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Nov 02, 2023

Markel Insurance backs Yilkins' global expansion of innovative technology

Specialist insurer Markel Insurance SE backs the commercial deployment of

Specialist insurer Markel Insurance SE backs the commercial deployment of Yilkins’ technology at various large international companies and enables expansion of its business globally.

Yilkins, a company specialising in converting organic residue streams into standardised fuel products, has secured a performance warranty backstop insurance program from New Energy Risk (NER), a division of Paragon.

Yilkins’ innovative technology and equipment offer a cost-effective solution for transforming forestry and agricultural residuals into low carbon intensity fuels.

The process boasts a favourable carbon index, lower capital costs, and reduced energy consumption compared to existing alternatives. With over five years of development, Yilkins’ drying and torrefaction technologies have been rigorously tested and deemed reliable.

NER, known for supporting cleaner utilisation pathways for challenging waste and residual streams, has designed a customized insurance solution based on extensive technical due diligence.

By leveraging their proprietary techno-economic model, which combines scientific understanding, engineering analysis, and financial expertise, NER assessed the performance and potential output of Yilkins’ technology.

The insurance program acts as a significant enterprise risk mitigant for Yilkins, bolstering the bankability of its warranty and instilling confidence in its customers.

This collaboration with NER aligns with Yilkins’ commitment to sustainable value creation and the realisation of carbon-negative initiatives and sustainable development goals.

Tom Dickson, CEO of New Energy Risk, expressed appreciation for Yilkins’ trust and confidence in NER's support. The insurance backing provided by NER is vital in facilitating the implementation of new, sustainable biomass-based supply chain projects, leveraging Yilkins’ efficient and cost-effective conversion technologies.

"The support and expertise provided by New Energy Risk's insurance backing is essential in facilitating the implementation of new, sustainable biomass-based supply chain projects, leveraging Yilkins’ highly efficient and cost-effective conversion technologies," Dickson added.