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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brenmiller Energy Ltd | NASDAQ:BNRG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0705 | 9.16% | 0.84 | 0.791 | 0.84 | 0.8499 | 0.76 | 0.76 | 176,473 | 01:00:00 |
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a leading global provider of thermal energy storage ("TES") solutions for industrial and utility markets, today reported financial results as of and for the six months ended June 30, 2024, in addition to operational and recent business development updates.
Management Commentary
“Our pioneering bGen™ thermal battery continues to support the growing and mostly unmet need for on-demand access to sustainable heat. We have built an impressive project pipeline, potentially worth up to $500 million in value, and our team is working tirelessly, day in and day out, to move this pipeline forward so that we can start delivering meaningful cost savings and emissions reductions for our customers as well as recurring revenues for our company and value for our shareholders,” said Brenmiller Chairman and Chief Executive Officer, Avi Brenmiller, “Among the proposals in our pipelines, several include negotiations with some of the world’s largest producers of consumer goods, including Fortune 500s. All of our potential contracts are in geographic markets with robust manufacturing sectors and where established regulations make our technology feasible and cost-competitive—or cheaper—with fossil fuels.”
“In an exciting new development, our team is exploring ways to expand our technology’s capabilities to deliver cold thermal energy storage (“CTES”) for artificial intelligence (“AI”) data centers. The rapid growth of AI computing and the funding-rich ecosystem around AI applications has created downstream decarbonization and financial opportunities that we believe can be met using CTES. We anticipate minimal investment is needed to adapt our bGen™ thermal battery for data center applications.”
“As we continue executing our current projects and increasing worldwide distribution through local partnerships, we expect our gigafactory to be fully operational by the end of 2024, with capacity to produce up to 4 GWh of bGen™ systems annually. We are very optimistic about market demand for our bGen™ TES technology and our ability to deliver throughout the remainder of 2024 and into the future.”
First Half 2024 and Recent Operational and Business Developments
HaaS Recurring Revenue Projects to Deliver Customer Savings and Reduce Greenhouse Gas Emissions
Looking to Ramp Sales in North America Through Distribution Partnerships
Awards
Summary of Financial Results
Subsequent Events
On August 4, 2024, Brenmiller entered into a definitive securities purchase agreement with an existing institutional shareholder for a private placement of 1,000,000 ordinary shares, at a price of $1.05 per share, reflecting a 52% premium to the closing price for the Company’s ordinary shares on Nasdaq on August 2, 2024. The closing of the private placement is subject to certain conditions, including the Company obtaining consent from an existing lender. The investor will have the right to make a further investment for 1,000,000 additional ordinary shares (or ordinary share equivalents) in the event that the Company’s ordinary shares close at or above $2.50 per share within the next 12 months.
About bGen™
bGen™, Brenmiller’s TES system, converts electricity into heat to power sustainable industrial processes at a price that is competitive with natural gas. The bGen™ charges by capturing low-cost electricity from renewables or the grid and stores it in crushed rocks. It then discharges steam, hot water, or hot air on demand according to customer requirements. The bGen™ also supports the development of utility-scale renewables by providing critical flexibility and grid-balancing capabilities. bGen™ was named among TIME’s Best Inventions of 2023 in the Green Energy category.
About Brenmiller Energy Ltd.
Brenmiller Energy helps energy-intensive industries and power producers end their reliance on fossil fuel boilers. Brenmiller’s patented bGen™ thermal battery is a modular and scalable energy storage system that turns renewable electricity into zero-emission heat. It charges using low-cost renewable electricity and discharges a continuous supply of heat on demand and according to its customers’ needs. The most experienced thermal battery developer on the market, Brenmiller operates the world’s only gigafactory for thermal battery production and is trusted by leading multinational energy Companies. For more information visit the company’s website at https://bren-energy.com/ and follow the Company on X (formerly Twitter) and LinkedIn.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses: the growing unmet need for on-demand access to around-the-clock renewable energy storage solutions; the Company’s project pipeline potentially worth up-to $500 million in value; the Company’s ability to deliver meaningful cost savings and emissions reductions for its customers as well as recurring revenues for the Company and value for its shareholders; the Company’s ability to accelerate towards definitive contracts, construction groundbreaking, and recurring revenue generation while reducing carbon footprint; the Company’s development of the bGen™ Cool for data center applications and the anticipated minimal investment needed to adapt our bGen™ thermal battery for data center applications; and Company’s expectation that the gigafactory will be fully operational by the end of 2024, with capacity to produce up-to 4 GWh of bGen™ systems annually; future market demand for bGen™ and the Company’s ability to deliver over the remainder of 2024 and into the future; that Brenmiller will generate revenues from both selling heat as a service and offering balancing services to the electricity grid; the installation of bGen™ ZERO at the Tempo plant and the timeline for the various installation phases, that assembly is expected to be completed by the end of the 2024 and commissioned in May 2025; that bGen™ ZERO will save Wolfson Hospital up to $1.3 million annually and reduce the hospital’s local carbon footprint by 3,900 tons per year; and additional potential sales and revenue estimations. