Brenmiller Signs Definitive Agreement to Supply Wolfson Hospital with Clean Electric Heat in $3.55 Million Project
- The project is expected to save Wolfson Hospital up to US$1.3 million annually
- The bGen™ ZERO technology will replace the hospital's old diesel boilers, providing a cleaner source of electricity at a lower price
- The project is supported by a grant from the Israel Innovation Authority
- None.
Insights
The agreement between Brenmiller Energy and Wolfson Hospital for the supply of electric process heat through the bGen™ ZERO system represents a significant step in the energy sector, particularly within the thermal energy storage (TES) market. The financial implications of this deal are substantial, with the hospital anticipating savings of up to US$1.3 million annually, which could be a compelling case study for other institutions considering a transition to cleaner energy solutions. From an investor's perspective, the recurring revenue model, known as energy-as-a-service (EaaS), signals a stable, long-term income stream for Brenmiller Energy. This model is increasingly popular as it aligns the interests of the provider and the customer towards energy efficiency and cost savings.
Furthermore, the project's support from the Israel Innovation Authority with a grant of up to $450,000 underscores the government's commitment to fostering innovation in sustainable energy solutions. This could be indicative of a favorable regulatory environment for Brenmiller Energy and similar companies in the sector. Investors should monitor the adoption rate of TES systems and the performance of bGen™ ZERO in reducing carbon emissions and operating costs, as these factors could influence the company's market position and future growth opportunities.
The projected reduction of Wolfson Hospital's carbon footprint by 3,900 tons per year through the implementation of bGen™ ZERO TES system is a noteworthy advancement in environmental policy and corporate responsibility. This aligns with global efforts to reduce greenhouse gas emissions and transition to low-carbon technologies. The environmental benefits extend beyond carbon reduction; by replacing diesel boilers, the hospital will also likely see a decrease in local air pollutants, contributing to improved public health outcomes.
For stakeholders, including government bodies and local communities, the project sets a precedent for public-private partnerships in achieving environmental goals. It may encourage similar initiatives and could influence policy development aimed at accelerating the adoption of clean technologies. Companies that proactively engage in reducing their environmental impact can benefit from enhanced public image and potential financial incentives, factors that are increasingly important to investors who are mindful of environmental, social and governance (ESG) criteria.
The operational benefits of the bGen™ ZERO system for Wolfson Hospital extend beyond financial savings. The transition to a cleaner and more efficient energy source can have a positive impact on the hospital's overall operations. The reliability of energy supply is critical in healthcare settings and the TES system's ability to store and discharge energy on demand ensures that the hospital can maintain uninterrupted services. This is particularly important for medical equipment and procedures that require precise temperature control.
Additionally, the reduction in fuel oil consumption and emissions contributes to a healthier environment for patients, staff and visitors, which is an integral part of a hospital's mission. The long-term implications for healthcare operations include potential improvements in patient outcomes and satisfaction, as well as a strengthened reputation for environmental stewardship among healthcare providers. For investors, these operational improvements are indicative of a forward-thinking management approach that can drive long-term value creation in the healthcare sector.
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bGen™ ZERO to save Wolfson Hospital up to
US annually and reduce the hospital’s local carbon footprint by 3,900 tons per year$1.3 million -
Project benefits from up to
$450,000
ROSH HA’AYIN,
The Israeli Ministry of Finance approved a budget of up to
bGen ZERO will replace Wolfson Hospital’s old diesel boilers that are both costly and polluting. According to the Israeli Ministry of Finance’s estimates, electric heat provided via Brenmiller’s bGen™ ZERO TES system has the potential to save Wolfson Hospital up to
"With our breakthrough bGen™ ZERO technology, we will provide Wolfson Hospital with a cleaner source of electricity at a lower price than its legacy systems. Our sustainable power infrastructure will benefit all hospital stakeholders, from patients and doctors to administrators, government, and local communities,” stated Brenmiller’s Chairman and CEO, Avi Brenmiller. “This is just the beginning of wide-scale TES adoption, which we believe will become the standard in clean energy storage for industrial and municipal facilities worldwide."
"The project is expected to drive reduction in our fuel oil consumption to nearly zero,” said Gadi Davidovitz, Chief Engineer at Wolfson Hospital. “It will significantly reduce emissions generated by the hospital while saving on energy costs."
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 delivers scalable thermal energy storage solutions and services that allow customers to cost-effectively decarbonize their operations. Its patented bGen™ thermal storage technology enables the use of renewable energy resources, as well as waste heat, to heat crushed rocks to very high temperatures. They can then store this heat for minutes, hours, or even days before using it for industrial and power generation processes. With bGen™, organizations have a way to use electricity, biomass and waste heat to generate the clean steam, hot water and hot air they need to mold plastic, process food and beverages, produce paper, manufacture chemicals and pharmaceuticals or drive steam turbines without burning fossil fuels. 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: that the bGen™ ZERO at Wolfson Hospital will generate recurring revenues for Brenmiller over the course of the seven-year project; that the bGen™ ZERO has the potential to save Wolfson Hospital up to
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201058858/en/
Media:
Tori Bentkover
brenmillerenergy@antennagroup.com
Source: Brenmiller Energy Ltd.
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