Company also provides an update on its
financing plans
Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the
“Company”) (Nasdaq: BNRG), a leading global provider of thermal
energy storage (“TES”) solutions for industrial and utility
markets, today announced that in an acknowledgment of the
Schedule13D filing by Alpha Capital Anstalt (“Alpha”) dated June
10, 2024, the Company has agreed to appoint Messrs. Zvi Joseph and
Miki Korner to the Company’s Board of Directors (the “Board”)
effective on August 14, 2024, filling vacancies to be created as a
result of the resignations of two current directors as will be
later determined by the Board.
Mr. Zvi Joseph, age 58, has a diverse work experience spanning
multiple industries. Since 2005 Mr. Joseph has served as Deputy
General Counsel of Amdocs, Inc. Mr. Joseph has acted as an
Independent Director of AYRO, Inc. a technology company which
designs and manufactures compact, sustainable electric vehicles for
closed campus mobility, low speed urban and community transport,
local delivery and government use, since 2020. From 2018 to 2020,
Mr. Joseph served as an Independent Director for DropCar, Inc,
which offers a cloud-based platform and mobile app that helps
consumers and automotive-related companies access garages. Mr.
Joseph holds a Bachelor of Arts degree from New York University and
a Juris Doctor from Fordham University School of Law. Mr. Joseph
obtained the NACD Directorship Certification® from the National
Association of Corporate Directors (NACD) in April 2022.
Mr. Miki Korner, age 62, is an expert in energy and
environmental consulting, and has been owner and Chief Executive
Officer of M. Korner Ltd., since 2010, a consulting company with a
focus on techno-economics, business strategy, regulation, and
business evaluations, as well as a provider of studies and reports
on energy and environmental issues. Mr. Korner has extensive
experience working for entrepreneurs, energy companies and
financial institutions in both the public and private sectors. From
2021 to present, Mr. Korner has acted as a board observer to
Flowlit Ltd., a technology company, which developed an optical and
non-invasive technology for highly accurate measurements of fluid
flow-rates in pipes, while enabling simultaneously to monitor the
density and size distribution of particles in the measured flow.
Mr. Korner holds an M.B.A. from the Recanati Business School at Tel
Aviv University in Israel, including completion of a multinational
management program from the Wharton School of the University of
Pennsylvania, and a B.Sc. in Mechanical Engineering from Tel Aviv
University.
Avi Brenmiller, Chairman and Chief Executive Officer of
Brenmiller Energy stated, “we are pleased to have reached an
understanding with Alpha that we believe will strengthen the
Company for the benefit of all of its shareholders. I welcome Zvi
Joseph and Miki Korner to the Board and am certain that they will
contribute to the future of the Company drawing from their
experience and wisdom.”
Nicola Feuerstein, an Alpha director, stated “Alpha is very
pleased that Brenmiller is proactively taking positive steps to
enhance management with the appointment of two well qualified
directors. We always had and continue to have confidence in the
Company’s technology and are looking forward to Brenmiller being
able to expand on the foundations it has built. To enable the
Company to take advantage of opportunities that will enhance
shareholder value and address serious environmental issues, and as
a show of confidence, Alpha has agreed to increase its equity
investment in the Company by an additional one million shares upon
satisfaction of the Company having obtained required
approvals.”
Earlier today, the Company announced that it had entered into a
securities purchase agreement with an existing institutional
investor in the Company, Alpha, to purchase ordinary shares of the
Company for aggregate gross proceeds of approximately $1.05 million
at a price of $1.05 per share (reflecting a 52% premium to the
closing price for the Company’s ordinary shares on Nasdaq on August
2, 2024). Under the terms of the agreement, Alpha will have the
right to make a further investment for 1,000,000 additional
ordinary shares (or ordinary share equivalents) in the event that
the Company’s ordinary shares close at or above $2.50 per share
within the next 12 months. Closing of the private placement is
subject to certain conditions as described in more detail in the
Company’s announcement earlier today.
Nir Brenmiller, Chief Operating Officer of Brenmiller Energy
said, “with the Alpha investment we are in a position to announce
today that we do not currently plan to use our “at-the-market”
facility to sell ordinary shares into the market for at least as
long as the shares are trading below $2.00 per share. I thank Alpha
for their trust and belief in the Company and its potential,” Mr.
Brenmiller concluded.
About bGen™
Brenmiller’s TES system, bGen™, 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. In 2023, bGen™ was
named among TIME’s Best Inventions 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 resignations of two current Board directors and
appointment of Messrs. Joseph and Korner to the Board effective on
August 14, 2024; the belief that the understanding reached with
Alpha will strengthen the Company for the benefit of all of its
shareholders; an additional investment by Alpha; and that the
Company does not intend to use its “at-the-market” facility to sell
ordinary shares into the market for at least as long as its shares
are trading below $2.00 per share. 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/20240805678537/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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