TIME's 2023 List of Best Inventions

BNRG Signs a $3.55 million agreement to supply clean electric heat to Wolfson Hospital in Tel Aviv

The management team has invested $40 million of their own funds into the Company

READ THE INVESTOR PRESENTATION HERE

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Hello Everyone,

We have been seeing some big swings in the market as of late.

The last 2 weeks have been incredible for our members.

Monday's profile opened at 4.87 and hit 5.68 the next day for a 15% move overnight.

Tuesday's profile hit a new 52 week high and then pulled back yesterday before making another new 52 week high again today!

Yesterday's profile was up double digits at one point and then pulled back this morning.

Last Thursday's profile saw an average trade of .067 on the day where it closed up 20%.

It pulled back over the next few days and today it EXPLODED all the way up to .22 for a 200%+ move in a week! Congrats if you watched that one.

Brenmiller Energy delivers scalable thermal energy storage solutions and services that allow customers to cost-effectively decarbonize their operations. Its patented bGen™ thermal storage technology enables the use of renewable energy resources, as well as waste heat, to heat crushed rocks to very high temperatures. They can then store this heat for minutes, hours, or even days before using it for industrial and power generation processes. With bGen™, organizations have a way to use electricity, biomass and waste heat to generate the clean steam, hot water and hot air they need to mold plastic, process food and beverages, produce paper, manufacture chemicals and pharmaceuticals or drive steam turbines without burning fossil fuels.

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With the new bGen™ ZERO, (BNRG) has recently achieved a breakthrough in sustainable heat generation – by relying exclusively on electricity from renewables or the grid, this system delivers high-efficiency, ultra-low carbon heat without combustion. The bGen makes clean heat for industry a reality - reliable, renewable and emission-free."

Game Changing Accolades Are The Catalyst For Triple Digit Gains

• (BNRG) World’s First-Ever Gigafactory for Thermal Energy Storage
• (BNRG) Wins 2022 World CleanTech Award’ StartUp of the Year Award
• (BNRG) Recently featured in TIME magazine’s “The Best Inventions of 2023”

Patented bGen ZERO: Cost-Effective, Sustainable, and Market-Proven

bGen ZERO safely and efficiently stores excess energy on-site at power plants and industrial settings. Rocks are crushed and inserted into metal cells that are stacked in modules in an insulated container. Heat is absorbed by the rock up to 1400° F and later unlocked as needed in the form of steam or hot water. The use of crushed rock as a means of storage results in no hazardous challenges to the environment and enhances system durability so that even after tens of thousands of charge and discharge cycles, the storage material does not need to be replaced. With bGen ZERO, industrial operators can cost-efficiently decarbonize their use of heat for a significant impact. One quarter of the world's energy pollution originates from heat produced for industrial needs.

$63 B Market with Tremendous Demand for Clean, Efficient Energy Storage

As renewable energy generation increases, the need for a reliable method to store clean energy is a major challenge facing the industry and regulators. Subsidies for green energy solutions provided by the U.S. and EU governments create significant opportunities for Brenmiller. Combining renewable energy generation with thermal energy storage is price competitive with fossil fuel-based heat. Brenmiller’s primary market is the electrification of heat for the industrial sector.

 Generating Revenues Through Equipment Sales & Energy-as-a-Service

Brenmiller’s business model includes generating near-term large-sum revenues through equipment sales, as well as locking in long-term recurring revenues through after sales services and by providing energy-as-a-service. Through long-term power purchase agreements, the energy-as-a-service business model offers customers an easy way to use clean energy with no capital expenditures, reduced operational risk, green certificates, and carbon emissions savings.

 Growing Pipeline, High-Profile JVs, and $200 M Production Capacity

Brenmiller has a robust bid pipeline with near-term opportunities globally and particularly in Europe where high energy prices and the need for increased energy security is driving demand. Brenmiller installed its first utility-scale project with one of the largest energy companies in the world, Enel (ENEL.MI) in Italy, and signed a Term Sheet with one of the world’s largest clean energy producers with 9 projects identified totaling 2 GWh in capacity. The Company signed agreements for further expansion into the U.S., India and Europe with leading clean energy partners. New York Power Authority, together with Brenmiller, installed a bGen co-generation station at SUNY Purchase, and Fortlev, the largest producer of water storage solutions in Brazil, purchased a bGen system which reduced costs and lowered emissions.

