Brenmiller Energy Ltd. Announces Closing of $4 Million Offering
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Brenmiller Energy's recent capital raise through the offering of units, consisting of ordinary shares and accompanying warrants, represents a strategic move to bolster the company's financial position. The transaction, which generated approximately $4.0 million in gross proceeds, is indicative of the company's proactive approach to securing capital for future growth initiatives. The pricing of the warrants at $5.00 per share, a premium to the unit price, suggests a positive outlook on the company's future share price performance.
Investors should note that the use of proceeds for general and administrative purposes, as well as working capital and capital expenditures, implies an investment into the operational capabilities of Brenmiller Energy. This could potentially enhance the company's ability to execute on its business model and deliver on its value proposition in the thermal energy storage market. However, the dilutive effect of the new shares and the potential future dilution from warrant exercises should be taken into consideration when assessing the impact on existing shareholders' equity value.
The thermal energy storage sector is gaining traction as a critical component in the transition to renewable energy sources, with companies like Brenmiller Energy at the forefront. The successful closing of the offering not only reflects investor confidence in the TES market but also in Brenmiller's positioning within the industry. As the demand for renewable energy solutions increases, the company's TES technology could see heightened interest, potentially driving up the value of the warrants over time.
It is important for stakeholders to monitor the deployment of the raised capital towards capital expenditures, which could signal expansion and scaling efforts. Such movements are key indicators of a company's growth trajectory and can influence market perception and stock performance. The role of A.G.P./Alliance Global Partners as the sole placement agent highlights the importance of experienced financial partners in navigating capital markets and structuring deals that align with corporate strategy.
The offering was conducted under a registration statement on Form F-1, which complies with the SEC's regulations, ensuring transparency and legal adherence. Potential investors should be aware that the securities were offered through a prospectus, which provides detailed information about the offering's terms and the company's financials, strategy and risk factors. The availability of the final prospectus on the SEC's website enhances the offering's credibility and provides a resource for due diligence.
Furthermore, the statement that the offering shall not constitute an offer to sell or a solicitation of an offer to buy in any jurisdiction where such would be unlawful, underscores the legal complexities of international securities offerings. Compliance with various state and jurisdictional securities laws is paramount to avoid regulatory issues and Brenmiller Energy's adherence to these regulations is a positive sign of their corporate governance practices.
ROSH HA’AYIN,
The Company intends to use the net proceeds of this offering 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 described above were offered pursuant to a registration statement on Form F-1 (File No. 333-275115) previously filed with the Securities and Exchange Commission (“SEC”), which became effective on January 22, 2024. The offering was made only by means of a prospectus forming part of the effective registration statement. An electronic copy of the final prospectus was filed with the SEC and may be obtained on the SEC’s website located at http://www.sec.gov and may also be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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 intended use of net proceeds from the offering and the adoption of new technologies like Brenmiller’s bGen™. 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240125988299/en/
Media:
Tori Bentkover
brenmillerenergy@antennagroup.com
Source: Brenmiller Energy Ltd.
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