kWh Analytics raises $20 million
San Francisco-based risk-management software firm kWh Analytics has raised $20 million in a Series B round led by Lacuna Sustainable Investments.
Founded in 2012, kWh Analytics helps solar investors reduce the cost of capital. The company has a partnership in place with Swiss Re Corporate Solutions (SRCS) to underwrite its product Solar Revenue Put, a credit enhancement that guarantees the performance of solar assets. With the new funding, kWh Analytics plans to develop additional solutions to support solar, wind, and storage asset owners and investors. The company will also bring these solutions to new international markets.
“The most recent 2021 Intergovernmental Panel on Climate Change (IPCC) report was clear: it’s a ‘code red’ for humanity. The world needs more renewable energy to mitigate climate change, and insurance is key to ensuring these projects get built. This new category of ‘Climate Insurance’ is a massive, once-in-a-generation market opportunity; kWh Analytics is proud to be a market leader in this space.” – Richard Matsui, CEO of kWh Analytics.
“kWh Analytics has filled a critical gap in renewable energy insurance, using an innovative, data-first approach. This fundraise underscores their position as the leader in this space.” – Matthias Weber, the former Chief Underwriting Officer of Swiss Re.
In the press release, KWh Analytics also announced the launch of its Property Product, which provides all-risk coverage against physical damage for solar, storage, and wind projects.
“As an investor in renewable energy power plants, we understand firsthand the challenges that investors face in procuring cost competitive insurance. On top of that, today’s standard insurance offerings miss important nuances specific to renewable energy equipment, like the impact of microcracks and hotspots on performance. That’s what makes this fundraise and product launch so important — not only is kWh Analytics supplying more insurance, but they are innovating on the existing products by using their proprietary data.” – Brad Bauer, Partner at Lacuna Sustainable Investments.
