Ariel Green Settles First Technology Insurance Claim in South Korea
A plastic recycling plant in South Korea has received a payout under a Technology Performance Insurance policy, marking a milestone for the sector. The claim, processed through a collaboration between Ariel Green and local partners, confirms the viability of insurance as a tool to protect clean energy projects from revenue shortfalls.
The facility, operated by Eco Technology, specializes in converting plastic waste into pyrolysis oil for refinery use. When the project faced performance challenges, the insurance policy—structured to mitigate risks associated with unproven or emerging environmental technologies—provided the necessary financial buffer. The settlement involved the Ariel Green Consortium at Lloyd’s as the reinsurer and DB Insurance as the local carrier, with PIS Nonlife Insurance Services acting as the broker.
Jeong Young-hoon, CEO of Eco Technology, noted that the payout reinforces the project’s financial stability, allowing operations to continue through 2031. For lenders and project developers, this resolution serves as a precedent for managing technology risk in the circular economy. Tad Dritz, Bioconversion & Hydrogen Lead at Ariel Green, stated that the payment fulfills the firm’s contractual commitment to support the long-term success of innovative energy infrastructure.
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