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, January 08, 2025--(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.
