The program, launched in partnership with the New York State Energy Research and Development Authority (NYSERDA), aims to foster innovative insurance products that support the adoption of energy transition technologies across the United States.

The funding has been awarded to eight projects that address insurance coverage gaps in high-emission sectors, including energy, buildings, and transportation. Each project offers a unique solution to accelerate the commercialisation of clean technologies, filling critical gaps in insurability and fostering the energy transition.

Prize Winners and Their Innovations

EcoStrat and New Energy Risk: Developing feedstock supply insurance to stabilize biomass supply chains and enable financing of bioenergy technologies.

Energetic Capital: Creating an embedded tax credit insurance policy to reduce costs and expand tax investments for small- and medium-scale energy projects.

EVStar: Launching extended warranty policies for EV charging stations to enhance availability and reliability.

Exante: Introducing the Sunshine Guarantee, a parametric insurance product that ensures predicted solar irradiation levels for rooftop solar adopters.

kWh Analytics: Providing Distributed Generation Tax Credit Insurance to incentivize solar and Battery Energy Storage Solutions (BESS) projects.

Luminar Technologies: Developing an embedded insurance product to promote electric vehicles equipped with LiDAR technology.

Sunereum Labs: Offering SunereumShield, an AI-powered all-risk insurance solution for solar assets in New York.

Tallarna Inc.: Creating a performance insurance product to protect the economic outcomes of BESS and solar PV in commercial real estate.

“Insurance is a powerful risk management tool with the unique ability to drive change,” said Charlie Sidoti, Executive Director of InnSure. “The selected projects have the potential to address significant coverage gaps, and we are proud to support their journey toward market readiness.”

Each winning team is required to demonstrate a credible path to financial self-sufficiency and launch their insurance product in New York within 18 months. InnSure will provide guidance on regulatory approvals, risk capital, partnerships, and business mentorship to ensure successful deployment.

Anthony Fiore, NYSERDA’s Chief Program Officer, emphasised the significance of insurability in accelerating clean energy adoption “Insurability, like financeability, is a key hurdle to unlocking the deployment of technologies from electric vehicles to solar to nuclear. Supporting the insurability of clean energy solutions not only accelerates their adoption but also de-risks and reduces total costs. Together, government, the private sector, and innovation stakeholders can achieve scaled deployment of clean technologies that benefit all New Yorkers and grow our economy.”

Launched in May 2024, the Insurance Innovation Prize attracted over 50 applications. It addresses the urgent need for insurance solutions for early-stage clean technologies, which are essential for achieving net-zero emissions by 2050. Experts estimate that $10 trillion in insurance coverage will be required to meet this goal.

With this initiative, InnSure and NYSERDA aim to bridge the gap between innovation and commercialisation, creating a robust ecosystem for clean energy technologies to thrive.