The role of insurance in supporting safe and regulated battery trade
Altelium calls on the Global Battery Alliance to add the insurance sector to its stakeholder list, as a key driver of sustainable working practices and market growth.
Joint MD Charley Grimston explains the reasons why this is important to Altelium and the wider insurance industry.
“We wholeheartedly welcome and support the aims of the Global Battery Alliance and robustly endorse the importance of a battery passport. Traceability of raw materials is the most fundamental requirement to protect quality standards for the environment and for the customer.
The Global Battery Alliance has identified value chain stakeholders at every stage of the battery cell lifecycle from mining to manufacture and recycling but there is one missing link – insurance.
The insurance industry is a key facilitator of ESG success. It has always been the building block or facilitator of market growth. The possession of insurance or, in the case of battery cells, an extended warranty, is a sign that the product is understood, evaluated and assessed against risk. The warranty will last beyond the life of the original manufacturer and gives the product quality assurance and bankability, therefore providing the ability to grow and mature the entire product market.
That risk can only be taken on if there is sufficient data and knowledge which is why companies like Altelium encompass both real life battery testing and AI in this new and rapidly advancing technology. We are the keepers of extensive applied battery knowledge and experience. Understanding the source of raw materials and the manufacturing process involved in battery cell creation is crucial to us and the whole insurance industry.
The trade in new and used battery cells and packs will increase dramatically and the battery passport needs to be in place urgently to ensure this trade is safe and regulated. Insurance will be required by all parties at first, second and end of life making the insurance industry valuable and essential stakeholders in the battery supply chain.”
Charley is a co-founder of Altelium and a member of the British Standards Institution (BSI) steering group which developed the UK standards for the safe and environmentally-conscious handling of battery packs and modules.
Further details about this standard are available here: https://shop.bsigroup.com/products/batteries-for-vehicle-propulsion-electrification-safe-and-environmentally-conscious-handling-of-battery-packs-and-modules-code-of-practice/standard
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