Brenmiller Energy Grows U.S. Commercial Pipeline to Over $210 Million in Conjunction with Distribution Partner, Rock Energy Storage

Rhea-AI Summary

Brenmiller Energy (Nasdaq: BNRG) reports significant growth in its U.S. commercial pipeline, which has increased from $150 million to over $210 million in potential projects. This growth comes through collaboration with Rock Energy Storage (ROCK), their exclusive distribution partner in the Northeast U.S.

The companies are working together to secure grant project financing for bGen™ ZERO thermal energy storage (TES) systems, with funding rounds expected to open in 2025. ROCK is currently advancing dozens of potential bGen™ projects, targeting end-users including utilities, industrials, hospitals, universities, and municipalities.

The announcement comes amid strong growth in U.S. energy storage deployments, which increased 80% between Q3 2023 and Q3 2024. According to McKinsey and the Long Duration Energy Storage Council, TES technology could double Long-Duration Energy Storage capacity potential by 2040.

Positive

• Pipeline value increased by $60 million to over $210 million
• Multiple projects eligible for state and federal grant funding
• Operating in rapidly growing market with 80% YoY growth in energy storage deployments

Negative

• Projects are still in development phase with no guaranteed conversion to sales
• Funding rounds not opening until 2025, indicating delayed revenue potential

Insights

Energy Storage Market Analyst

The growth in Brenmiller's U.S. commercial pipeline from $150 million to $210 million represents a 40% increase in potential project value, demonstrating strong market validation for their thermal energy storage technology. The timing aligns perfectly with the broader energy storage market growth of 80% year-over-year in Q3 2024.

The partnership with Rock Energy Storage strategically positions Brenmiller to capitalize on two critical market opportunities:

• Access to state and federal grant funding, which significantly reduces project costs and accelerates adoption
• Direct connections to key customer segments including utilities, industrials and institutions

The McKinsey projections for thermal energy storage to double long-duration energy storage capacity potential by 2040 suggests a massive addressable market. However, investors should note that pipeline values represent potential rather than secured revenues and project conversion rates will be important to monitor.

Clean Tech Investment Strategist

This pipeline expansion carries substantial weight given the current market dynamics. The $60 million increase in project opportunities reflects growing institutional acceptance of thermal energy storage as a viable alternative to traditional battery storage solutions. The involvement of diverse end-users - from hospitals to utilities - indicates market penetration across multiple sectors, reducing concentration risk.

The strategic value of the Rock Energy Storage partnership extends beyond mere distribution. Their established relationships with key stakeholders and expertise in securing government funding creates a powerful multiplier effect for Brenmiller's market entry strategy. The anticipated 2025 funding rounds could provide significant capital injection without diluting existing shareholders.

For a company with a market cap of $16.4 million, a $210 million project pipeline represents transformative potential, though execution risks remain high. The validation from larger institutions and alignment with federal clean energy initiatives provides a strong foundation for potential value creation.

• Public funding for Long-Duration Energy Storage (LDES) projects sends encouraging signals for bGen™ ZERO technology adoption
• Several bGen™ projects under development could potentially benefit from state and federal grant opportunities

TEL AVIV, Israel--(BUSINESS WIRE)-- Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a leading global energy provider of thermal energy storage (“TES”) solutions to industrial and utility markets, today announced that its pipeline of potential commercial projects being pursued and developed in collaboration with its exclusive distribution partner in the Northeast U.S., Rock Energy Storage, LLC (“ROCK” or “Rock Energy Storage”), has substantially advanced, growing from $150 million to over $210 million in value.

Since Brenmiller and Rock Energy Storage signed an exclusive distribution agreement in June 2024, ROCK has identified several specific state and federal grant opportunities for which bGen™ ZERO TES systems are eligible. The two companies are currently collaborating with U.S. project partners to secure grant project financing through the anticipated funding rounds, which are expected to open in 2025.

“We are highly encouraged by the initial responses to our bGen™ ZERO technology for use in U.S. projects at various stages of development and are very pleased with the pace at which our collaboration with Rock Energy Storage is moving forward. Rock Energy Storage is advancing dozens of potential bGen™ projects, with high levels of interest in our ability to deliver favorable economics,” said Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy.

“U.S. interest in TES and development activity is exceeding our expectations,” stated Cory Glick, President and CEO of Rock Energy Storage. “We believe that TES has great potential to unlock lower energy prices economy-wide and are leveraging our team’s long-standing relationships with potential end-users, including local gas and electric utilities, industrials, hospitals, universities, and municipalities to expand bGen™ uptake in the U.S. Our team at ROCK is very proud to help grow this burgeoning market in North America in collaboration with Brenmiller.”

Energy storage deployments in the U.S. grew 80% between Q3 2023 and Q3 2024, according to Wood Mackenzie Power & Renewables and the American Clean Power Association. Based on estimates from McKinsey and the Long Duration Energy Storage Council, TES can double LDES capacity potential and expand the overall installed capacity potential of LDES by 2040. These trends position Brenmiller and Rock Energy Storage’s collaboration for favorable growth in the coming years.

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 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: its $210 million in value pipeline of potential commercial projects being pursued and developed in collaboration with Rock Energy Storage; the eligibility of state and federal grant opportunities for bGen™ ZERO TES systems; future grant project financing through anticipated funding rounds, which are expected to open in 2025; the Company’s ability to deliver favorable economics; TES potential to unlock lower energy prices economy-wide; the expansion of bGen™ uptake in the U.S.; estimations of energy storage deployments in the U.S.; the ability of TES to double LDES capacity potential and expand the overall installed capacity potential of LDES by 2040; and the Company’s favorable growth in the coming years. 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/20250108196249/en/

Media:

Tori Bentkover

brenmillerenergy@antennagroup.com

Source: Brenmiller Energy Ltd.

FAQ

What is the current value of Brenmiller Energy's (BNRG) U.S. commercial pipeline?

Brenmiller Energy's U.S. commercial pipeline has grown to over $210 million in value, up from $150 million.

When will funding rounds open for Brenmiller Energy's (BNRG) bGen™ ZERO projects?

The funding rounds for bGen™ ZERO projects are expected to open in 2025.

Who is Brenmiller Energy's (BNRG) exclusive distribution partner in the Northeast U.S.?

Rock Energy Storage (ROCK) is Brenmiller Energy's exclusive distribution partner in the Northeast U.S., with the partnership established in June 2024.

What was the growth rate of U.S. energy storage deployments between Q3 2023 and Q3 2024?

Energy storage deployments in the U.S. grew 80% between Q3 2023 and Q3 2024.

Which market segments is BNRG targeting for their bGen™ projects?

BNRG is targeting local gas and electric utilities, industrials, hospitals, universities, and municipalities for their bGen™ projects.