Brenmiller Energy Achieves Significant Project Milestone: On-Track to Save Tempo Beverages $7.5 Million in Energy Costs Using Thermal Energy Storage

Rhea-AI Summary

Brenmiller Energy (NASDAQ: BNRG) has reached a major milestone in its thermal energy storage (TES) project for Tempo Beverages, achieving 40% of Tempo's financial commitment. The company will replace Tempo's fossil fuel boilers with a 32 MWh bGen™ ZERO TES system, scheduled for commissioning in 2025.

The project is expected to save Tempo, a major Israeli beverage producer partially owned by Heineken International, approximately $7.5 million in energy costs over 15 years. The system will eliminate about 2,000 tons of heavy fuel usage annually and reduce carbon emissions by 6,200 tons per year. Manufacturing of bGen™ components at Brenmiller's gigafactory will be completed with shipment for on-site assembly starting mid-January 2025.

Positive

• Achieved 40% of financial commitment from Tempo Beverages
• Project expected to generate $7.5 million in customer savings over 15 years
• Company has substantial $440 million commercial pipeline
• On track for system commissioning in 2025

Negative

• None.

Insights

Energy Technology Analyst

This milestone in Brenmiller's thermal energy storage project for Tempo Beverages represents a significant technological and commercial breakthrough. The 32 MWh bGen™ system demonstrates the viability of large-scale industrial decarbonization, with projected savings of $7.5 million over 15 years and elimination of 2,000 tons of heavy fuel usage annually. The successful progression of this project could catalyze Brenmiller's $440 million commercial pipeline conversion.

The partnership with Tempo, backed by Heineken International, provides a high-profile reference case for Brenmiller's technology in the beverage industry. The scheduled 2025 commissioning timeline and achievement of the 40% financial milestone indicates strong project execution capabilities. For industrial process heat applications, this implementation proves the economic viability of thermal energy storage as an alternative to fossil fuel boilers.

Financial Analyst

The achievement of this contractual milestone carries substantial financial implications. Meeting the 40% financial commitment benchmark strengthens Brenmiller's cash position and validates the company's ability to execute large-scale projects. The $7.5 million cost savings for Tempo over 15 years demonstrates a compelling ROI that could attract similar industrial clients.

Most critically, this project's success could accelerate the conversion of Brenmiller's $440 million pipeline into revenue-generating projects. For a company with a market cap of $5.4 million, the potential pipeline conversion represents transformative growth potential. The partnership with a Heineken-affiliated company adds credibility and could facilitate faster market adoption of Brenmiller's technology across the beverage industry.

• Brenmiller is replacing Tempo’s fossil fuel boilers with a 32 MWh bGen™ thermal energy storage system to deliver sustainable process heat that is expected to mitigate 6,200 tons of carbon emissions annually
• Tempo, partially owned by Heineken International B.V., is one of Israel’s largest producers and distributors of beverages for brands including Heineken and Pepsi
• Completion of the Tempo project as planned is expected to accelerate and support the conversion of Brenmiller’s current substantial $440 million dollar commercial pipeline into projects with revenues

TEL AVIV, Israel--(BUSINESS WIRE)-- Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a leading global technology provider of thermal energy storage (“TES”) solutions to industrial and utility customers, today announced that it has achieved a major contractual milestone in its groundbreaking TES project for Tempo Beverages Ltd. (“Tempo”) and a critical financial benchmark representing 40% of Tempo’s financial commitment to the project.

bGen™ system components for Tempo Beverages at Brenmiller Energy's gigawatt manufacturing facility (Photo: Business Wire)

Manufacturing of the Company’s bGen™ components will be completed at Brenmiller’s gigafactory and are expected to be shipped on-site for assembly starting mid-January 2025. The Company remains on track to complete the TES system commissioning for Tempo in 2025.

“Our recent accomplishments underscore our dedication to maintaining rigorous project schedules and our ability to deliver on our promises to stakeholders,” said Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy. “We are excited to move forward with system assembly at Tempo’s beverage processing facility and remain committed to achieving our ambitious timeline for commissioning in 2025.”

Brenmiller is set to replace Tempo’s fossil fuel boilers with a 32 MWh bGen™ ZERO TES system. By enabling the switch from heat derived from fossil fuels to heat derived from electricity, eliminating the use of approximately 2,000 tons of heavy fuel each year, Brenmiller’s bGen™ is estimated to mitigate over 6,200 tons of carbon emissions annually and save Tempo an estimated $7.5 million over 15 years.

For more information about the project and Brenmiller Energy’s latest updates, please visit www.bren-energy.com or contact Tori Bentkover at brenmillerenergy@antennagroup.com.

About bGen™
bGen™ ZERO is Brenmiller’s TES system, converts electricity into heat to power sustainable industrial processes at a price that is competitive with natural gas. The bGen™ ZERO 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™ ZERO also supports the development of utility-scale renewables by providing critical flexibility and grid-balancing capabilities. bGen™ ZERO 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™ ZERO 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 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: that the Company’s bGen™ thermal energy storage system will replace Tempo’s fossil fuel boilers and is expected to mitigate 6,200 tons of carbon emissions annually, eliminating the use of approximately 2,000 tons of heavy fuel each year, and save Tempo an estimated $7.5 million over 15 years; that the Completion of the Tempo project as planned is expected to accelerate and support the conversion of the Company’s current substantial $440 million dollar commercial pipeline into projects with revenues; that the manufacturing of the Company’s bGen™ components will be completed at the Company’s gigafactory and are expected to be shipped on-site for assembly starting mid-January 2025; that the Company remains on track to complete the TES system commissioning for Tempo in 2025; and the Company’s ability to deliver on its promises to stakeholders. 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 crucial 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223885043/en/

Media:

Tori Bentkover

brenmillerenergy@antennagroup.com

Source: Brenmiller Energy Ltd.

FAQ

How much will Tempo Beverages save using Brenmiller Energy's (BNRG) thermal storage system?

Tempo Beverages is expected to save $7.5 million over 15 years using Brenmiller Energy's bGen™ ZERO thermal energy storage system.

What is the carbon emission reduction expected from BNRG's Tempo Beverages project?

The project is expected to mitigate 6,200 tons of carbon emissions annually by eliminating approximately 2,000 tons of heavy fuel usage each year.

When will Brenmiller Energy (BNRG) complete the Tempo Beverages thermal storage system?

Brenmiller Energy is scheduled to complete the thermal energy storage system commissioning for Tempo Beverages in 2025, with component shipments starting mid-January 2025.

What is the capacity of BNRG's thermal storage system for Tempo Beverages?

Brenmiller Energy is installing a 32 MWh bGen™ ZERO thermal energy storage system at Tempo Beverages' facility.

What milestone has Brenmiller Energy (BNRG) achieved in the Tempo project?

Brenmiller Energy has achieved 40% of Tempo's financial commitment to the project, representing a major contractual milestone.