LONDON (April 23, 2024) — Gore Street Capital, the investment manager of the internationally diversified Gore Street Energy Storage Fund, announced today an agreement with ACCURE Battery Intelligence, a leading provider of battery analytics technology, and international insurance firm HDI Global SE, to use data analytics technology as part of an innovative risk-managed policy covering two energy storage systems.

Gore Street Capital has implemented ACCURE’s AI-based software at its 80 MW Stony project to increase safety by reducing the risk of thermal runaway and operational issues. The technology was tested at the site in 2022, as well as at the 10 MW Lower Road project, and will be installed at the 50 MW Ferrymuir asset, which is also located in the UK. By using cloud-based predictive analytics, Gore Street Capital has secured an insurance package from HDI Global SE that utilises a risk-managed approach to accurately assess coverage.

Alex O’Cinneide, CEO of Gore Street Capital, said: “As the manager of a market-leading portfolio of energy storage assets, we are always looking for new approaches to help improve the safety and operations of the assets under our care. We’re proud to have helped establish battery analytics software as a valuable means of assessing and reducing risks to secure enhanced insurance conditions.

“The insurance benefits we have secured for our client and its investors are just one aspect of the advantages of this approach and I commend everyone involved for delivering this market-leading strategy. We hope this will pave the way for others to follow in the adoption of new technological approaches to safe and sustainable battery energy storage system operations.”

Following its assessment of ACCURE’s AI-based cloud computing software, HDI Global SE’s technology innovation arm, HDI TH!NX, developed a joint business model with ACCURE that increases risk transparency for the insurer. HDI Risk Consulting was then able to determine that Gore Street Capital’s insurance risk assessment for the Stony and Ferrymuir energy storage projects should take into account improved safety measures provided by the predictive technology.

HDI’s insurance agreement covering the Stony and Ferrymuir assets, delivered through PIB Insurance Brokers, recognises the effective utilisation of data analytics as a valuable means of improving the safety, reliability and operations of battery energy storage systems.

“We are delighted to be working with ACCURE, alongside Gore Street Capital and PIB, to provide an innovative, risk-managed solution that incorporates ACCURE’s battery safety intelligence for BESS risks. By combining the technology expertise of HDI TH!NX with our deep underwriting and risk engineering capabilities, we create solutions to support clients through times of transformation.” said Dr Dirk Höring, Member of the Executive Board, HDI Global SE.

Andrew Sinclair, Head of Renewable Energy Practise at PIB Insurance Brokers, added: “We are thrilled to deliver this bespoke policy to Gore Street Capital, which recognises the benefits of combining improved risk management, performance, safety, revenue and cost for its energy storage portfolio to ultimately deliver greater value for investors.”

ACCURE’s predictive analytics software uses AI, field data and modelling to detect irregular battery cell behavior, diagnose battery health and recommend corrective action for any problems identified. The platform gives energy storage providers more control and lead time to address critical issues, ensuring their battery systems run safely and at peak performance.

“In addition to improving safety, we look forward to ACCURE’s predictive analytics technology enabling us to accurately monitor degradation of our batteries to determine the most economic operational strategies when accessing multiple revenue streams,” said Daniel Sherlock-Bruke, Head of Asset Performance at Gore Street Capital.

"Analytics software such as ACCURE's is a win-win for asset owners, unlocking cost savings whilst materially improving safety and project optimisation. We hope these policies set the standard as this would represent a legitimate safety improvement for the whole industry."

Kai-Philipp Kairies, CEO and Co-founder of ACCURE, commented: “With a track record of monitoring more than 40 energy storage sites, we have proven over and over again that predictive analytics increases safety and reliability for battery energy storage systems.

“As insurance companies recognise the benefits that the technology provides to energy storage operators like Gore Street Capital, we can look forward to even greater deployment of energy storage systems that support renewable energy and the grid.”

Gore Street Capital will continue to work alongside PIB and other partners to achieve similar benefits across its 1.248 GW of energy storage systems under management, located in the UK, Ireland, Western Europe and the US.

To find out more about this innovative relationship between battery energy storage safety and insurance, join Gore Street Capital, ACCURE, HDI Global SE, and PIB on 15 May for a webinar hosted by Energy Storage News. Learn how innovations in insurance unlock the full potential of battery storage systems

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About Gore Street Capital
‍Gore Street Capital is a global investment platform formed in 2015 to acquire and manage renewable energy solutions. As the Investment Manager of the UK’s first internationally diversified listed energy storage fund, established in May 2018, Gore Street Capital is an experienced renewable energy, infrastructure, and private equity investment firm. It delivers a wide range of technical and commercial services to robust businesses and high-performing assets that contribute to the low-carbon transition, and currently manages an energy storage portfolio of 1.248 GW spread across five uncorrelated energy markets.

For additional information, please visit: https://gorestreetcap.com/  

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About HDI Global SE (HDI)
‍As a commercial and specialty lines insurer, HDI Global SE (HDI) meets the needs of SMEs, industrial companies, middle market and corporate customers with insurance solutions that are specifically tailored to their requirements. In addition to HDI's prominent position in the German and broader European market, the company has access to its own worldwide HDI Global Network covering more than 175 countries through its own HDI foreign branch offices, subsidiaries, affiliated companies, and network partners. Acting as the Partner in Transformation, HDI Global SE leads roughly 5,000 International Programmes and offers its multinational customers compliant coverage worldwide.

HDI Global SE is the Industrial Lines Division of the Talanx Group and has been a leading insurer for several decades. Approximately 4,500 employees in this division generated insurance revenue (gross) of approx. EUR 8.2 billion in the year 2022 (according to IFRS 17).

The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong) and AM Best has assigned the A+ Rating. Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX.

For additional information, please go to: https://www.hdi.global

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About PIB
Backed by world leading private equity firms, Apax Funds and The Carlyle Group, PIB is a dynamic and diversified independent specialist insurance intermediary which is experiencing rapid acquisitive and organic growth. Launched in 2015, PIB has grown rapidly through acquisitions and by employing outstanding individuals with a wealth of knowledge and experience in the insurance market. PIB Group offers a range of specialist teams, products, and services to clients and has offices throughout the UK, Channel Islands, Ireland, Germany, Poland, Denmark, Spain, Italy and the Netherlands. PIB Insurance Brokers are experts in sourcing insurance solutions for organisations involved in renewable energy projects. For more information visit pib-insurance.com/business/renewable-energy