- Production plant with capacity of up to 4 GWh expected to be
operational by year-end 2023; will support up to $200 million in
orders per year by 2024
- bGen™ ZERO focused on generating electric process heat for
industrial manufacturing expected to deliver near-term results
- Multiple new projects and planned JVs accelerate Brenmiller’s
growing pipeline
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the
“Company”) (Nasdaq: BNRG; TASE: BNRG), a global leader in thermal
energy storage (“TES”), today issued a shareholder update from its
Chairman and CEO, Avi Brenmiller.
Dear Shareholders,
We are at a significant and exciting junction in the life of our
Company, turning our vision for low-cost and reliable clean process
steam technology into a commercial reality for the benefit of our
utility and industrial customers, our shareholders, and the
planet.
Our vision for the deployment and integration of thermal energy
storage as part of an efficient and sustainable net-zero energy
system is being realized and adopted in practice by a growing
market. According to REN21, while heat and cooling account for 51%
of global energy use, about a quarter of the world's energy
pollution originates from heat produced for industrial needs. This
is where we believe Brenmiller’s bGen ZERO, our next-generation
thermal energy storage system, can have a significant impact on
averting carbon emissions while reducing costs for our customers
and generating revenue momentum for our Company.
Today, Brenmiller is a leading global provider of thermal energy
storage solutions. Our team was the first to install pilots with
sector-wide significance, such as our project at Enel’s combined
cycle power plant in Santa Barbara in Cavriglia in Tuscany,
Italy—the largest TES system in the world connected to an
operational power plant. We are also the first to be capable of
producing TES systems at commercial capacity, from our gigafactory
in Dimona, Israel. Our TES gigafactory is expected to be
operational by the end of 2023 and equipped to produce up to 4GWh
of bGen ZERO systems annually, which we expect will be able to
support up to $200 million dollars per year. In our estimation,
Brenmiller’s maturity and production capacity position the Company
with a significant advantage compared to the rest of the
market.
Recently, we reported numerous important catalysts that we
believe are driving Brenmiller towards commercial-scale
revenues:
- Term sheet to form a joint venture signed with European
renewable energy developers Green Enesys Group and Viridi, leading
companies that develop and deploy giga-scale renewable energy
projects worldwide, beginning in Spain, Germany, and France
- 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
I am confident that in the short term, our company’s new focus
on delivering electric process steam to industrial customers will
demonstrate quick and significant market traction. The Wolfson
Hospital project could be a great example of this and the first of
what we expect to be many more bGen ZERO projects for industrial
heat based on our significant project pipeline.
We initiated and are building, with non-dilutive financing from
the European Investment Bank (EIB), the world's largest green
investment bank, a TES gigafactory which we believe to be the first
and largest of its kind. In our opinion, no company, entrepreneur,
or bank would invest in such an activity without significant
indications that the plant will work at full capacity in order to
return the investment.
Based on these recent achievements, our significant pipeline,
and our demonstrated ability to execute, we believe there is a gap
between our business and technology’s value and our current market
capitalization, especially in view of our progress toward
significant revenues.
We are focusing our efforts on making our business story and
corporate profile more visible to U.S. investors, as we expect our
shares will be exclusively listed on the Nasdaq as of September 11,
2023. Continuing to advance on all fronts with all our strength, we
are making every effort to improve value for our loyal
shareholders.
We are proud of successfully bringing our vision to the market,
establishing Brenmiller’s bGen technology as a cost-efficient,
reliable, and sustainable decarbonization solution. Our next goal
is to commercialize the bGen by focusing on fulfilling our current
project pipeline and increasing our sales activities.
Best Regards,
Avi Brenmiller CEO and Chairman
About Brenmiller Energy Ltd.
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. 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 and Israeli
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 positive impact of its bGen ZERO on
carbon emissions and its ability to reduce costs for the Company’s
customers; its bGen™ TES production plant reaching gigafactory
capacity with 4 GWh, expected to be operational by the end of 2023
and to support up to , translating into approximately $200 million
in annual sales by 2024; its estimation that the Company’s maturity
and production capacity positions us with a significant advantage
compared to the market; its joint venture Green Enesys Group and
Viridi and other strategic partnerships and collaborations; its
expansion into to Indian market; future bGen ZERO projects; its
planned delisting from the TASE; its activity on numerous
additional opportunities that it believes will advance into
large-scale revenue-generating projects; fulfillment of its current
project pipline and increase in its sales activities; its potential
pipeline of additional projects; the worth of its business and
technology; its ability to achieve commercial-scale revenues and
increase its market capitalization and increase in value for its
shareholders. 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, 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
and trade, legal, social and economic risks and the risks
associated with the adequacy of existing cash resources. 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, 2022 filed with the SEC on
March 21, 2023, 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/20230907783383/en/
Media Contact: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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