- Inaugurated World’s First-Ever Gigafactory for Thermal Energy
Storage—Expected 4 GWh of Capacity by Q4 2023
- Signed Term Sheet with Leading Global Clean Energy Utility to
Decarbonize Heat and Energy Production Worldwide
- Approved for $610,000 Grant from Israeli Ministry of
Environmental Protection for Clean Energy Project at one of
Israel’s Largest Beverage Plants
- Received Multiple Industry Awards for Innovation, Clean Energy,
and Sustainability
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy”)
(Nasdaq: BNRG; TASE: BNRG), a global leader in thermal energy
storage (“TES”), today announced financial results as of and for
the three months ended March 31, 2023, in addition to operational
and recent business development updates.
Company Highlights
- Inaugurated bGen™ TES production facility; gigafactory expected
to reach 4 GWh capacity by Q4 2023 to support pipeline of new clean
energy projects
- Brenmiller signed a non-binding Term Sheet with a leading
global clean energy company (the “Utility”) to decarbonize heat and
energy production worldwide; 9 potential clean energy projects
totaling approximately 2 GWh of capacity have been identified to
date as part of the collaboration; the Utility has the option to
become a strategic investor for a minority stake in Brenmiller
- Brenmiller received approval from the Israeli Ministry of
Environmental Protection for a $610,000 grant to build and install
its industry-leading bGen™ TES system at a beverage plant owned and
operated by one of Israel’s largest beverage companies; the bGen™
will provide clean steam and replace fossil fuel boilers at the
plant
- Brenmiller received multiple industry awards in recognition of
its clean energy innovation: Honorable Mention in the Energy and
Sustainability category of Fast Company’s 2023 World Changing Ideas
Awards; The Cleanie Awards® Silver winner for Pioneer in New
Technology in the Storage category; World CleanTech Awards’ 2022
Visionary CleanTech StartUp of the Year Award in Energy
Distinction
- Company’s ordinary shares to trade exclusively on the Nasdaq as
of June 26, 2023; Brenmiller is voluntarily delisting from the Tel
Aviv Stock Exchange (“TASE”) with the last day the Ordinary Shares
trading on the TASE on June 22, 2023
Management Commentary
“The two key collaborations we announced shortly after the end
of the first quarter are representative of the intense interest our
bGen™ systems are receiving from clean energy and industrial
sectors. We are actively pursuing numerous additional opportunities
that we believe will advance into large-scale revenue-generating
projects,” stated Avi Brenmiller, Chairman and Chief Executive
Officer of Brenmiller Energy.
“The Term Sheet we signed with a leading clean energy utility
has already identified 9 projects with its current industrial
customers and we believe many more will be added to that list. We
are working closely with the Utility toward a definitive agreement
and collaboration. The Utility has the option to become a strategic
investor in Brenmiller as they gain more knowledge of bGen’s™
advantages in the market.”
“We are also working closely with one of the largest beverage
producers in Israel toward replacing their boilers with bGen™ TES
systems. The project was awarded a $610,000 non-dilutive
government-backed grant. bGen™ systems for these two new projects,
as well as a pipeline of additional projects, will be manufactured
at our gigafactory in Israel.”
New Projects
- Collaboration with One of the Largest Producers of Clean
Energy in the World: On April 20, 2023, Brenmiller announced it
signed a non-binding Term Sheet with one of the largest producers
of clean energy in the world and Green Enesys Group toward a
definitive agreement to jointly identify, build, and accelerate
electrification by using renewable energies and Brenmiller’s bGen™
TES system to electrify heat and achieve full decarbonization for
the Utility’s clients. The Utility identified Brenmiller’s TES
system as a leading decarbonization technology. As of the signing
of the Term Sheet, 9 potential clean energy projects with a total
of approximately 2 GWh capacity were identified. Upon achieving its
first projects, the parties will decide on the build-out of a bGen™
production facility in Europe to supplement Brenmiller’s gigawatt
production capacity in Israel. The Term Sheet includes an option
for the Utility to become a strategic investor for a minority stake
in Brenmiller.
- Clean Energy Production for One of Israel’s Largest Beverage
Producers: On April 5, 2023, Brenmiller announced it received
approval from the Israeli Ministry of Environmental Protection for
a NIS 2.2 million (approximately $610,000) grant to build and
install its industry-leading bGen™ TES system at a beverage plant
owned and operated by one of Israel’s largest beverage companies.
The approved grant is to fund the clean energy project outlined in
a Memorandum of Understanding ("MOU") between Brenmiller and the
beverage company. Through the proposed Energy as a Service (EaaS)
joint venture Brenmiller’s bGen™ is to provide clean steam,
replacing the fossil fuel-based steam boilers that currently power
the beverages plant. The TES project is expected to have a capacity
of 35 MWh and a maximum capacity of 14 tons of steam per hour.
Project Updates
- Dimona Israel Production Facility: World’s First Gigafactory
for Thermal Energy Storage: On May 2, 2023, Brenmiller
inaugurated its TES gigafactory in Dimona, Israel. The new facility
serves as Brenmiller’s primary manufacturing hub with production
lines expected to reach full capacity by the end of 2023, producing
up to 4 GWh of its patented bGen™ TES modules annually. To the
Company’s knowledge, its factory in Dimona is the world’s first TES
gigafactory. The Company’s Founder, CEO, and Chairman, Avi
Brenmiller was joined by Benny Biton, Mayor of Dimona, and Dr. Ron
Tomer, President of the Manufacturers Association of Israel, to
mark the occasion. The production facility is financed with
non-dilutive funding by the European Investment Bank (EIB) through
a €7.5 million ($8.2 million) facility agreement.
