Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the
“Company”) (Nasdaq: BNRG), a leading global provider of thermal
energy storage (“TES”), today issued a shareholder update from its
Chairman and Chief Executive Officer, Avi Brenmiller.
Dear Shareholders,
I would like to begin by thanking you for your confidence in our
Company over the years. I am very happy to report that Brenmiller
Energy has reached a point where our vision, for a world where
renewable energy is plentiful and heat has no carbon footprint, is
becoming a reality.
As a result of our team’s focused commitment, industry-leading
research and development activities, and collaborations across
several countries, we have deployed and are developing a combined
73 MWh of our pioneering bGen™ TES systems worldwide. In our view,
Brenmiller has made significant contributions to the advancement of
the TES industry. After more than a decade in the space, we are
amazed to see the market expand so rapidly, creating demand for our
technology and growing our project pipeline in tune. Last month, we
announced a robust potential 49 project pipeline in 13 countries,
valued at approximately $500 million in potential sales. As global
energy and regulatory markets evolve, we are beginning to reach
critical inflection points that make adopting our TES technology
not just the right choice for the planet but the smarter financial
choice too.
I am especially thrilled to share that we have crystalized a new
and innovative Heat as a Service (“HaaS”) business model that, we
believe, will help mature our vision for TES technology and
accelerate access to zero-emission heat for industrial power users.
Through this approach, we will also have the ability to design,
build, deploy, own, and operate our bGen™ thermal batteries at
customer sites with the aim of taking advantage of local power
market incentives to deliver customers the lowest possible cost for
heat and generate multiple, high-margin recurring revenue streams
for ourselves and our customers over the lifetime of a project. By
maintaining ownership of our customer-sited technology, we are able
to help mitigate considerable CapEx costs and risk for
customers—which regularly deter operationally conservative
industrial manufacturers from making the energy transition. We
believe our HaaS solution is a win-win for our customers,
facilitating access to reliable renewable energy at a fixed
discounted rate for many years to come. We are already seeing
increased demand for our TES technology through our HaaS offering
and are now looking ahead and planning to meet our current and
future customers’ growing needs for clean, reliable, and
around-the-clock heat.
To meet the heightened demand for our bGen™ systems, we are
joining forces with environmentally savvy companies in each of the
jurisdictions in which we are active. To date, we have established
several strategic relationships in Europe, the United States,
India, and Canada. Our partners will be responsible for project
development, finance, construction, and operation while our core
team continues to focus its attention on servicing current demand
for our TES products and fulfilling our purchase orders. Strategic
collaborations with global players with strong financial backing
and business capabilities provide a sturdy backbone for our
operations, allowing our small, yet mighty 50-person team to offer
services to some of the largest companies in the world.
As previously reported, we are paying special attention to our
flagship project at Tempo Beverages Ltd.’s (“Tempo”)
beverage production facility in Netanya, Israel. Backed by
Heineken, Tempo is the sole producer and distributor of Heineken
and Pepsi products in Israel. Our team recently moved to the
construction phase of the project and has begun manufacturing key
components for Tempo’s 32 MWh bGen™ from our gigafactory in
Israel.
The Tempo bGen™ is one of our most significant projects at this
time. Our project with Tempo is proof that the tides are changing.
We are seeing more and more interest from some of the world’s
largest corporations because our solutions are competitive with
natural gas and less volatile than oil. We are proud to be leading
innovation in the nascent TES industry, which at this point has
merely a handful of commercial implementations—several of which are
ours—to demonstrate the tremendous potential of this technology to
mitigate hundreds of millions of carbon dioxide equivalent
emissions per year.
Our gigafactory manufacturing capabilities, increased interest
in our HaaS offering and global relationships will help us grow our
footprint of installed TES systems worldwide. Toward this end, over
the last two months, we have raised approximately $4.5M in gross
proceeds of equity capital under our “at-the-market” offering
facility, which together with our $4M gross proceeds from our
capital raise earlier this year, we believe will support our
corporate and project financing needs.
I will leave you with our recently updated investor deck, which
can be found on our website here.
Now more than ever, I am confident in our ability to deliver for
our shareholders, our customers, and the planet.
Sincerely,
Avi Brenmiller, CEO Brenmiller Energy Ltd.
About bGen™
bGen™, Brenmiller’s TES system, converts electricity into heat
to power sustainable industrial processes at a price that is
competitive with natural gas. The bGen™ charges by capturing
low-cost electricity from renewables or the grid and stores it in
crushed rocks. It then discharges steam, hot water or hot air on
demand according to customer requirements. The bGen™ also supports
the development of utility-scale renewables by providing critical
flexibility and grid-balancing capabilities. bGen™ was named among
TIME’s Best Inventions of 2023 in the Green Energy category.
About Brenmiller Energy Ltd.
Brenmiller Energy helps energy-intensive industries and power
producers end their reliance on fossil fuel boilers. Brenmiller’s
patented bGen™ thermal battery is a modular and scalable energy
storage system that turns renewable electricity into zero-emission
heat. It charges using low-cost renewable electricity and
discharges a continuous supply of heat on demand and according to
its customers’ needs. The most experienced thermal battery
developer on the market, Brenmiller operates the world’s only
gigafactory for thermal battery production and is trusted by
leading multinational energy companies. For more information visit
the Company’s website at https://bren-energy.com/ and follow the
Company on X (formerly Twitter) and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and other federal securities laws.
Statements that are not statements of historical fact may be deemed
to be forward-looking statements. For example, the Company is using
forward-looking statements in this press release when it discusses:
the future demand for the Company’s technology and its potential 49
project pipeline in 13 countries, valued at approximately $500
million in potential sales, the Company’s new HaaS business model
that will help mature its vision for TES technology and accelerate
access to zero-emission heat for industrial power users and its
implications on the Company’s ability to design, build, deploy,
own, and operate its bGen™ thermal batteries at customer sites, and
taking advantage of local power market incentives to deliver
customers the lowest possible cost for heat and generate multiple,
high-margin recurring revenue streams for the Company and its
customers over the lifetime of a project, mitigate considerable
CapEx costs and risk for customers, access to reliable renewable
energy at a fixed discounted rate, and the Company’s ability to
meet our current and future customers’ growing needs. Without
limiting the generality of the foregoing, words such as “plan,”
“project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,”
“anticipate,” “intend,” “could,” “estimate” or “continue” are
intended to identify forward-looking statements. Readers are
cautioned that certain important factors may affect the Company’s
actual results and could cause such results to differ materially
from any forward-looking statements that may be made in this press
release. Factors that may affect the Company’s results include, but
are not limited to: the Company’s planned level of revenues and
capital expenditures; risks associated with the adequacy of
existing cash resources; the demand for and market acceptance of
our products; impact of competitive products and prices; product
development, commercialization or technological difficulties; the
success or failure of negotiations; trade, legal, social and
economic risks; and political, economic and military instability in
the Middle East, specifically in Israel. The forward-looking
statements contained or implied in this press release are subject
to other risks and uncertainties, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company’s Annual Report on Form 20-F for the
year ended December 31, 2023 filed with the SEC on March 18, 2024,
which is available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240625969541/en/
Media Contact: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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