Bimergen Energy closes $13.6 million public offering

Bimergen Energy Corporation (NYSE American: BESS, BESS.WS) completed a public offering that raised $13.6 million in gross proceeds before underwriting discounts and offering expenses, the company announced Feb. 23.

The Newport Beach, California-based battery energy storage systems developer sold common stock and pre-funded warrants at $4.00 per share, with each share or warrant accompanied by one additional warrant. The company granted underwriters a 45-day option to purchase up to 200,000 additional shares or warrants to cover over-allotments.

Bimergen stated it intends to use the proceeds to develop battery energy storage system projects and for working capital purposes. ThinkEquity served as the sole book-running manager for the offering.

The Securities and Exchange Commission declared the company's registration statement on Form S-1 effective on Jan. 29. The filing number is 333-280668.

Bimergen operates as an independent power producer that develops, owns and operates utility-scale battery energy storage systems. The company manages projects from site selection through construction and operations across multiple power markets in the United States.

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