As part of a new agreement, Ariel Re, member of Argo Group, will develop a performance risk solution to guarantee the uptime and output of BayoTech’s hydrogen generators.
BayoTech today announced that it had signed a letter of intent with Ariel Re which it hopes will support the company’s commercial growth.
Wendy Rollstin, Chief Financial Officer at BayoTech, said, “Our goal is to provide our customers with a low cost, low/no carbon hydrogen without them having to concern themselves with produce performance of financial exposure.”
“Our performance guarantee, together with BayoCare, our predictive service and maintenance programme, and the ability to upgrade from 200 kg to 1000 kg per day, are all unique features that BayoTech brings to the market.”
“It demonstrates the level of commitment BayoTech has to our customers, investors and technology. We are proud to be the first company in the industry that can provide this level of assurance.”
George Schulz, Vice-President of Clean Energy for Argo Group, added, “Ariel Re is excited to work with BayoTech to provide a strong guarantee that will give BayoTech’s customers and investors’ confidence to join the rapidly growing hydrogen economy.”
“Our team specialises in evaluating risks associated with our clean-energy technologies and tailoring custom risk transfer solutions that enable business with strong counterparty support like Ariel Re.”
“We are optimistic about the advantages of BayoTech’s robust solutions to on-site hydrogen generation.”