Catalysts That Management Believes are Driving Brenmiller Towards Commercial-scale Revenues

• The management team which has invested $40 million of their own funds into the Company, Brenmiller is at the forefront of solving one of the largest challenges facing the energy industry today.
• Launched bGen ZERO, our new flagship product, which offers considerable improvements and serves our strategic focus to help replace and eliminate the use of fossil fuel boilers for power by providing industrial manufacturers with electric process heat
• Received final government approval towards an approximately $3.7 million equipment purchase from Wolfson Hospital, marking what would be the first sale for bGen ZERO, which was launched in August 2023
• Advanced discussions with a global renewable energy giant to identify and develop 9 joint projects totaling 2 GWh of TES capacity; synergy would bring Brenmiller’s storage technology together with the partner’s financing, construction, and renewable generation capabilities
• Entered renewable energy market in India through recent signing of a memorandum of understanding with Waaree Energies, a local utility and the largest solar panel manufacturing company in India
• Inaugurated the largest TES system production plant in the world in Dimona, Israel; at capacity, the facility will produce up to 4 GWh of bGen and bGen ZERO systems per year, translating into approximately $200 million in annual sales by 2024

PROJECTS

TEMPO

PV & Grid Electricity to supply saturated steam to Tempo, one of Israel’s largest producers and distributors of beverages for brands including Heineken and Pepsi. bGen ZERO will be installed at Tempo’s beverage plant in Netanya to generate sustainable process steam using off-peak electricity and solar PV, mitigating over 6,200 tons of carbon emissions each year

Wolfson hospital

BGen ZERO, power-to-heat TES to replace HFO boilers. The TES is charged from grid electricity at off-peak hours and produces saturated steam and hot water around the clock 24/7/365

Enel

The TES offers flexible operation of a thermal power plant. Providing energy shifting, storing excess energy during off-peak, and dispatching steam for power generation during peak hours. The TES reduces start-up times and greater speed in load variation

New York Power Authority

Storage based CHP to University campus Decoupling Thermal generation from electric generation allows optimal utilization of fuel and emission reduction

Fortlev

Biomass fueled thermal storage supplies hot air to an industrial plant Increasing fuel efficiency by having a TES buffer and reducing biomass burning to an average instead of peak

IDF

Heat recovery of exhaust gases from existing generators Utilizing waste heat to charge the TES and deliver hot water according to demand

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Brenmiller Reports Operational Update and 2023 Full Year Financial Results

• Commercial sales included two major milestone projects, more expected in 2024
• Launched bGen™ ZERO and opened gigafactory in Israel to support potential sales of up to $200M
• Plans for additional plants to open 2027-2028 based on anticipated growth in the U.S. and Europe
• Plans to establish a global network of JV partnerships

March 19, 2024 08:30 AM Eastern Daylight Time

ROSH HA’AYIN, Israel--(BUSINESS WIRE)--Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a global leader in thermal energy storage (“TES”), published on March 18, 2024 its financial results as of and for the twelve months ended December 31, 2023, in addition to operational and recent business development updates.

Management Commentary

“Brenmiller had a strong year in 2023, finalizing key commercial agreements that will generate recurring revenue streams for the company while reducing costs and carbon footprint for our customers. We’re excited to carry this momentum forward in 2024, as we anticipate revenue growth through several channels, including direct sales, local developer partnerships, and distributor collaborations,” stated Brenmiller’s Chairman and CEO, Avi Brenmiller.

“Our current focus is small-to-medium sized electricity-to-heat projects in the range of $5 to $15 million, and we will seek to expand to larger projects in the near term as revenues grow. Having already benefitted from grants for several of our projects, we continue to focus on grant-backed projects to improve margins and returns. Current grant and tax incentive plans in Europe and the U.S. are attractive and offer our potential customers a favorable return on investment.”

“In 2023, we inaugurated our new facility in Israel, the first gigafactory of its kind in the world, to support potential sales of up to $200 million. As we expect growth in demand in the U.S. and Europe, we may establish additional plants in those key markets in order to provide local supply, faster delivery, and lower transportation costs. Brenmiller continuously innovates and this year we launched our next-generation bGen™ ZERO. Our five-year R&D plan includes ramping bGen™’s storage media temperature, enabling cost reduction and opening additional market segments.”

“During the last year, we aggressively pursued business development and invested in our new gigafactory, while being very prudent with cash management. Our cash used in operating activities and our net loss both narrowed. We will continue to optimize operational and cash efficiencies while pursuing increased revenues. We believe we have the best thermal energy storage solution in a massive global market that is recognizing storage is the key link to achieving net zero emissions.”

