Property & casualty (P&C) insurer AXA XL has partnered with London GreenCity, a UK-based accelerator for climate tech entrepreneurs, to provide insurance and risk management expertise.
The London GreenCity accelerator focuses on a range of climate technologies addressing the causes and impact of climate change in sectors such as renewable energy, battery storage, transportation, agriculture and the built environment.
The accelerator’s London campus provides a space for early-stage climate tech ventures to flourish, offering essential facilities and tools for product development.
The collaboration aims to enhance the development of technologies that combat climate change and its effects.
The partnership also grants London GreenCity members access to machinery and resources through a memorandum of understanding with UK universities.
AXAL XL UK & Lloyd’s CEO Sean McGovern said: “Insurance is an enabler of the energy transition, and we are delighted through our partnership with London GreenCity to be able to provide our risk management expertise and to support the unlocking of finance to power the growth of these exciting early-stage climate tech businesses.”
London GreenCity general partner and co-founder Laith Anezi added: “AXA XL’s belief in our mission to be the largest, development-stage climate tech accelerator in the UK is not just a testament to its leadership in sustainability, it is a powerful step towards driving the global clean energy transition. Together, we can make a difference that will resonate for generations to come.”
London GreenCity has a network of investor contacts and potential financing parties, to include relationships with family offices, sovereign wealth funds, government agencies, venture capital funds, banks and other financial institutions.
AXA XL is the P&C and specialty risk division of AXA and offers a range of insurance and risk management products and services.
“AXA XL collaborates with UK’s first climate tech accelerator ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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