European Investment Bank Names Brenmiller “Innovation Champion”

Rhea-AI Summary

Brenmiller Energy, a leader in thermal energy storage, has been named an Innovation Champion at the EIB AdVenture Debt Summit. This recognition comes from the European Investment Bank (EIB) for its pioneering thermal energy storage technology. EIB's €7.5 million loan in April 2021 significantly expanded Brenmiller's production capacity, aiding the construction of a large-scale TES manufacturing facility in Dimona, Israel, inaugurated in May 2023. The facility can produce up to 4GWh of bGen™ TES systems annually, providing zero-emission heat for energy-intensive industries and power producers.

Positive

• Brenmiller Energy named Innovation Champion at the EIB AdVenture Debt Summit.
• EIB's €7.5 million loan helped expand production capacity for Brenmiller Energy.
• New TES manufacturing facility in Dimona, Israel can produce up to 4GWh of bGen™ TES systems annually.
• bGen™ TES systems enable zero-emission heat for energy-intensive industries and power producers.

Negative

• No explicit financial data on profit or revenue increases was provided.
• Long-term debt obligation due to EIB loan could impact financial stability.
• Potential dependency on EIB funding for future expansion and innovation.

ROSH HA’AYIN, Israel--(BUSINESS WIRE)-- Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a leading global provider of thermal energy storage (“TES”) solutions, today announced that it was recognized as an Innovation Champion at the EIB AdVenture Debt Summit. The event brings together leaders across venture capital and finance, alongside European Commission representatives, to discuss market trends, investment needs and challenges for innovative companies. Brenmiller was named among other projects and companies across a variety of sectors that receive support from the European Investment Bank’s (“EIB”) Advisory Services or EIB funding.

“Capital from EIB has greatly expanded our production capacity and helped commercialize our pioneering thermal energy storage technology,” said Eli Lipman, VP of Innovation and Alternative Finance at Brenmiller Energy. “Debt financing from EIB goes beyond enabling scale – it is helping to create cleaner, more prosperous, and more secure communities across Europe. We are proud to be recognized as an Innovation Champion by EIB.”

In April 2021, the European Investment Bank loaned Brenmiller €7.5 million to help finance the construction of the world’s first large-scale TES manufacturing facility. Inaugurated in May 2023, in Dimona, Israel, Brenmiller’s gigafactory is equipped to produce up to 4GWh of bGen™ TES systems annually. Brenmiller’s bGen™ TES systems enable on-demand access to zero-emission heat for energy-intensive industries and power producers.

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 LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240514634128/en/

Media:

Tori Bentkover

brenmillerenergy@antennagroup.com

Source: Brenmiller Energy Ltd.

FAQ

What recognition did Brenmiller Energy receive at the EIB AdVenture Debt Summit?

Brenmiller Energy was named an Innovation Champion at the EIB AdVenture Debt Summit.

How much did the European Investment Bank loan to Brenmiller Energy?

The European Investment Bank loaned €7.5 million to Brenmiller Energy.

When was Brenmiller's large-scale TES manufacturing facility inaugurated?

Brenmiller's large-scale TES manufacturing facility was inaugurated in May 2023.

What is the annual production capacity of Brenmiller's new TES manufacturing facility?

The new TES manufacturing facility can produce up to 4GWh of bGen™ TES systems annually.

What are the benefits of Brenmiller's bGen™ TES systems?

Brenmiller's bGen™ TES systems enable on-demand access to zero-emission heat for energy-intensive industries and power producers.