2022-Solar Power and Risk Management at PI Energy

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Pacific Built-in Power, Inc. (PI Power) is a photo voltaic power innovation firm, growing a next-generation photovoltaic photo voltaic cell expertise that’s designed to allow clear power to be commercially deployable  at a low-installed value.  By its groundbreaking proprietary expertise, PI Energy is dedicated to creating photo voltaic power way more sensible, cost-competitive, and scalable worldwide.

With its crew of expertise and business specialists, the corporate is growing the following technology of solar energy photovoltaic (PV) supplies, consisting of skinny, versatile photo voltaic nanofilms that permit photo voltaic PV to be safer, more cost effective, and relevant to virtually any floor. Think about a world the place any floor—from buildings to transport vehicles—can leverage photo voltaic expertise to make all industries extra sustainable. 

PI Power’s revolutionary expertise gives efficient options to the present issues confronted by the photo voltaic power business. Though photo voltaic power has the potential to be probably the most ample supply of fresh power, the present applied sciences in the marketplace stay too costly and restricted in the place it may be utilized. PI Power’s expertise goals to faucet into the huge potential of photo voltaic power, thereby serving to create a extra sustainable future. 

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PI Power’s Challenges within the Photo voltaic Energy Trade

Woman meditating in front of sunrise to represent solar power energy

Whereas growing its expertise, PI Power has confronted challenges acquainted to most startups in solar energy and elsewhere: funding, assets, and threat administration. Over the past ten years, PI Power has raised over $16M, largely from personal traders, with a view to develop its expertise. The corporate has additionally had success with crowdfunding as a solution to finance its expertise, and it continues in its mission to draw traders. 

As a small firm within the improvement stage, PI Power is amongst these corporations on the forefront of recent solar energy improvements which can be typically achieved with restricted assets. Being a small startup, PI Power has stored its deal with innovation whereas competing with a lot bigger companies with larger assets. On the similar time, the corporate has confronted challenges regarding the final fame that startups have as dangerous investments, particularly in terms of insurance coverage protection. Add in solar energy and sustainable power, and dangers abound.

Regardless of their accountable administration of the corporate, PI Power’s management had problem discovering administrators & officers (D&O) insurance coverage protection that was cost-effective and mirrored their particular wants. Many insurance coverage suppliers provided prohibitively costly charges based mostly on the chance components posed by different startups unrelated to PI Power. 

Embroker’s Answer

Whereas researching D&O insurance coverage suppliers, PI Power’s founder and CEO Phil Layton got here throughout Embroker. As a scientist and engineer, Mr. Layton was in search of insurance coverage protection that was pretty priced and would supply the form of safety that may allow him and his crew to deal with their work growing PI Power’s expertise. PI Power additionally wanted a accomplice who believed of their mission of sustainability and was prepared to take a threat on them. In Embroker, they discovered the insurance coverage supplier that they wanted. 

Mr. Layton was significantly impressed by the aggressive pricing of Embroker’s D&O insurance coverage protection and the effectivity of the sign-up course of. As effectively, Embroker understood the actual wants of PI Power and its management, demonstrating a dedication to them as valued purchasers. 

For startup corporations resembling PI Power, Administrators & Officers insurance coverage is especially necessary. The aim of D&O insurance coverage is to defend an organization’s administration and management from any private publicity to legal responsibility claims for the enterprise selections and actions they make whereas working the corporate. D&O insurance coverage is an efficient technique of lowering the dangers that an organization’s management faces, enabling them to make the usually tough selections to innovate and develop their enterprise. It might additionally enhance an organization’s monetary outlook by eliminating the necessity to stockpile funds for potential future litigation. For an organization innovating inside solar energy, the protection is important.

“Embroker’s D&O insurance coverage protection was not solely competitively priced, however they gave us the form of insurance coverage we couldn’t discover anyplace else.”

 -Phil Layton, Founder, CEO/President & Chairman, PI Power

As a number one digital insurance coverage brokerage, Embroker is strongly positioned to assist corporations resembling PI Power at each progress stage discover the precise startup insurance coverage, together with D&O protection for his or her management, together with different insurance policies that assist defend their startup, their expertise, and their employees. Embroker makes it simple for companies to finish a purchase order and get D&O protection by enabling them to obtain a quote with out fairness possession or monetary statements. The pricing is reasonably priced as a result of Embroker’s insurance policies are sometimes totally digital, thereby eliminating pointless administration and overhead prices. D&O insurance policies may also be tailor-made to the actual wants of the enterprise and its management, with specialists accessible to supply assist at any time. 

PI Power’s Threat Administration

Two women in workplace researching the risks associated with solar power

With Embroker’s assist, PI Power and its management really feel safe in figuring out that they’re protected by a dependable insurer and a sturdy D&O coverage. Having the precise D&O insurance coverage in place implies that PI Power’s management can now deal with what issues probably the most: innovating and rising their firm. 

“Embroker was the one insurer we discovered that was environment friendly, aggressive, and labored very well for us. And in contrast to different insurers, it was clear that they have been actually serious about working with us. I’m very happy with my expertise coping with Embroker and its crew.”  

-Mr. Phil Layton, Founder, CEO/President & Chairman, PI Power

PI Power’s mission transferring ahead is to proceed growing photo voltaic expertise for the renewable power market. With the expertise nonetheless beneath improvement, PI Power goals to maneuver to larger-scale pilot demonstration and manufacturing. As effectively, the corporate has recognized a number of market entries into the worldwide photo voltaic market in its mission to create a cleaner, extra sustainable future. Partnering with Embroker gives the crew with threat administration that may scale with them as they develop.

Abstract

PI Power and its management exemplify the necessary function that small startups play in driving innovation in all fields of expertise. The corporate’s photo voltaic expertise has the potential to rework the worldwide power market. That’s the reason it is necessary for PI Power, and firms prefer it, to have the precise insurance coverage protection in place. Innovation can’t occur with out risk-taking, and Embroker protects these dangers. 

Embroker’s experience in D&O protection empowers such corporations as PI Power by serving to them and their leaders handle the dangers they face. By partnering with Embroker, PI Power is trying ahead to persevering with its journey of innovation whereas safe within the data that it’s protected by a trusted insurer. 

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