AIG to underwrite Hithium energy storage products
Xiamen, China, June 27, 2023 – Stationary lithium-ion battery producer Hithium has signed a global commercial liability insurance agreement with U.S. insurance firm AIG’s Chinese subsidiary. The step aims to strengthen Hithium’s product quality assurance and provide customers with prompt corresponding services, in line with international standards as well as local regulations in each market.
AIG will provide comprehensive underwriting services for the manufacturer’s entire product range, including LFP batteries, battery modules, battery racks, and energy storage systems (ESS). The agreement covers Hithium products and services worldwide, for “power generation side energy storage (photovoltaic and wind power), grid side energy storage, and industrial and commercial energy storage.”
The product assurance upgrade through this new agreement helps to optimize Hithium’s insurance structure and risk coverage, allowing for greater recognition and confidence of overseas customers in the company’s brand. Hithium has pledged to continue growing its already significant investment in product research and development, to drive progress on battery performance and safety while supporting the global build-out of lasting clean energy infrastructure.
As an internationally known insurance provider with more than a century of business history, AIG offers a wide range of financial services to customers in more than 80 countries or regions around the world.
Founded in 2019, HiTHIUM is a leading manufacturer of top-quality stationary energy storage products for utility-scale as well as commercial and industrial applications. With four distinct R&D centers and multiple “intelligent” production facilities, HiTHIUM’s innovations include groundbreaking safety improvements to its lithium-ion batteries as well as increases in lifecycle. With many decades of cumulative experience in the field among its founders and senior executives, HiTHIUM leverages its specialization in BESS to deliver partners and customers unique advances in energy storage. The company is based in Xiamen, China, with further locations for production, research, or sales in Shenzhen, Chongqing, Munich, and California. HiTHIUM has shipped 9 GWh of battery capacity, 5 GWh in 2022 alone, and is expanding its current 45 GWh of production capacity to 70 GWh by the end of 2023.