Munich Re visits SkyFuel's 1MWth demonstration at SEGSII in Daggett, CA for final due diligence
Arvada, Colorado – April 19, 2012: SkyFuel, Inc., maker of the highest performance and lowest cost parabolic trough solar collector in the world, is now the first in the Concentrating Solar Power (CSP) industry to offer insurance to support the company's warranty. After more than a year of due diligence, Munich Re – one of the worldwide leading reinsurance companies – announced that they will underwrite SkyFuel's performance guarantees. As the only parabolic trough maker with a serious approach to cost reduction, SkyFuel's technology incorporates some innovative features – the most significant being the use of high reflectance mirror film (ReflecTech) in place of traditional glass.
SkyFuel guarantees the thermal output of their SkyTrough system for up to five years, and the specular reflectance of the SkyTrough reflectors for up to 20 years. The ability to offer insurance backing for this robust warranty is a distinct advantage in a market reliant on risk-averse banks for project finance. Chief Commercial Officer Kelly Beninga stated that, "the Munich Re insurance cover, combined with higher efficiency and lower cost, makes SkyTrough a very bankable solution. Yet again, SkyFuel is pleased to be a leader in the CSP market."
Thomas Blunck, member of Munich Re's Board of Management commented, "we are delighted to have concluded the first CSP technology contract of this kind with SkyFuel. This is a further instance of our pioneering role in this field, following from the launch of our performance guarantee cover for photovoltaic installations in 2009."
SkyFuel, Inc. manufactures the SkyTrough parabolic trough concentrating solar collector - a breakthrough in cost and constructability resulting from significant design and material innovations. SkyFuel's wholly owned subsidiary, ReflecTech, Inc. holds the exclusive license to manufacture and market ReflecTech® Mirror Film. SkyFuel is developing next-generation, high-temperature parabolic trough and linear Fresnel systems.