Topsoe, a global leader in carbon reduction technologies, has partnered with New Energy Risk (NER), a provider of technology performance insurance, to enhance the bankability of its SOEC hydrogen electrolyzers. Following a comprehensive technical due diligence by NER, Topsoe’s customers can now access performance insurance for projects deploying SOEC technology. This insurance covers commissioning, ramp-up, and operational phases, mitigating risks such as performance drops and supporting project cash flow and revenue stability.

Sundus Cordelia Ramli, CCO Power-to-X at Topsoe, emphasized, “This partnership is a milestone in accelerating green hydrogen projects. The performance insurance boosts bankability for projects using our SOEC electrolyzers and demonstrates confidence in our technology.” Tom Dickson, CEO of NER, echoed this sentiment, highlighting the growing promise of the hydrogen market and NER's role in supporting adoption and financing for Topsoe’s technology.

The partnership aims to streamline insurance offerings for eligible projects, enhancing financing timelines and success rates. With the global push for green hydrogen, projects using electrolysis technologies like Topsoe’s SOEC are pivotal in meeting the International Energy Agency's forecast of 38 million tonnes of hydrogen production annually by 2030, primarily through renewable-powered electrolyzers.

Topsoe has also advanced its SOEC technology with the completion of its first factory in Herning, Denmark, now in production and targeting commercial supply by Q1 2025. Additionally, Topsoe is working with ABB and Fluor to standardize and improve the efficiency of future factory builds, leveraging learnings from the Herning facility. This collaboration aligns with Topsoe’s broader commitment to reducing costs and accelerating green hydrogen deployment globally.

Topsoe’s solid oxide electrolyzer cell (SOEC) technology features a modular design that operates at significantly higher temperatures than other electrolyzer technologies, enabling efficient, industrial-scale green hydrogen production using renewable electricity.

When integrated with waste heat from downstream processes such as ammonia, methanol, or steel production, Topsoe’s SOEC technology maximizes hydrogen output per unit of total energy input. This results in a lower levelized cost of hydrogen production per megawatt, making it a cost-effective solution across various industries.

The technology’s efficiency and reliability were validated through a successful performance test at Topsoe’s SOEC demonstration plant in Frederikssund, Denmark. The test demonstrated exceptional stability under industrial conditions, underscoring its readiness for large-scale deployment.

New Energy Risk is a trailblazer in providing large-scale, innovative technology performance insurance solutions. The company specializes in complex risk assessment, acting as an intermediary between technology innovators, financiers, and insurers. Insurance policies are managed through New Energy Risk's affiliate, Complex Risk and Insurance Associates, LLC, with a CA license.