XL Group plc (NYSE: XL) said that XL Innovate, the venture capital initiative sponsored by the company, acquired New Energy Risk, Inc., a Menlo Park, CA-based provider of data analytics, strategic consulting and financial risk transfer solutions to the renewable energy industry worldwide.
The amount of the deal was not disclosed.
XL Innovate will help New Energy Risk continue to expand under the leadership of CEO Tom Dickson.
Founded by Tom Hutton in 2011 to serve as a risk assessor and intermediary between clean-energy innovators and insurers, New Energy Risk provides a technology performance insurance product for the cleantech industry, which has been used by companies like Bloom Energy, a Silicon Valley based fuel cell company.
Over the past three years, New Energy Risk has worked with XL and Munich Re to insure the performance of Bloom Energy’s technology, improving the financing in support of the installation of nearly 65 megawatts of clean electricity.