Projects to Generate Recurring Revenues, Deliver Customer Savings & Reduce Carbon Footprint

• Successfully handed over first bGen™ system in the U.S. to State University of New York (SUNY): On February 6, 2024, Brenmiller completed all required system tests and operator training for its first bGen™ installation in the U.S. and handed the system over to a SUNY campus. bGen™ is expected to eliminate approximately 550 metric tons of greenhouse gas emissions for SUNY annually. The project was developed and deployed in partnership with the New York Power Authority, the largest state power organization in the U.S., and financed in part by a grant from the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation.
• $3.55 million agreement to supply clean electric heat to Wolfson Hospital: On February 1, 2024, Brenmiller signed a 7-year definitive agreement for a $3.55 million project to supply electric process heat to Wolfson Hospital, a public medical center located near Tel Aviv, in Holon, Israel. Brenmiller will generate recurring revenues on an energy-as-a-service (EaaS) model. The project benefits from a grant of up to $450,000 from the Israel Innovation Authority. bGen™ ZERO will replace Wolfson Hospital’s old diesel boilers that are both costly and polluting. bGen™ ZERO has the potential to save Wolfson Hospital up to $1.3 million annually and reduce the hospital’s local carbon footprint by 3,900 tons per year, according to the Israeli Ministry of Finance.
• EaaS project with Tempo (Heineken) to be completed in 2025, estimated to save $7.5 million with 32MWh TES system: On October 11, 2023, Brenmiller signed a contract with Tempo Beverages Ltd., partially owned by Heineken International B.V., one of Israel’s largest producers and distributors of beverages. bGen™ ZERO will replace Tempo’s heavy fuel oil boilers at its plant in Netanya, Israel, and produce sustainable process steam using solar photovoltaic (“PV”) energy and off-peak grid power when electricity rates are most affordable. Brenmiller estimates this will save Tempo $7.5 million over 15 years, eliminate the use of approximately 2,000 tons of heavy fuel oil annually, and mitigate over 6,200 tons of carbon emissions each year. The project, which benefits from a grant of approximately $595,000 from the Israeli Ministry of Environmental Protection and is expected to be completed by the end of the first half of 2025.

Accelerating growth by the planned establishment of a global network of JVs with local developers and working with distributers

• Plans to ramp sales across Europe through a new joint venture with Green Enesys and Viridi: On August 23, 2023, Brenmiller signed a term sheet with European renewable energy developers Green Enesys and Viridi to establish a new joint venture in Spain. The new entity will deliver Brenmiller’s products, including the bGen™ and bGen™ ZERO, through an EaaS business model, beginning in Spain, Germany, and France.
• MoU with Green Enesys and Viridi to develop new-build hydrogen and e-methanol projects in Europe: Brenmiller signed a non-binding memorandum of understanding ("MoU") with SolWinHy Cádiz S.L, a special purpose company jointly owned by Green Enesys Group and Viridi RE, on December 13, 2023, to develop new-build hydrogen and e-methanol projects. As part of the MoU, bGen™ has been selected as the preferred solution for the Spain-based Cadiz project which is designed to produce 29,000 tons of green e-methanol annually and is expected to provide energy storage for wind and solar powered facilities producing 220 MW of electricity completely off-grid.
• MoU with India’s largest solar panel manufacturer Waaree Energies to deploy thermal energy storage projects in India:Under the terms of the MoU signed on July 26, 2023, Brenmiller and Waaree will jointly explore, develop, and deploy solar-powered TES systems in India, subject to entry into a definitive agreement. Solar-powered bGen™ thermal energy storage systems can help India meet its goal of transitioning to a 50% renewable energy supply by 2030.
• Plans to boost commercial traction in U.S. through a distribution agreement with RSP Systems: On January 11, 2024, Brenmiller signed a non-binding MoU with New York-based RSP Systems for a distribution agreement. Subject to negotiating and execution of definitive agreements, RSP Systems would be the exclusive distributor of bGen™ in the U.S. Northeast Region. RSP Systems has prior experience working with Brenmiller on its first project in the U.S., combining Brenmiller’s TES with a Capstone turbine to reduce greenhouse gas emissions and create monetary savings.

Awards

• TIME’s Best Inventions of 2023 named bGen™ as one of the best inventions of the year in the Green Energy category.
• Bloomberg selected Brenmiller as a 2024 BNEF Pioneers Finalist for being an innovative industrial decarbonization company that has a technology to overcome the key challenges to achieving net-zero.

Research and Development

Research and development expenses, net for the year ended December 31, 2023, decreased by 32% to $3,178,000, compared to $4,695,000 for the year ended December 31, 2022. This decrease was primarily due to the $388,000 reduction in payroll and related expenses, a $950,000 reduction in expenditure on materials used in our research and development projects and a $382,000 reduction in depreciation and other expenses in the year ended December 31, 2023, compared to the year ended December 31, 2022.

