ROSH HA'AYIN, Israel - Brenmiller Energy Ltd. (NASDAQ:BNRG), a company specializing in thermal energy storage solutions, has announced the completion and handover of its bGen™ thermal storage system installation at a State University of New York (SUNY) campus. This marks the first deployment of Brenmiller's technology in the United States, with the system designed to reduce greenhouse gas emissions by utilizing exhaust gas and electricity to store and discharge heat on demand.
The bGen™ system is projected to cut approximately 550 metric tons of greenhouse gas emissions annually for the SUNY campus. The installation was accomplished in collaboration with the New York Power Authority, the nation's largest state power organization, and partially funded by a grant from the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation.
Brenmiller Energy's bGen™ technology operates by heating crushed rocks to high temperatures using renewable energy sources or waste heat. This stored heat can be retained for varying periods, from minutes to days, and later used in various industrial processes and power generation, reducing reliance on fossil fuels.
The company's press release includes forward-looking statements regarding the expected environmental benefits of the bGen™ system. However, it is important to note that these statements are projections and that actual results could differ materially due to a range of factors, including market acceptance and technological or commercialization challenges.
Brenmiller Energy's approach aligns with the broader trend of decarbonization in energy consumption, offering organizations a potential solution to reduce their carbon footprint through the use of their patented thermal storage technology.
This news is based on a press release statement from Brenmiller Energy Ltd. and provides an insight into the company's recent activities in the field of sustainable energy solutions.
InvestingPro Insights
Brenmiller Energy Ltd. (NASDAQ:BNRG) has made strides in sustainable energy with the deployment of its bGen™ thermal storage system in New York. This technology aligns with global efforts for decarbonization, offering a promising avenue for reducing greenhouse gas emissions. To better understand the company's financial health and market performance, let's delve into some key metrics and insights from InvestingPro.
InvestingPro Data shows that Brenmiller Energy currently holds a market capitalization of 10.62 million USD. Despite the innovative nature of their technology, the company has experienced a significant 74.77% drop in its 1-year price total return as of 2024, indicating a challenging period for its stock value. The revenue for the last twelve months as of Q2 2023 stands at 0.58 million USD, revealing a stark revenue decline of 64.42%. These figures suggest that while the company's technology may be forward-thinking, it has faced financial headwinds.
Offering deeper insight, InvestingPro Tips highlight that Brenmiller Energy holds more cash than debt on its balance sheet, which can be a sign of financial stability. However, the company has been quickly burning through cash, which could raise concerns about its long-term sustainability. Analysts anticipate sales growth in the current year, which may provide a glimmer of hope for the company's future performance.
For readers interested in a comprehensive analysis, there are 17 additional InvestingPro Tips available at https://www.investing.com/pro/BNRG, which can provide a more nuanced view of Brenmiller Energy's market prospects. To access these insights, use coupon code "SFY24" to get an additional 10% off a 2-year InvestingPro+ subscription, or "SFY241" to get an additional 10% off a 1-year InvestingPro+ subscription.
The InvestingPro product, with its detailed metrics and expert tips, can be an invaluable resource for investors looking to make informed decisions about companies like Brenmiller Energy, especially in the dynamic field of sustainable technology.
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