Brenmiller Energy Ltd - $BNRG STOCK NEWS

Brenmiller Energy, a leading thermal energy storage developer, announced substantial growth in its project pipeline as of May 1, 2024. The company is engaged in 49 potential projects across 12 industries and 13 countries, representing over $500 million in value and more than 6,000 MWh of zero-emission heat. Major countries involved include the U.S., Spain, Hungary, Israel, and India. Brenmiller's bGen™ ZERO TES technology, which converts renewable electricity into process heat, is key to these developments. Approximately two-thirds of the projects involve equipment sales, while the remaining third follow the Energy-as-a-Service model.

CEO Avi Brenmiller highlighted that some projects are in advanced negotiation stages, with expectations of two to four converting into revenue-generating contracts soon. The company's technology aims to replace fossil fuel boilers at industrial and power plants, addressing nearly a quarter of global emissions.

Brenmiller Energy, a leader in thermal energy storage, has been named an Innovation Champion at the EIB AdVenture Debt Summit. This recognition comes from the European Investment Bank (EIB) for its pioneering thermal energy storage technology. EIB's €7.5 million loan in April 2021 significantly expanded Brenmiller's production capacity, aiding the construction of a large-scale TES manufacturing facility in Dimona, Israel, inaugurated in May 2023. The facility can produce up to 4GWh of bGen™ TES systems annually, providing zero-emission heat for energy-intensive industries and power producers.

Brenmiller Energy (BNRG) reported financial results for 2023, emphasizing revenue growth through various channels. The company launched bGen™ ZERO, opened a gigafactory in Israel, and plans to establish more plants to meet growing demand. Key projects include supplying clean electric heat to Wolfson Hospital and a partnership with Tempo to save $7.5 million. Brenmiller aims to expand globally through joint ventures and distribution agreements. Research and development expenses decreased by 32%, with cash and cash equivalents at $3.18 million as of December 31, 2023.

Brenmiller Energy Ltd. (BNRG) selected as a finalist for the Global Innovation Award in Thermal Energy Storage, showcasing their leadership in the industry.

Brenmiller Energy Ltd. (BNRG) has completed the installation of its bGen™ thermal energy storage system at a SUNY campus in the United States. The system charges using exhaust gas and electricity and is expected to eliminate approximately 550 metric tons of greenhouse gas emissions annually. The project was developed in partnership with the New York Power Authority and financed in part by a grant from the Israel-U.S. Binational Industrial Research and Development Foundation.

Brenmiller Energy Ltd. (Nasdaq: BNRG) has signed a $3.55 million project to supply electric process heat to Wolfson Hospital in Israel. The project is expected to save the hospital up to US$1.3 million annually and reduce its local carbon footprint by 3,900 tons per year. The company's bGen™ ZERO technology will replace the hospital's old diesel boilers, providing a cleaner source of electricity at a lower price. The project is supported by a grant from the Israel Innovation Authority and is expected to drive a reduction in fuel oil consumption to nearly zero.

Brenmiller Energy Ltd. (Nasdaq: BNRG) announced the closing of its offering of 888,890 units, generating approximately $4.0 million in gross proceeds. The net proceeds will be used for general and administrative corporate purposes, including working capital and capital expenditures. A.G.P./Alliance Global Partners acted as the sole placement agent for the offering. The securities were offered pursuant to a registration statement on Form F-1 (File No. 333-275115) previously filed with the SEC.

Brenmiller Energy Ltd. announced a securities purchase agreement for the issuance and sale of 888,890 units, with each unit consisting of one ordinary share and one warrant to purchase one ordinary share, at a price per unit of $4.50, for aggregate gross proceeds of approximately $4.0 million. The offering is expected to close soon.

Brenmiller Energy Ltd. has received a $450,000 grant from the Israel Innovation Authority to be applied to its thermal energy storage project at Wolfson Hospital in Holon, Israel. The project aims to reduce costs for the hospital by up to $1.3 million annually and lower its carbon footprint by 3,900 tons per year. The company's bGen™ ZERO system is designed to convert electricity into heat to power industrial processes at a competitive price with natural gas, and it has received recognition as one of TIME’s Best Inventions of 2023 in the Green Energy category.