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ROSH HAAYIN, ISRAEL/YOKOHAMA, JAPAN - Brenmiller Energy Ltd. (NASDAQ:BNRG), a micro-cap energy storage company currently valued at $4.98 million, announced Thursday it has signed a non-binding memorandum of understanding with an unnamed major Japanese corporation to explore deploying thermal energy storage solutions in Japan. According to InvestingPro analysis, the company’s stock has shown significant volatility this year, with shares down 64% year-to-date.
The agreement aims to replace fossil fuel-based boilers with zero-emission thermal energy storage systems in industrial settings. Under the MOU, the Japanese engineering and project development company will identify opportunities for implementing Brenmiller’s technology across Japan. While InvestingPro data shows the company maintains healthy liquidity with a current ratio of 2.25, it faces challenges with cash burn rates.
The collaboration will focus on both direct sales of thermal energy storage equipment and Heat-as-a-Service models for industrial and utility-scale applications.
"Japan represents a potential market for thermal energy storage due to high penetration of renewables and desires for sustainable solutions," said Avi Brenmiller, Chairman and CEO of Brenmiller Energy, according to the press release.
Brenmiller’s bGen ZERO thermal battery system converts renewable electricity into heat, storing energy that can be discharged on demand for industrial processes.
The Japanese corporation, based in Yokohama, will contribute its expertise in project development, energy transition, and infrastructure solutions to the partnership.
No financial terms or specific implementation timelines were disclosed in the announcement. The agreement represents an initial step toward potential commercial deployment of Brenmiller’s technology in the Japanese market.
Brenmiller Energy, which operates a production facility for thermal batteries, states that its technology aims to help energy-intensive industries reduce reliance on fossil fuels for heating applications. While the company shows promise in the green energy sector, InvestingPro analysis reveals a weak overall financial health score of 1.16. Subscribers can access 10 additional ProTips and comprehensive financial metrics to better evaluate BNRG’s investment potential.
In other recent news, Brenmiller Energy announced its plans to implement a 5-for-1 reverse share split, which will reduce its outstanding ordinary shares from 13,629,259 to 2,725,852 shares. This move was approved by shareholders and aims to maintain the company’s Nasdaq listing. Additionally, Brenmiller Energy has secured a €7 million deal as part of the SolWinHy Project in Spain, with funding from the European Hydrogen Bank, highlighting the commercial potential of its bGen™ TES system. In another development, the company plans to raise approximately $1.5 million through a public offering of ordinary shares and warrants, with proceeds intended for general corporate purposes. Brenmiller Energy also appointed Boaz Toshav to its board of directors, bringing his extensive experience in investment banking and advisory services. The company is advancing projects in Europe, Israel, and the United States, with a focus on expanding its thermal energy storage solutions. Brenmiller’s strategic initiatives include cost-cutting measures and exploring licensing opportunities to prepare for scalable growth. These developments reflect Brenmiller Energy’s ongoing efforts to strengthen its market position and enhance its product offerings.
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