Research, Development and Engineering Expenses, Net
Research, development, and engineering expenses, net of government
grants, were $0.6 million in the three months ended March 31, 2023,
compared to $1.32 million in the three months ended March 31,
2022.
The decrease was primarily attributable to a decrease of
approximately $0.25 million in employee payroll and related costs
mainly as a result of the decrease in costs associated with share
option plans, a decrease in other costs, such as transportation and
depreciation costs of approximately $0.21 million, a decrease of
$0.18 million in consultants and subcontractors costs, and a
decrease of $0.19 million in raw materials used in research and
development in the three month period ended March 31, 2023,
compared to the corresponding period in 2022. This decrease was
offset by a decrease of $0.11 million in government grants
received, in the three-month period ended March 31, 2023, compared
to the corresponding period in 2022.
Research, development, and engineering expenses, net
breakdown:
Three months ended
March 31, 2023
2023
2022
USD in thousands (unaudited)
Total research, development, and
engineering expenses
677
1,508
Less – grants
(77)
(187)
Research, development and engineering
expenses, net
600
1,321
Balance Sheet Update As of March 31, 2023, Brenmiller had
cash and equivalents of $6.34 million, a net increase of $0.2
million from $6.14 million on December 31, 2022. This is
attributable primarily to net proceeds of approximately $3.6
million received from the issuance of ordinary shares and warrants
under a private placement investment, which closed in February 2023
and included participation from the Company’s Chairman and Chief
Executive Officer, offset by net cash used in operating activities
of $1.8 million and an additional $1.2 million used in connection
with the Company’s Dimona production facility.
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 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: That its bGen™ TES production facility
to reach gigafactory capacity with 4 GWh capacity by Q4 2023; its
strategic partnerships and collaborations; the potential clean
energy projects that have been identified for its collaboration
with a global clean energy utility company; the potential for the
utility company to become a strategic investor for a minority stake
in Brenmiller; its plan to build and install its industry-leading
bGen™ TES at a beverage plant owned and operated by one of Israel’s
largest beverage companies; its planned delisting from the TASE;
and its activity on numerous additional opportunities that it
believes will advance into large-scale revenue-generating projects;
its potential pipeline of additional projects. 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, 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 the risks associated with the adequacy of
existing cash resources. 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 22, 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.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
March 31,
December 31,
2023
2022
(Unaudited)
(Audited)
Assets
USD in thousands
CURRENT ASSETS:
Cash and cash equivalents
6,338
6,135
Restricted deposits
33
34
Trade receivables
639
657
Other receivables
578
584
Inventory
1,053
935
Assets held for sale (Rotem 1)
233
240
TOTAL CURRENT ASSETS
8,874
8,585
NON-CURRENT ASSETS:
Cash and cash equivalents – long term
381
373
Restricted deposits
83
85
Right-of-use assets, net
1,359
1,462
Property, plant and equipment:
Plant and equipment, net
2,376
1,193
Advances to equipment supplier
611
685
Total property, plant and equipment
2,987
1,878
TOTAL NON-CURRENT ASSETS
4,810
3,798
TOTAL ASSETS
13,684
12,383
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Trade payables
92
246
Deferred revenues
559
418
Other payables
849
1,114
Provisions
-
8
Current maturities of liability for
royalties
191
260
Current maturities of lease
liabilities
626
606
TOTAL CURRENT LIABILITIES
2,317
2,652
NON-CURRENT LIABILITIES
Loan from European Investment Bank
("EIB")
4,058
3,965
Lease liabilities
835
959
Liability for royalties
2,225
2,143
TOTAL NON-CURRENT LIABILITIES
7,118
7,067
TOTAL LIABILITIES
9,435
9,719
EQUITY:
Share capital
102
88
Share premium
54,916
52,502
Receipts on account of warrants
2,881
1,487
Capital reserve from transactions with
controlling shareholders
54,061
54,061
Capital reserve on share-based
payments
3,159
2,861
Foreign currency cumulative translation
reserve
(1,757)
(1,582)
Accumulated deficit
(109,113)
(106,753)
TOTAL EQUITY
4,249
2,664
TOTAL LIABILITIES AND EQUITY
13,684
12,383
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three months ended March
31,
2023
2022
(Unaudited)
USD in thousands
REVENUES
-
20
COSTS AND EXPENSES:
COST OF REVENUES
(330)
(500)
RESEARCH, DEVELOPMENT AND ENGINEERING
EXPENSES, NET
(600)
(1,321)
MARKETING AND PROJECT PROMOTION
EXPENSES
(263)
(300)
GENERAL AND ADMINISTRATIVE
EXPENSES
(1,029)
(1,152)
SHARE IN LOSS OF JOINT VENTURE
-
(32)
OTHER INCOME, NET
1
82
OPERATING LOSS
(2,221)
(3,203)
FINANCIAL INCOME
35
274
FINANCIAL EXPENSES
(174)
(126)
FINANCIAL INCOME (EXPENSES),
NET
(139)
148
LOSS FOR THE PERIOD
(2,360)
(3,055)
OTHER COMPREHENSIVE LOSS – ITEM THAT
WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS – EXCHANGE DIFFERENCES
ON TRANSLATION TO PRESENTATION CURRENCY
(175)
(133)
COMPREHENSIVE LOSS FOR THE
PERIOD
(2,535)
(3,188)
LOSS PER ORDINARY SHARE (in
Dollars)
Basic and fully diluted loss
(0.14)
(0.22)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230525005275/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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