Announcing Altelium (North America) Inc.
We’re delighted to announce the launch of Altelium (North America) Inc. today, 7th February 2022. Incorporated in Delaware, the business will allow organisations in the US and Canada involved in the manufacture, integration or application of electric battery cells to benefit from our bespoke insurance solutions.
The risk factors of Lithium ion and other electric batteries and the facilities which use them, such as battery storage systems, are only remotely comparable to conventional Lead acid batteries. Only a handful of companies in the world possess the depth of data and knowledge required to offer third party insured warranties on electric battery cells, and Altelium is one such company.
As the electric vehicle market expands, the need for specialist insurance and warranty solutions is increasing, with an extended warranty being a totemic symbol of quality and bankability. In the UK, electric vehicles with a bespoke battery extended warranty have seen the depreciation rate reduce by 15 – 20%, making this a highly attractive proposition for fleet managers and large corporations worldwide.
Our insurance platform combines real-time data capture from battery assets with AI self-learning analytics, which are tested and validated against sample batteries in laboratory conditions. Organisations across North America will now be able to access the platform and benefit from its end-to-end insurance facilities.
Describing the new company, co-founder Charley Grimston comments:
“From my experience in the Lloyd’s market comes the saying ‘insurance is the oxygen of commerce’ and there’s no country which understands commerce and how to leverage the value of insurance like the States. The US is powering ahead with the application of electric batteries to address climate change and energy issues and I’m delighted that we are now able to offer our bespoke battery insurance services here.”
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