HSB provides expertise to €1.7 million European Commission-funded project


Press Release

Specialist engineering and construction insurer HSB Engineering Insurance (HSB), part of Munich Re, is providing its expertise to the Sustainable Energy Asset Evaluation and Optimisation Framework (SEAF) - a €1.7 million project funded by the European Commission to enable SMEs, providing energy efficiency and other energy-related services, to gain access to project finance.

The overall objective of the SEAF tool is to support millions in energy efficiency investments for European SMEs, job growth and increased energy and CO2 savings. This will be done through a streamlined software platform that enables independent project valuation, insurance and design standardisation.

Paul Cullum, Product Development Manager at HSB Engineering Insurance commented, "This is a great opportunity to bring energy efficiency projects and investors together. By providing access to asset performance insurances, we will be looking to enhance the credit worthiness of projects and improve investor confidence."

Led by Joule Assets Europe AB, SEAF gathers together expertise from HSB Engineering Insurance, the University of Manchester, and Verco from the UK, the Aristotle University of Thessaloniki, Greece, and Servizi Energia Ambiente S.r.l (SEASRL) from Aquila, Italy.

Jessica Stromback, CEO of Joule Assets states: "With over €8 billion of viable energy efficiency projects left undone in Europe, we are truly excited to develop this platform to support market development by lowering barriers to project finance."

Stephen Worrall, Managing Director, HSB Engineering Insurance concluded: "There is an increasing need to improve the ease of access to funding for energy efficiency projects; particularly for SMEs. The SEAF initiative enables HSB to join forces with other energy efficiency experts across Europe to find solutions to aid investment in this important area."

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