Upsolar Doubles PV Coverage With PowerCLIP Warranty Program

SAN FRANCISCO--(BUSINESS WIRE)-- Upsolar, a leading international solar module supply partner, today announced its new warranty program, backed by PowerGuard Specialty Insurance Services, a coverage holder specializing in unique insurance and risk management solutions for the wind and solar energy industries. Effective December 31, 2010, Upsolar’s high-quality solar photovoltaic (PV) modules will be supported by PowerGuard’s industry-leading PowerCLIP warranty program, providing the most comprehensive coverage available to PV manufacturers.

The 25-year, non-cancellable PowerCLIP policy offers unmatched protection through PowerGuard’s network of internationally respected insurance providers, all with A.M. Best Financial Strength Ratings of “A” (Excellent) or better. PowerCLIP enables Upsolar to provide secure, long-term insurance coverage to the company’s global PV customer base by mitigating risk, empowering them to overcome a primary obstacle in securing project financing.

PowerCLIP provides immediate coverage for issues such as serial defects and delaminating of modules, while similar warranty policies in the market require a waiting period of up to five years for coverage to take effect. The policy also backs Upsolar’s new Limited Peak Power Warranty. This enhanced warranty offers five-year product coverage for defects in materials and workmanship and features a power output guarantee with trigger points at years 3, 7, 12, 16, 20 and 25 to provide superior warranty protection versus the industry standard 10- and 25-year trigger points offered by most module suppliers. With the PowerCLIP warranty, Upsolar has effectively created, in collaboration with Daniel Francis of Edgewood Partners Insurance Center (EPIC), a non-cancellable, securitized module warranty that remains in place 25 years, without question, for its valued customer base.

“Our firm has a reputation for exclusivity, selecting only five percent of warranty applicants to ensure premium reliability from our coverage policies,” said Mike McMullen, Managing Principal of PowerGuard Specialty Insurance Services. “We were impressed with Upsolar’s commitment to quality and customer satisfaction and strongly believe the company provides its stakeholders with a sound solar investment. We are proud to extend our services to Upsolar and solidify its position as one of the most bankable technology providers in the solar industry.”

Upsolar’s quality stems from its “Excellence at Each Step” approach to solar module manufacturing. The extensive testing conducted at the company’s state-of-the-art Test and Development Centre guarantees Upsolar’s modules are capable of delivering a peak level of performance. The company’s quality control team then works in conjunction with production partners to ensure Upsolar’s high standards are met or exceeded at each stage of the manufacturing process.

“We are excited to team with PowerGuard to provide a world-class insurance policy for our customers around the world,” said Zhe Jiang, CEO of Upsolar. “At Upsolar, we understand that providing reliable, high-quality products is only one piece of the puzzle. Working with a highly-regarded organization like PowerGuard takes us one step closer to our goal of creating a dependable, risk-free solar experience for all.”

About Upsolar

Upsolar is a leading international solar module developer and producer, offering the solar industry’s best quality / price ratio in the global PV market. With vertically integrated, diversified manufacturing platforms, as well as an R&D-supported quality control management system, Upsolar produces high quality, reliable solar modules backed by a world-class warranty, at competitive prices. Headquartered in Shanghai, Upsolar has offices throughout Asia, Europe and North America to support an international customer-base, providing on-site technical support, customer service and product development teams. For more information, visit: www.upsolar.com.

About PowerGuard Specialty Insurance Services

PowerGuard is a Managing General Agent and Lloyds cover holder specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies. Its founders and principals have more than 20 years of experience providing innovative products and services to meet the rapidly evolving needs of the energy business. PowerGuard’s proprietary warranty product – PowerCLIP – is the most comprehensive contractual liability coverage available to wind turbine manufacturers, wind farm owners / operators and the financial institution and private equity firms who invest in them. For additional information, please visit the PowerGuard Web site at http://www.powerguardins.com/.

Source: Upsolar

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