BNRG - CEO Spotlight: Brenmiller Energy Is Bringing Thermal Energy Storage Solutions To The Mainstream
Rosh Ha'Ayin, Israel--(Newsfile Corp. - June 10, 2024) - Brenmiller Energy Ltd. (NASDAQ: BNRG) is a leading global provider of thermal energy storage ("TES") solutions to industrial and utility markets. While the term and the technology behind it may be new to many, that's not the case for global policymakers whose focus is on finding and offering innovative solutions that support efforts to decarbonize and reduce reliance on fossil fuels. That could be excellent news for Brenmiller Energy, whose mission parallels that intent.
In that regard and to learn more about Brenmiller Energy and how it plans to keep revenue growth and recent deal-making momentum at its back, Hawk Point Media reached out to its Chairman and CEO, Avi Brenmiller, to get his take on the industry and the opportunities it presents. Here's what he said:
Q. Brenmiller Energy has come a long way since its founding in 2012. What makes this company unique?
A. Many things. Most importantly, we provide product differences that have tremendous application advantages. That distinction is our value driver and has positioned us at the front of the competitive pack to usher in thermal energy storage technology that can reduce carbon footprints and reliance on fossil fuels. That's led to our growth and our technologies, particularly the bGen™ ZERO thermal battery, which we see playing a critical role in transforming how industries harness and utilize energy.
Q. How so?
A. The bGen™ ZERO is a cutting-edge TES system that utilizes crushed rocks to store heat at high temperatures. This stored heat can be released in various forms—steam, hot water, or hot air—tailored to the specific needs of industrial processes. That use-based diversity uniquely allows the bGen™ ZERO system, through intentional design, to replace traditional fossil fuel boilers and substantially reduce greenhouse gas emissions.
Q. Has the market been receptive?
A. Absolutely. As of last month, Brenmiller has been active in discussions to add 49 contracts across 12 industries and 13 countries. The combined revenue potential from those deals can exceed $500 million from projects implemented in various sectors, including food and beverage, consumer goods, energy, chemicals, and pharmaceuticals, from clients in the U.S., Spain, Hungary, Israel, and India. While scoring a majority of those deals would be a significant win, we expect continued deal-making traction in 2024.
Q. Technology-wise, what's earning the interest?
A. Many key and distinguishing features of bGen™ ZERO earn that. Of particular interest are its Renewable Energy Integration, High Efficiency, Modularity and Scalability, and Environmental Benefits. To explain, the bGen™ ZERO charges using low-cost electricity from renewable sources (the grid) and can store heat up to 650°C (1202 degrees Fahrenheit.). This capability ensures efficient use of intermittent renewable energy sources like solar and wind while also providing a 34% improvement in energy density and a 40% increase in charging power compared to its predecessors, making it an exceptionally efficient solution for industrial heat needs.
Moreover, comprised of prefabricated units known as bCubes™, the bGen™ ZERO can be configured to meet specific plant requirements and scale from 10 MWh to 1000 Mwh. That benefit, combined with its contributions of eliminating carbon emissions from the heat generation process, reducing operational costs, and using non-hazardous and environmentally friendly materials, warrants increased interest and, as importantly from our perspective, deal flow.
Q. Who would use bGen™?
A. The technology is valuable across the industry spectrum. Food and Beverage clients benefit from bGen™ significantly cutting emissions in food production by providing clean process heat. Pharmaceutical and chemical clients get a stable supply of essential steam and hot air for manufacturing. And energy sector clients get the rewards from bGen™ supporting grid stability and flexibility and utilizing excess renewable energy.
Q. Is Brenmiller positioned to scale?
A. We are. In 2023, we inaugurated our state-of-the-art facility in Dimona, Israel, to support potential sales of up to $200 million. Of course, our recent updates indicate we now target up to $500 million in potential near-term revenues. To meet that increase from anticipated demand in the U.S. and Europe, we are evaluating the next steps to establish additional plants, if needed, in these key markets to provide local supply, faster delivery, and lower transportation costs.
Our Dimona facility was financed by the European Investment Bank, and demonstrating our creditworthiness and ability to maximize resources positions us well to add infrastructure in an accretive way through similar and mostly non-dilutive financing.
Q. Traditional financing is your most favored vehicle to facilitate growth, correct?
A. We will do whatever is best for shareholders. In that respect, we have kept our capital structure share count at just 2.46 million and roughly 749k in the float, meaning that insiders own about 59% of the company. So, aligning with stakeholders' interests has always been a priority and will continue to be. Non-dilutive financing, whenever possible, is a potent contributor to increasing a share price and shareholder value. History shows we can grow in that way.
Q. Do you care to comment on your company stock's recent increase?
A. As the CEO, I'm aware of the daily share price but not fixated on it. Yes, the increase is welcome news. However, we are better positioned today than when we traded over 10X higher. Specifically, additional value is justified by our bGen™ ZERO technology, which represents a significant advancement in thermal energy storage. Furthermore, our project pipeline is robust, and we have ample room to grow revenues substantially in our current facility.
So, my mission is to tell investors not only what we are about to do but also what we are doing today to support a higher valuation. That combination does more than introduce our brand to the investment community; it demonstrates our pivotal role in the global energy transition to a massive client base.
End interview
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Published with permission from Hawk Point Media, Group, Llc.
About bGen™
bGen™, Brenmiller's TES system, converts electricity into heat to power sustainable 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. bGen™ was named among TIME's Best Inventions of 2023 in the Green Energy category.
About Brenmiller Energy Ltd.
Brenmiller Energy helps energy-intensive industries and power producers end their reliance on fossil fuel boilers. Brenmiller's patented bGen™ thermal battery is a modular and scalable energy storage system that turns renewable electricity into zero-emission heat. It charges using low-cost renewable electricity and discharges a continuous supply of heat on demand and according to its customers' needs. The most experienced thermal battery developer on the market, Brenmiller operates the world's only gigafactory for thermal battery production and is trusted by leading multinational energy companies. 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: that the cumulative projected sales milestones between the Company and RSP will exceed $150 million, that Rock Energy Storage will market, sell, and service Brenmiller Energy's bGen™ thermal energy storage systems in the Northeast United States, and Brenmiller's $500 million project pipeline. 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, 2023 filed with the SEC on March 18, 2024, 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.
Media:
Tori Bentkover
brenmillerenergy@antennagroup.com
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