Brenmiller Energy appoints Boaz Toshav to board of directors

ROSH HA’AYIN, Israel - Brenmiller Energy Ltd. (NASDAQ:BNRG), a provider of Thermal Energy Storage solutions with a market capitalization of $5.45 million, announced Friday the appointment of Boaz Toshav as an Independent Director to its Board, effective immediately. According to InvestingPro data, the company faces significant challenges, with its stock down over 62% year-to-date amid high price volatility.

Toshav, who previously served on the company’s Board from June 2023 to August 2024, brings over 20 years of experience in investment banking, fixed income, and mergers and acquisitions advisory services. He currently serves as President and Chairman of Rio Ave FC, a Portuguese football club, and as CEO of Umbrella Advisors Ltd., a boutique investment bank he founded in 2014. His appointment comes at a crucial time, as InvestingPro analysis indicates the company is rapidly burning through cash, though maintaining a healthy current ratio of 2.25.

"We are honored to welcome Boaz back to our Board," said Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy.

Toshav succeeds Nava Swersky Sofer, who concluded her six-year term on the Board. The company stated her departure was due to the natural expiration of her term and not the result of any disagreement.

The appointment comes as Brenmiller advances projects in Europe, Israel, and the United States. The company noted that SolWinHy Cádiz S.L. in Spain, a project involving Brenmiller Europe S.L., recently received €25 million in funding from the European Hydrogen Bank. Brenmiller estimates its supply of the bGen™ TES system for this project to be approximately €7 million.

The information in this article is based on a company press release statement.

In other recent news, Brenmiller Energy announced the implementation of a 5-for-1 reverse share split, which took effect after market close, reducing its outstanding shares from 13,629,259 to 2,725,852. This move aims to maintain its Nasdaq listing and protect shareholder value. Additionally, Brenmiller Energy has secured a €7 million deal in Spain as part of the SolWinHy Project, which involves the construction of green hydrogen and e-methanol facilities, highlighting the commercial viability of its bGen™ technology. The company also announced a $1.5 million public offering of ordinary shares and warrants, with proceeds aimed at general corporate purposes.

In a strategic shift, Brenmiller Energy plans to restructure its corporate framework by creating European subsidiaries to attract private capital while preserving public shareholder equity. This reorganization is intended to optimize financial profiles and enhance public market valuation. Brenmiller Energy’s CEO, Avi Brenmiller, emphasized the company’s commitment to replacing fossil fuel boilers with clean energy solutions, as demonstrated by its flagship Tempo project in Israel. The company is also preparing for an upcoming milestone with Tempo Beverages Ltd., where its bGen™ system is expected to deliver significant energy savings. These developments reflect Brenmiller Energy’s strategic measures to strengthen its core business and prepare for future growth.

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