace of deployment is being impaired by the lack of appropriate risk modelling for these new assets, leading to risk that isn’t properly quantified and priced.
“We are delighted to partner with the Renew Risk team as they build out their world-leading risk analytics for the renewable energy sector.”
Late last year, Danish renewable energy solutions provider Scada International announced the acquisition of Irish renewable SaaS company NovoGrid. The University College Dublin spin-out specialises in grid analytics technology, which aids developers, asset owners and energy traders to gain insight into grid connection possibilities.
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