Brenmiller Reports 2024 Financial Results and Pipeline of Commercial Opportunities Reaches Over Half-Billion Dollars

   -- Projects currently in development and construction phases achieved key 
      milestones and are expected to produce multiple recurring revenue streams 
 
   -- Brenmiller's project pipeline of commercial opportunities increase beyond 
      $500M in potential value 
 
   -- New products are progressing to address growth markets including clean 
      thermal oil 
TEL AVIV, Israel--(BUSINESS WIRE)--March 04, 2025-- 

Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy" or the "Company") (NASDAQ: BNRG), a leading global provider of thermal energy storage ("TES") solutions to industrial and utility markets, today filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the "SEC") and reported financial results as of and for the twelve months ended December 31, 2024, in addition to recent operational and business development updates.

Management Commentary

"2024 was a milestone year for Brenmiller Energy. Backed by our gigafactory, which at full capacity is expected to produce $200 million worth of bGen$(TM)$ systems annually, our position as a leader in thermal energy storage translated into a global pipeline of commercial opportunities valued at over half a billion dollars --and growing. We're pleased with the strong pace of our projects in development, which are progressing on schedule," said Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy. "Thanks to our nimble and capital-efficient structure, we believe we've expanded our ability to execute projects for customers through our strategic partners, joint ventures, and distribution channels. At the same time, we continue to push the boundaries of innovation--I'm especially proud of the progress we are making with the two new product lines, the bGen ZTO(TM) for thermal oil and the bGen(TM) Cool for AI-powered data centers, reflecting our team's ingenuity and problem-solving expertise. As we aim to scale our operations in 2025, we believe we are laying the foundation for a global network of TES systems that will generate recurring revenues and power clean industry for decades to come."

2024 and Recent Operational and Business Developments

Brenmiller achieved significant milestones in 30MW+ thermal energy storage projects for clean industry; bGen(TM) systems to generate recurring revenues through Heat as a Service ("HaaS") agreements, deliver customers significant energy cost savings and emissions reduction

   -- On-site bGen(TM) ZERO assembly underway at Tempo Beverage's factory, 
      triggering milestone payments from Heineken-backed manufacturer; project 
      estimated to save $7.5 million in energy costs: Brenmiller achieved its 
      latest contractual milestone for Tempo Beverages Ltd.'s ("Tempo"), one of 
      Israel's largest producers and distributors of beverages for brands 
      including Heineken and Pepsi. Brenmiller is replacing Tempo's fossil fuel 
      boilers with a 32 MWh bGen(TM) system that will charge using off-peak 
      power from the grid. Tempo will purchase steam from Brenmiller at a fixed 
      rate through a HaaS contract. By eliminating the use of approximately 
      2,000 tons of heavy fuel each year, Brenmiller's TES system is estimated 
      to save Tempo an estimated $7.5 million on energy costs over 15 years and 
      mitigate over 6,200 tons of carbon emissions annually. Brenmiller 
      completed components manufacturing at its gigafactory, and expects to 
      complete project commissioning by the end of 2025. 
   -- Land rights secured for 30MWh bGen(TM) ZERO to serve $2 billion pet food 
      manufacturer in Europe through 12-year HaaS agreement: Marking the latest 
      milestone in a key European project, Brenmiller secured the rights to a 
      10,000+ square meter plot of land next to its customer's factory in 
      Dombovar, Hungary. The site will be used to develop a 30 MWh bGen(TM) TES 
      system, which will deliver low-cost and low-carbon steam to Partner in 
      Pet Food Hungaria KFT ("PPF") at a fixed rate through a 12-year HaaS 
      agreement. Brenmiller will also be in a position to offer grid balancing 
      services to the local transmission system operator. This is the first 
      project through which Brenmiller is expected to generate revenues from 
      both selling heat to its customer and by offering flexibility to the 
      local grid. Steam from Brenmiller's TES system will take priority over 
      PPF's fossil fuel boilers, reducing the pet food manufacturer's use of 
      natural gas by over 25-30%, significantly lowering energy costs and its 
      carbon footprint. 
   -- Signed 7-year, $3.55 million agreement with Wolfson Hospital to replace 
      fossil fuel boilers, supply clean electric heat and earn recurring 
      revenues: According to the Israeli Ministry of Finance, by replacing its 
      outdated diesel boilers with Brenmiller's bGen(TM) ZERO TES system, 
      Wolfson will potentially save up to $1.3 million in annual energy costs 
      and mitigate 3,900 tons of greenhouse gas emissions per year. 

