Brenmiller Energy Ltd. Issues CEO Letter: World Bank’s Forecast on Oil Presents Tremendous Opportunity for Renewable Energy; Thermal Storage Is the Foundation
07 11월 2023 - 9:00PM
Business Wire
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy" or the
"Company") (Nasdaq: BNRG), a leading global provider of thermal
energy storage ("TES") solutions for utility and industrial
markets, today issued a Letter to Shareholders from its CEO and
Chairman, Avi Brenmiller.
To our Shareholders,
Amidst current geopolitical tensions, the World Bank's latest
forecasts on oil prices make it abundantly clear that the time for
renewable energy is now — and thermal energy storage is at the
forefront of this new era.
Last week, the World Bank indicated that escalating conflicts in
the Middle East might drive oil prices beyond $150 per barrel. We,
at Brenmiller, believe they are overestimating the potential price
shock by underestimating the enormous ability of renewables and
energy storage to meet new demands.
Trends of increasing oil prices make renewables and energy
storage more cost-competitive. We’ve seen this before: The 1970s
oil crisis catalyzed a global quest for energy security, marking
the beginning of a major shift toward alternative energy sources.
At the time, concepts like global warming and environmental
protection were just starting to emerge. Rather, a fervent desire
to achieve energy independence from major oil-producing nations
catalyzed the Western world's pursuit of alternative energy
sources. Five decades on, we are again at a critical historic
crossroads. This time, however, the situation is compounded by the
urgent need to curtail emissions in the battle against climate
change.
Today, energy independence and security are more vital than
ever. Recent events around the globe further underscore the
inextricable link between energy and self-determination. But we
believe this geopolitical instability will accelerate, not impede,
the growth of renewable energy.
In Europe, the transition to renewable energy gained new urgency
amid both stringent emissions regulations and the crucial need to
decrease reliance on Russian natural gas. A parallel shift is
underway in Israel, where declining gas exploration dovetails with
growing motivation to adopt clean energy sources. In the United
States, according to a report by the American Clean Power
Association, there was a 172% quarter-over-quarter upswing in
grid-scale energy storage installations in the U.S. in the second
quarter of 2023. We’re pleased that our projects are part of this
unprecedented global growth in storage solutions that contribute to
a more resilient and sustainable energy grid.
Thermal energy storage is key to achieving true energy
independence. Energy stored as heat can deliver, clean, on-demand
power and diminish the need for imported fossil fuels. When paired
with renewables, thermal storage can provide 24/7 carbon-free
energy, avoiding the volatile energy markets noted above. With
built-in storage, renewable energy becomes available when it's
needed most - day or night, rain or shine. Grid operators can store
surplus clean power as heat and then extract it to meet peak
demand. Thermal storage also makes renewable power dispatchable for
individual users. By unlocking renewables' full potential, we
believe thermal energy storage is key for both grid stability and
empowering users to become self-sufficient. In other words, it
enables true energy independence and sustainability.
As a pioneer in renewable heat technology and proud Israeli
company, we are now, more than ever, committed to using innovation
to build a prosperous and sustainable energy future for communities
worldwide. Our technology is proven and environmentally sound. We
are the first thermal energy storage company in the world to
operate a gigawatt-scale production plant, a true gigafactory, and
we recently announced two groundbreaking projects to replace fossil
fuel-powered boilers at a hospital and in partnership with a major
beverage corporation. By transitioning away from fossil fuels,
Brenmiller is helping these organizations achieve stability and
reduce exposure to traditional volatile energy markets.
The current war in Gaza has had no material effect on our
operations and development as we remain committed to our mission
and value creation. Thank you for your continued trust and
partnership. Your steadfast support as shareholders empowers us to
develop innovative technologies that increase energy independence
and reduce emissions. With your help, we can realize our shared
vision of secure, clean energy for all.
Sincerely, Avi Brenmiller Chairman & CEO Brenmiller
Energy
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:
estimated future commodity prices; Brenmiller’s belief that
geopolitical instability will accelerate the growth of renewable
energy; the benefits of renewable energy and thermal storage; the
Company’s commitment to use innovation to build a prosperous and
sustainable energy future; and the Company’s vision of secure clean
energy for all. 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
and 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, 2022 filed with the U.S.
Securities and Exchange Commission (“SEC”) on March 21, 2023 and
other documents filed with or furnished to the SEC, which are
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/20231107526970/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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