Solar Power and Risk Management at PI EnergyIndustry Commentary
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Pacific Integrated Energy, Inc. (PI Energy) is a solar energy innovation company, developing a next-generation photovoltaic solar cell technology that is designed to enable clean energy to be commercially deployable at a low-installed cost. Through its groundbreaking proprietary technology, PI Energy is committed to making solar energy far more practical, cost-competitive, and scalable worldwide.
With its team of technology and industry experts, the company is developing the next generation of solar power photovoltaic (PV) materials, consisting of thin, flexible solar nanofilms that allow solar PV to be safer, more cost-effective, and applicable to almost any surface. Imagine a world where any surface—from buildings to shipping trucks—can leverage solar technology to make all industries more sustainable.
PI Energy’s innovative technology provides effective solutions to the current problems faced by the solar energy industry. Although solar energy has the potential to be the most abundant source of clean energy, the current technologies on the market remain too expensive and limited in where it can be applied. PI Energy’s technology aims to tap into the vast potential of solar energy, thereby helping create a more sustainable future.
PI Energy’s Challenges in the Solar Power Industry
While developing its technology, PI Energy has faced challenges familiar to most startups in solar power and elsewhere: funding, resources, and risk management. Over the last ten years, PI Energy has raised over $16M, largely from private investors, in order to develop its technology. The company has also had success with crowdfunding as a way to finance its technology, and it continues in its mission to attract investors.
As a small company in the development stage, PI Energy is among those companies at the forefront of new solar power innovations that are often achieved with limited resources. Being a small startup, PI Energy has kept its focus on innovation while competing with much larger firms with greater resources. At the same time, the company has faced challenges relating to the general reputation that startups have as risky investments, especially when it comes to insurance coverage. Add in solar power and sustainable energy, and risks abound.
Despite their responsible management of the company, PI Energy’s leadership had difficulty finding directors & officers (D&O) insurance coverage that was cost-effective and reflected their specific needs. Many insurance providers offered prohibitively expensive rates based on the risk factors posed by other startups unrelated to PI Energy.
While researching D&O insurance providers, PI Energy’s founder and CEO Phil Layton came across Embroker. As a scientist and engineer, Mr. Layton was looking for insurance coverage that was fairly priced and would offer the kind of protection that would enable him and his team to focus on their work developing PI Energy’s technology. PI Energy also needed a partner who believed in their mission of sustainability and was willing to take a risk on them. In Embroker, they found the insurance provider that they needed.
Mr. Layton was particularly impressed by the competitive pricing of Embroker’s D&O insurance coverage and the efficiency of the sign-up process. As well, Embroker understood the particular needs of PI Energy and its leadership, demonstrating a commitment to them as valued clients.
For startup companies such as PI Energy, Directors & Officers insurance is particularly important. The purpose of D&O insurance is to protect a company’s management and leadership from any personal exposure to liability claims for the business decisions and actions they make while running the company. D&O insurance is an effective means of reducing the risks that a company’s leadership faces, enabling them to make the often difficult decisions to innovate and grow their business. It can also improve a company’s financial outlook by eliminating the need to stockpile funds for potential future litigation. For a company innovating within solar power, the coverage is critical.
“Embroker’s D&O insurance coverage was not only competitively priced, but they gave us the kind of insurance we couldn’t find anywhere else.”
-Phil Layton, Founder, CEO/President & Chairman, PI Energy
As a leading digital insurance brokerage, Embroker is strongly positioned to help companies such as PI Energy at every growth stage find the right startup insurance, including D&O coverage for their leadership, along with other policies that help protect their startup, their technology, and their staff. Embroker makes it easy for businesses to complete a purchase and get D&O coverage by enabling them to receive a quote without equity ownership or financial statements. The pricing is affordable because Embroker’s policies are often fully digital, thereby eliminating unnecessary administration and overhead costs. D&O policies can also be tailored to the particular needs of the business and its leadership, with experts available to offer support at any time.
PI Energy’s Risk Management
With Embroker’s help, PI Energy and its leadership feel secure in knowing that they are protected by a reliable insurer and a robust D&O policy. Having the right D&O insurance in place means that PI Energy’s leadership can now focus on what matters the most: innovating and growing their company.
“Embroker was the one insurer we found that was efficient, competitive, and worked really well for us. And unlike other insurers, it was clear that they were really interested in working with us. I am very pleased with my experience dealing with Embroker and its team.”
-Mr. Phil Layton, Founder, CEO/President & Chairman, PI Energy
PI Energy’s mission moving forward is to continue developing solar technology for the renewable energy market. With the technology still under development, PI Energy aims to move to larger-scale pilot demonstration and manufacturing. As well, the company has identified several market entries into the global solar market in its mission to create a cleaner, more sustainable future. Partnering with Embroker provides the team with risk management that will scale with them as they grow.
PI Energy and its leadership exemplify the important role that small startups play in driving innovation in all fields of technology. The company’s solar technology has the potential to transform the global energy market. That is why it is important for PI Energy, and companies like it, to have the right insurance coverage in place. Innovation can’t happen without risk-taking, and Embroker protects those risks.
Embroker’s expertise in D&O coverage empowers such companies as PI Energy by helping them and their leaders manage the risks they face. By partnering with Embroker, PI Energy is looking forward to continuing its journey of innovation while secure in the knowledge that it is protected by a trusted insurer.