Brenmiller Energy Further Fortifies Balance Sheet with $2 Million Raised from At-The-Market Equity Offering at $2.19 per Share
09 Septiembre 2024 - 7:30AM
Business Wire
- Company’s intention going forward is to not utilize the ATM
facility under $3.00 per share
- Heat-as-a-Service (“HaaS”) projects with recurring revenues
to be funded mainly using third-party project finance, not equity
funding, with an aim to enhance shareholder value while
simultaneously accelerating Company’s capacity to execute on a
project pipeline potentially worth up to $500 million in
value
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
customers, today issued an update on its balance sheet and recent
commercial developments.
On August 30, 2024, Brenmiller raised approximately $2.0 million
in gross proceeds through its existing At-the-Market (“ATM”) equity
offering facility with the sale of 914,000 ordinary shares at an
average price per share of approximately $2.19. As a result, the
Company now has 7,094,791 ordinary shares issued and outstanding.
Since the beginning of 2024, the Company has raised approximately
$10.8 million in gross proceeds. The Company also signed a
definitive agreement for the sale of an additional 1,000,000
ordinary shares through a $1.05 million private placement equity
investment priced at a 52% premium to market on August 2, 2024 from
an existing institutional shareholder, the completion of which is
subject to certain closing conditions.
"We are currently working hard to increase the Company's
commercial opportunity pipeline with emphasis on HaaS projects, to
convert these opportunities into commercial projects, and to
improve our financial position by establishing effective financing
solutions through equity and debt while continuing our commitment
to operational excellence. I want to clearly point out that most of
the HaaS projects in our pipeline, including our latest contract
with Partner in Pet Food in Europe, will be funded through
third-party project financing and will not require extraordinary
project-level investment from Brenmiller," stated Brenmiller
Chairman and Chief Executive Officer Avi Brenmiller.
Brenmiller Energy delivers low-carbon heat through direct
technology sales and a HaaS model. The latter lowers energy
transition costs for customers and allows Brenmiller to capture
additional recurring revenues through participation in energy
market programs.
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 expected closing of a private placement from an existing
institutional shareholder; the Company’s intent to not use its ATM
facility under $3.00 per share; the Company’s efforts to improve
its financial position as it executes on its commercial opportunity
pipeline; future demand for the Company’s technology and its
potential pipeline of commercial opportunities valued at up to $500
million; the Company’s new HaaS business model that will produce
long-term recurring revenues and aims to enhance shareholder value;
and the expectation that the Company will mainly utilize third
party project funding for projects under the HaaS business model.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240909796434/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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