Brenmiller Energy secures up to $25 million in equity financing

Brenmiller Energy Ltd. (NASDAQ: BNRG) announced an equity financing agreement with Alpha Capital Anstalt that could provide up to $25 million in staged funding. The thermal energy storage company received $1.2 million in initial funding, with an additional $3.8 million pending shareholder approval and other closing conditions.

Alpha Capital, described as Brenmiller's largest shareholder, has committed to providing $15 million over two years following the second stage closure, contingent on meeting certain conditions. The remaining $20 million would be available through additional investment tranches.

The Israel-based company reported several active projects across three continents. In Israel, Brenmiller's bGen ZERO system is being deployed at Tempo Beverages' manufacturing plant. In Spain, the company estimates its thermal energy storage system supply for a European Hydrogen Bank-funded project at approximately €7 million out of €25 million total project funding.

Brenmiller Europe, the company's Spanish joint venture, expects to supply distributed bGen systems with 5 MWe electrical charge capacity, representing approximately €4 million in revenue. The company's European projects are estimated to generate approximately €11 million.

The company signed a non-binding memorandum of understanding with ENASCO Ltd. to develop hybrid small modular reactor and thermal energy storage platforms for data centers, hydrogen production, and baseload power applications. The partnership targets $50 million in commercial deployments by 2030 and 15-20 hybrid projects valued at up to $650 million by 2035.

Brenmiller Energy develops thermal battery systems that convert renewable electricity into heat storage for industrial applications. The company operates what it describes as a thermal battery production facility.

You May Also Be Interested In

• TWO Announces Adjournment of Special Meeting
• DOJ Unveils $6.5B Healthcare Fraud Crackdown - WSJ
• Cushman & Wakefield names two capital markets leaders in APAC