Paratus to write the world’s first policy for renewable power price protection

GUERNSEY and LONDON, Sept. 25, 2024 /PRNewswire/ — Paratus Holdings Limited (“Paratus”), the world’s first (re)insurance group underwriting energy price risk, today announces that Paratus Renewables Insurance Limited has been granted regulatory approval by the Guernsey Financial Services Authority (“GFSC”) to provide insurance cover to the renewable power industry.

Paratus provides innovative and commercially viable insurance solutions to accelerate the transition to renewable energy and sustainable fuels. The licence approval will expand the product offering beyond aviation, maritime, and freight to renewable power including wind, solar, biofuels, and hydrogen.

Paratus renewable power insurance protects generators from adverse energy price risk, improving the competitiveness of renewable assets when compared to traditional price risk mitigation solutions. Equally, their policies enable power consumers to better manage operating costs and protect balance-sheets in a highly opaque marketplace. Through a deep understanding of the renewables energy sector, Paratus partners with clients to navigate a complex energy market.

The regulatory approval by the GFSC marks another significant milestone for the business. In January 2023, Paratus announced the completion of a growth equity investment from Ara Partners (“Ara”), a global private equity and infrastructure firm focused on industrial decarbonisation. The Ara investment has provided the capital required for Paratus to significantly scale and enhance the product offering.

Gus Majed, Group CEO and Founder, Paratus, commented: “The renewable power licence is central to our future growth. We are writing the world’s first policy for renewable power price protection and our product will have a transformative impact on the renewable energy industry. It will help catalyse the growth and competitiveness of renewable power assets, as Paratus expands across the U.K., Europe and the U.S.

Our focus is on providing clear, simple and transparent solutions that transform how firms mitigate adverse energy price volatility. This is a crucial step forward for the business and for the industry, as our world first renewable power price insurance policy will accelerate the transition to renewable energy sources and sustainable fuels.”

Paratus has further enhanced its offering by partnering with px Group, a fully licenced Ofgem supply business that provides power balancing capabilities. This partnership enables Paratus & Partners, the Group’s insurance brokerage division, to leverage px Group’s capability to provide Paratus and clients with compelling economics for physical offtake and 24/7 monitoring services, when they take out an insurance policy.

Gus added: “px Group has long standing experience and a first-class reputation for working with customers in the renewable energy space, and we are confident that this strategic partnership will help to support renewable power producers even more effectively, as they drive the transition to net zero. With px Group, we can deliver an end-to-end complete solution for renewable power generators.”

About Paratus

Paratus is the world’s first (re)insurer underwriting energy price risk with innovative solutions to protect against adverse energy price volatility and accelerate the transition to net-zero. A unique partnership of world-class experts in energy, insurance, and technology, Paratus is backed by Ara Partners, a $6.2 billion global private equity and infrastructure firm focused on industrial decarbonisation, and underwritten by globally rated financial institutions.

About px Group

px Group is a fully integrated infrastructure solutions business delivering innovative management services for high hazard and highly regulated environments. px Group manages, operates and maintains some of the largest industrial facilities in the UK and in Norway, and owns the world-renowned Saltend Chemicals Park at the heart of the UK’s Energy Estuary. 

With over 25 years’ experience, and operations in the UK, Norway, Germany and the Americas, px Group delivers end-to-end specialist services in operations & maintenance, engineering services and energy solutions across the industrial and energy infrastructure sectors. 

About Ara Partners 

Ara Partners is a global private equity and infrastructure investment firm focused on industrial decarbonization. Founded in 2017, Ara Partners seeks to build and scale companies with significant decarbonization impact across the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture sectors. The company operates from offices in Houston, Boston, Washington, D.C., and Dublin. Ara Partners closed its third private equity fund in December 2023 with over $2.8 billion in capital commitments. As of March 31, 2024, Ara Partners had approximately $6.2 billion of assets under management. For more information about Ara Partners, please visit www.arapartners.com.

Media contacts 

Kapil Arya / Ed Shelley
Lansons
paratus@lansons.com
07550044000

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EDINBURGH, Scotland and LONDON, Sept. 25, 2024 /PRNewswire/ — Zumo, the B2B digital assets infrastructure, has launched a new out-of-box feature that enables crypto-asset service providers (CASPs) active in the European Union (EU) to comply with the upcoming sustainability requirements of the Markets in Crypto-Assets (MiCA) regulation.

Recent industry research has suggested that more than 80% of CASPs may be unaware of the need to report sustainability indicators from ESMA’s end-of-year deadline.

Under new rules, CASPs with a EU client footprint – including exchanges, brokerages, custodians and trading firms – will need to provide a compliant website disclosure covering the environmental impact of offered crypto-assets from 30 December 2024.

Amidst a flurry of incoming requirements, Zumo’s new Oxygen MiCA compliance module will help CASPs across the EU to streamline and simplify their sustainability compliance through auto-generated MiCA website disclosure reports, and allows CASPs to easily access MiCA-compliant sustainability metrics for their listed crypto-assets.

The solution draws on best-in-class sustainability data from Crypto Carbon Ratings Institute (CCRI), one of Zumo’s strategic partners, and further builds on Zumo’s Oxygen proposition, first introduced to help providers of crypto-asset services better align their digital asset activities with net zero principles. 

Nick Jones, Founder and CEO, Zumo, said: “MiCA’s sustainability requirements are going live to a tight deadline, and bring with them complex data questions and unfamiliar compliance requirements at a time when the industry is already having to confront a wide range of new operational mandates.”

“It’s become clear that CASPs across Europe simply aren’t ready. With our MiCA solution, we’re removing one small headache by providing the single interface that helps CASPs cut through the hassle of pulling sustainability data together, formatting an appropriate template, and providing the output that ESMA is looking for.”

“It’s another important step on our sustainability journey to develop the tools that will enable service providers to comply with current and future sustainability compliance requirements.”

Zumo is widely seen as a pioneer for its sustainability work in the digital assets sphere. The company was a member of the World Economic Forum’s Crypto Sustainability Coalition, recently signed the Abu Dhabi Sustainable Finance Declaration and has been recognised via a number of prestigious awards programmes.

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OAKWOOD, Ga. and ALMELO, Netherlands, Sept. 25, 2024 /PRNewswire/ — Mencom Corporation, a global manufacturer of industrial connector solutions for power, control, signal and networking applications, has announced the opening of its new sales office in the Netherlands. This strategic move highlights Mencom’s dedication to serving its expanding customer base and distribution partners throughout the European Union.

The new Dutch office will function as a central hub for sales activities, product demonstrations, training sessions and client meetings. A dedicated team of sales professionals versed in Mencom’s product portfolio will offer tailored support and guidance to customers across the region.

“Our investment in a European sales presence allows us to better serve our customers and meet increasing demand for Mencom’s innovative solutions,” said Bruce Mistarz, CEO of Mencom Corporation. “With this expansion, we reinforce our position as a trusted partner delivering exceptional value to the European market.”

In conjunction with their acquisition of a manufacturing facility in the Czech Republic, this new Dutch office aims to streamline operations and ensure prompt product delivery across Europe. Plus, customers can anticipate service with local product availability and quicker response times. The company is committed to strengthening its presence in Europe while maintaining its commitment to customer satisfaction.

For any questions regarding Mencom’s new office in Europe, products, or customer support, please contact the following:

Mencom Europe
Windmolen 22
7609NN Almelo
The Netherlands

http://www.mencomcorp.eu
+31 548 659 054
europe@mencomcorp.eu

For details, contact:
Mark Dixon
Marketing Manager
Email: mark@mencom.com
Phone: (770)534-4585

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