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company’s results include, but are not limited to: the Company’s planned level of revenues and capital expenditures; risks associated with the adequacy of existing cash resources; the demand for and market acceptance of our products; impact of competitive products and prices; product development, commercialization or technological difficulties; the success or failure of negotiations; trade, legal, social and economic risks; and political, economic and military instability in the Middle East, specifically in Israel. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 18, 2024, which is available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Brenmiller Energy Ltd. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (U.S. dollars in thousands, except for number of shares and par value) June 30, December 31,2024
2023
Assets CURRENT ASSETS: Cash and cash equivalents $6,966
$3,183
Restricted deposits33
34
Trade receivables, net of allowance for credit losses of $669 and $380 as of June 30, 2024 and December 31, 2023-
278
Prepaid expenses and other receivables558
467
Inventory625
607
TOTAL CURRENT ASSETS8,182
4,569
NON-CURRENT ASSETS: Restricted deposits81
85
Operating lease right-of-use assets, net850
1,144
Property, plant and equipment4,811
4,563
Other asset-
233
TOTAL NON-CURRENT ASSETS5,742
6,025
TOTAL ASSETS $13,924
$10,594
Brenmiller Energy Ltd. CONDENSED CONSOLIDATED BALANCE SHEETS (Cont.) (UNAUDITED) (U.S. dollars in thousands, except for number of shares and par value) June 30, December 31,2024
2023
Liabilities and Shareholders’ Equity CURRENT LIABILITIES: Trade payables $172
$321
Deferred revenues387
387
Other payables1,653
1,401
Current maturities of operating lease liabilities544
611
TOTAL CURRENT LIABILITIES2,756
2,720
NON-CURRENT LIABILITIES: European Investment Bank ("EIB") Loan4,345
4,461
Warrants’ liability11
-
Operating lease liabilities276
533
TOTAL NON-CURRENT LIABILITIES4,632
4,994
COMMITMENTS TOTAL LIABILITIES7,388
7,714
SHAREHOLDERS’ EQUITY : Ordinary Shares, no par value - Authorized 15,000,000; Issued and outstanding 5,958,757 and 2,151,745 as of June 30, 2024 and December 31, 2023, respectively124
124
Additional paid in capital105,474
100,237
Foreign currency cumulative translation reserve(2,053)
(2,053)
Accumulated deficit(97,009)
(95,428)
TOTAL SHAREHOLDERS’ EQUITY6,536
2,880
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $13,924
$10,594
Brenmiller Energy Ltd. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (U.S. dollars in thousands, except for per share data) Six months ended June 30,2024
2023
USD in thousands (except per share data) REVENUES - Engineering services-
$580
-
580
COSTS AND EXPENSES: COST OF REVENUES(408)
(1,193)
RESEARCH AND DEVELOPMENT, NET(1,808)
(1,711)
SELLING AND MARKETING(616)
(687)
GENERAL AND ADMINISTRATIVE(2,313)
(2,409)
OTHER INCOME (EXPENSES), NET(230)
2
OPERATING LOSS(5,375)
(5,418)
INTEREST EXPENSES(85)
(69)
OTHER FINANCIAL INCOME, NET3,879
159
FINANCIAL INCOME (EXPENSES), NET3,794
90
NET LOSS(1,581)
(5,328)
NET LOSS PER ORDINARY SHARE: BASIC AND DILUTED LOSS $(0.45)
$(3.02)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE3,510,328
1,765,142
NET LOSS, as above $(1,581)
$(5,328)
OTHER COMPREHENSIVE LOSS – EXCHANGE DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENECY-
(423)
COMPREHENSIVE LOSS $(1,581)
$(5,751)
Brenmiller Energy Ltd. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (U.S. dollars in thousands) Six months ended June 30,2024
2023
USD in thousands CASH FLOWS - OPERATING ACTIVITIES: Loss for the period $(1,581)
$(5,328)
Adjustments to reconcile net loss to net cash used in operating activities: Depreciation56
65
Non-cash interest and exchange rate differences, net(25)
(45)
Fair value adjustment of warrants’ liability(4,114)
-
Warrants issuance costs473
-
Share-based compensation915
1,409
Other233
-
Changes in operating assets and liabilities: Decrease (increase) in prepaid expenses and receivables187
(353)
Decrease (increase) in inventory(18)
301
Increase (decrease) in trade payables(149)
331
Increase in other payables and deferred revenue159
40
Net cash used in operating activities(3,864)
(3,580)
CASH FLOWS - INVESTING ACTIVITIES: Purchase of equipment(26)
(7)
Installation of a production facility(225)
(2,090)
Restricted deposit withdrawn4
3.00
Other-
2
Net cash used in investing activities(247)
(2,092)
CASH FLOWS - FINANCING ACTIVITIES: Proceeds from issuance of shares and prefunded warrants5,651
6,087
Proceeds from issuance of warrants’ liability3,176
-
Fund raising and issuance costs(856)
(49)
Exercise of options and warrants3.00
0
Net cash provided by financing activities7,974
6,038
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS3,863
366
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITTS(81)
(134)
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS - BEGINNING OF PERIOD3,217
6,542
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS - END OF PERIOD $6,999
$6,774
View source version on businesswire.com: https://www.businesswire.com/news/home/20240829595704/en/
Media Contact: Tori Bentkover brenmillerenergy@antennagroup.com
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