Energetic Insurance Raises $2.5M
Boston-based Energetic Insurance , the MGU serving the renewable energy industry, announced a $2.5m funding round, led by Congruent Ventures with participation from Clocktower Technology Ventures and Powerhouse Ventures.
The company also announced “EneRate Credit Cover,” a credit insurance policy for commercial solar projects, which was developed in partnership with Live Oak Bank, and is backed by Scor Global P&C. According to Energetic Insurance, over 90% of U.S. companies don’t have a public credit rating, which equates to a perception of risk from financiers. The new insurance policy aims to change that by protecting developers against potential payment default from businesses signing on to commercial or industrial projects.
“Our team spent, collectively, decades in the solar industry, and this problem of credit ratings in commercial projects has been one of the most persistent and painful problems that does not have any real scalable solution.” – Cofounder and CEO of Energetic Insurance, James Bowen.