Brenmiller Receives $450,000 Grant to Supply Low-Carbon Electric Heat to Wolfson Hospital
18 1월 2024 - 10:00PM
Business Wire
- The grant, provided by the Israel Innovation
Authority, will help improve project economics
- Government incentives for renewable energy
projects, like Brenmiller’s bGen™ ZERO for Wolfson Hospital,
accelerate market adoption and unlock opportunities for deep
decarbonization
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the
“Company”) (Nasdaq: BNRG), a global leader in thermal energy
storage (“TES”), today announced that it has received a $450,000
grant from the Israel Innovation Authority to be applied to its TES
project at Wolfson Hospital in Holon, Israel. The Company
previously announced approval from the Israel Ministry of Finance
for a $3.7 million budget to develop and operate a bGen™ ZERO
system for Wolfson Hospital over a seven-year term. According to
the Israel Ministry of Finance, Brenmiller’s TES system has the
potential to reduce costs for Wolfson Hospital by up to $1.3
million annually and lower its carbon footprint by 3,900 tons per
year.
Capital allocated to accelerate industrial heat decarbonization
is at an all-time high, thanks to proposed U.S. tax incentives and
various European Union funds and plans. This provides fertile
ground for clean energy projects to yield even more attractive
returns. Brenmiller, with its strong track record in project
financing, is uniquely positioned to capitalize on this momentum
and help clients optimize their returns.
“Government funding and incentives have become game-changers,"
stated Brenmiller Chairman and CEO, Avi Brenmiller. "They pave the
way for profitable, sustainable businesses in clean energy,
particularly in thermal energy storage and industrial
decarbonization, and accelerate the adoption of new technologies
like our bGen™ ZERO."
This marks the most recent grant received by Brenmiller
following a grant for NIS 2.2 million (approximately $595,000) from
the Israel Ministry of Environmental Protection to replace fossil
fuel boilers and generate clean steam at a beverage plant owned by
one of Israel’s largest beverage companies, and a subsidiary of
Heineken International B.V., Tempo Beverages Ltd.
Brenmiller’s bGen™ ZERO is a thermal energy storage system that
converts electricity into heat to power 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. The
bGen™ was named among TIME’s Best Inventions of 2023 in the Green
Energy category.
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 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 potential of bGen™ ZERO to reduce costs for Wolfson Hospital by
up to $1.3 million annually and lower its carbon footprint by 3,900
tons per year, the projected term of Brenmiller’s project with
Wolfson Hospital, that grants are becoming a viable part of
transitioning to clean sustainable energy, its potential future
projects, the adoption of new technologies like Brenmiller’s bGen™,
and that the Company is uniquely positioned to capitalize on the
current momentum and help clients optimize their returns. . 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, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240118669627/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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