Brenmiller grew its total addressable market with the introduction of new thermal energy storage products

   -- bGen(TM) ZERO Thermal Oil(TM) ("bGen ZTO") being designed to electrify 
      thermal oil for industrial processes; 8 projects worth approximately $170 
      million already in the Company's list of commercial pipeline 
      opportunities: Brenmiller is addressing a critical unmet need for 
      electric thermal oil solutions for pharmaceuticals, chemicals, 
      petrochemicals, and food processing industries. Planned for commercial 
      availability in 2026, bGen ZTO(TM) expands Brenmiller's total addressable 
      market by $8 billion annually. As a result of Brenmiller's extensive 
      engagement with global industrial customers, the Company already has 
      projects worth approximately $170 million in its commercial pipeline. To 
      Brenmiller's knowledge, the modular TES system is a first of its kind and 
      achieves nearly 100% cycle efficiency, while heating thermal oil up to 
      340degC. 
   -- bGen(TM) Cool to provide artificial intelligence ("AI") data center 
      cooling, a significant new decarbonization and financial opportunity: 
      Brenmiller is developing a cold thermal energy storage solution for data 
      center applications--the bGen(TM) Cool. The rapid growth in AI computing, 
      which is estimated to increase data center power demand by 160% by 2030, 
      is driving significant need for innovation and investment in new cooling 
      and energy efficiency technologies. 

Brenmiller expands commercial pipeline opportunities and potential sales through distribution collaborations and strategic alliances

   -- Strategic cooperation agreement with Baran Energy, Israel's largest 
      engineering firm, to accelerate bGen(TM) ZERO deployments: Brenmiller and 
      Baran Energy, a subsidiary of the Baran Group Ltd. ("Baran") (TASE: BRAN), 
      an international engineering company that provides engineering, 
      management and design solutions for large-scale infrastructure projects, 
      signed a strategic cooperation agreement to accelerate bGen(TM) ZERO 
      project development and deployments through sales, acquisitions, and 
      operations of select projects in Israel. To increase bGen(TM) uptake 
      within industrial sectors, Brenmiller is aiming to sell certain projects 
      to Baran, subject to the satisfaction of certain conditions, benefiting 
      from the engineering firm's core project capabilities to ensure effective 
      and timely deployment. 
   -- North American commercial pipeline opportunities grow to over $210 
      million in Northeast United States: Brenmiller's pipeline of potential 
      commercial opportunities, pursued and developed in collaboration with its 
      exclusive distribution partner Rock Energy Storage, LLC ("ROCK" or "Rock 
      Energy Storage"), has substantially advanced, growing from $150 million 
      in June 2024 to over $210 million in value by January 8, 2025. ROCK has 
      identified several specific state and federal grant opportunities for 
      which bGen(TM) ZERO is eligible. 
   -- Collaboration with Entelios to optimize revenue streams for bGen(TM) 
      customers in Germany, a market estimated to reach $2.9 billion by 2028: 
      Brenmiller Europe signed a non-binding Letter of Intent with Entelios AG, 
      a leading flexibility service provider in Germany. With more than 14 
      years of experience working in German energy markets, Entelios manages 
      more than 1 GW of net flexibility from industrial loads, power plants, 
      and large-scale battery energy storage systems. Brenmiller aims to 
      capture a significant portion of Germany's TES market by working with 
      Entelios, which will deploy its proprietary software, extensive knowledge, 
      and expertise in flexibility market services to optimize energy costs and 
      maximize revenues for industrial bGen(TM) users. 

Awards

   -- The Edison Awards has selected bGen(TM) ZERO as a finalist for the 2025 
      Edison Best New Products Awards. 
   -- The European Investment Bank ("EIB") named Brenmiller an "Innovation 
      Champion" at its EIB AdVenture Debt Summit. 
   -- Bloomberg New Energy Finance ("BNEF") selected Brenmiller as a 2024 BNEF 
      Pioneers Finalist for its innovative and commercial-ready approach to 
      industrial decarbonization and ability to overcome key challenges on the 
      path to achieving net zero. 

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March 04, 2025 16:15 ET (21:15 GMT)