This decrease of research and development expenses was offset by a decrease of $183,000 in government grants received in the year ended December 31, 2023, compared to the year ended December 31, 2022.

The Company expects research and development will not change significantly as it continues to develop storage units and bGen™ technology.

Balance Sheet Update

As of December 31, 2023, Brenmiller had cash and cash equivalents of $3.18 million, a net decrease of $3.33 million from $6.51 million on December 31, 2022. This is attributable primarily to fund raising net proceeds during 2023 of approximately $6.3 million which included participation from Brenmiller management, offset by net cash used in operating activities of $6.9 million and an additional $2.6 million used in connection with the Company’s Dimona production facility. In January 2024, the Company raised approximately $4 million in gross proceeds in an offering registered with the Securities and Exchange Commission (“SEC”).

Brenmiller Successfully Hands Over its First bGen™ Thermal Energy Storage System in the U.S. to State University of New York (SUNY)

February 06, 2024 08:30 AM Eastern Standard Time

ROSH HA’AYIN, Israel--(BUSINESS WIRE)--Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a global leader in thermal energy storage (“TES”), today announced that it has completed all required system tests and operator training and has handed over its first bGen™ installation in the United States to a State University of New York (SUNY) campus.

The bGen™ storage system installation at a SUNY college charges by using both exhaust gas and electricity and discharges heat on demand. Brenmiller’s bGen™ is expected to eliminate approximately 550 metric tons of greenhouse gas emissions for SUNY annually. Developed and deployed in partnership with the New York Power Authority, the largest state power organization in the U.S., the project was financed in part by a grant from the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation.

Brenmiller Signs Definitive Agreement to Supply Wolfson Hospital with Clean Electric Heat in $3.55 Million Project

• bGen™ ZERO to save Wolfson Hospital up to US$1.3 million annually and reduce the hospital’s local carbon footprint by 3,900 tons per year
• Project benefits from up to $450,000 grant from Israel Innovation Authority

February 01, 2024 06:00 AM Eastern Standard Time

ROSH HA’AYIN, Israel--(BUSINESS WIRE)--Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a global leader in thermal energy storage (“TES”), today announced it has signed a definitive agreement for a seven-year, $3.55 million project to supply electric process heat to Wolfson Hospital, a public medical center located near Tel Aviv in Holon, Israel.

"This is just the beginning of wide-scale TES adoption, which we believe will become the standard in clean energy storage for industrial and municipal facilities worldwide."

The Israeli Ministry of Finance approved a budget of up to NIS 13 million (approximately US$3.55 million) for Wolfson Hospital to procure a bGen™ ZERO system from Brenmiller, from which Brenmiller will generate recurring revenues on an energy-as-a-service (EaaS) model from the supply of electric process heat over the course of the seven-year project. As previously announced by the Company, a grant of up to $450,000 from the Israel Innovation Authority will cover part of the budget.

bGen ZERO will replace Wolfson Hospital’s old diesel boilers that are both costly and polluting. According to the Israeli Ministry of Finance’s estimates, electric heat provided via Brenmiller’s bGen™ ZERO TES system has the potential to save Wolfson Hospital up to US$1.3 million annually and reduce the hospital’s local carbon footprint by 3,900 tons per year.

"With our breakthrough bGen™ ZERO technology, we will provide Wolfson Hospital with a cleaner source of electricity at a lower price than its legacy systems. Our sustainable power infrastructure will benefit all hospital stakeholders, from patients and doctors to administrators, government, and local communities,” stated Brenmiller’s Chairman and CEO, Avi Brenmiller. “This is just the beginning of wide-scale TES adoption, which we believe will become the standard in clean energy storage for industrial and municipal facilities worldwide."

"The project is expected to drive reduction in our fuel oil consumption to nearly zero,” said Gadi Davidovitz, Chief Engineer at Wolfson Hospital. “It will significantly reduce emissions generated by the hospital while saving on energy costs."

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.

NEWS

03/19/2024

Brenmiller Reports Operational Update and 2023 Full Year Financial Results

read more

02/22/2024

Bloomberg Selects Brenmiller as 2024 BNEF Pioneers Finalist for Innovative Industrial Decarbonization Company

read more

02/06/2024

Brenmiller Successfully Hands Over its First bGen™ Thermal Energy Storage System in the U.S. to State University of New York (SUNY)

read more

02/01/2024

Brenmiller Signs Definitive Agreement to Supply Wolfson Hospital with Clean Electric Heat in $3.55 Million Project

read more

01/25/2024

Brenmiller Energy Ltd. Announces Closing of $4 Million Offering

read more

01/23/2024

Brenmiller Energy Ltd. Announces Pricing of $4 Million Offering

read more

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