Insured warranties boost lithium-ion battery bankability

Having an insured warranty makes any product or service more bankable, and having a warranty available for lithium-ion batteries is a huge breakthrough, Charley Grimston, co-founder of Altelium explains.

A warranty is a powerful sign of confidence in your product, because a third party with “A” rated capital believes in the quality of your product such that they will insure it against failure. The Altelium warranty can provide cover for both performance (battery degradation) and electromechanical breakdown for the other parts such as the BMS, HVAC and inverters.

Until now only the battery OEMs themselves have understood batteries with enough depth to be able to offer warranties. Now Altelium is using battery science, data engineering and its proprietary insurtech solution to deploy the full weight of the insurance industry behind these environmentally important products.

Charley explains the importance of Altelium’s battery services: “It’s because we understand batteries so well, and know how to maintain their health, that we’re able to offer warranties to complement the original OEM’s warranty,” he said. “This adds a whole new dimension to the bankability of any organisation which uses lithium-ion batteries as an energy source”.

A video explaining Altelium’s unique combination of real time data, enhanced with AI and triangulated against battery testing works is now available to watch on these pages: battery testing.