ROSH HA'AYIN, Israel - Brenmiller Energy Ltd. (NASDAQ:BNRG), a thermal energy storage (TES) provider, has reported a series of strategic advancements and financial results for the year ended December 31, 2023. The company announced the completion of key commercial projects and the inauguration of a new gigafactory in Israel, aimed at supporting potential sales of up to $200 million.
The company has focused on small-to-medium sized electricity-to-heat projects, with plans to scale up as revenues grow. Brenmiller Energy's bGen™ ZERO, a next-generation TES system, is designed to reduce costs and carbon footprint for its customers. The system converts electricity into heat, which can be stored in crushed rocks and used on demand, competing with natural gas prices.
Brenmiller Energy has successfully delivered its first bGen™ system in the U.S. to the State University of New York (SUNY), which is expected to eliminate around 550 metric tons of greenhouse gas emissions annually. Additionally, the company has secured a $3.55 million agreement to supply clean electric heat to Wolfson Hospital in Israel, with the project expected to save the hospital up to $1.3 million each year and reduce its carbon footprint by 3,900 tons.
In Europe, Brenmiller Energy plans to increase its presence through a joint venture with Green Enesys and Viridi, starting in Spain, Germany, and France. The company also signed a memorandum of understanding (MoU) to develop hydrogen and e-methanol projects in Europe, with bGen™ selected as the preferred solution for the Cadiz (NASDAQ:CDZI) project in Spain.
Furthermore, Brenmiller Energy has entered into an MoU with Waaree Energies to deploy TES systems in India, and another MoU with RSP Systems for exclusive distribution of bGen™ in the U.S. Northeast Region.
The company's financials reflect a decrease in net research and development expenses by 32% to $3,178,000 for the year ended December 31, 2023. Cash and cash equivalents stood at $3.18 million as of December 31, 2023, a decrease from the previous year, primarily due to net cash used in operating activities and investments in the company's production facility.
Brenmiller Energy's bGen™ was recognized among TIME's Best Inventions of 2023 in the Green Energy category, and Bloomberg named the company as a 2024 BNEF Pioneers Finalist.
This article is based on a press release statement from Brenmiller Energy Ltd. and contains forward-looking statements that are subject to risks and uncertainties.
The company's actual results may differ materially from those projected in the forward-looking statements due to various factors, including market acceptance of its products and the political and economic stability of the regions in which it operates.
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