Brenmiller Energy (NASDAQ: BNRG)

Decarbonizing heat for industry and power plants with next-generation TES solutions

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Net-Zero is Now Possible.

Brenmiller Energy provides sustainable thermal energy storage solutions. The company was founded​ in 2012 by Avi Brenmiller, former CEO of Siemens CSP and Solel, and a team of experts in the field of​ renewable energy. Since then, the company has developed a patented thermal energy storage​ technology based on storing heat using crushed volcanic rocks. This green form of heat storage provides renewable and clean energy for industry, residences, and power plants.

Brenmiller Energy’s bGen™ thermal energy storage solution is one of the most mature and cost-effective industrial decarbonization technologies on the market today. Developed over the past Decade, Brenmiller’s bGen™ technology has withstood rigorous testing in the harshest, most demanding energy market environments.

Renewable based heat is crucial for net-zero emissions!

Quick Facts

Founded in 2012

NASDAQ: BNRG

52 Employees as of March 2024

$100M Capital Investments since inception

bGen™ ZERO: Sustainable Thermal Energy Storage

“We believe Thermal Energy Storage will play a major role in energy transition – decarbonization of the industrial sector, providing flexibility for power plants, and supporting the grid stability”

Avi Brenmiller, CEO & Chairman

Brenmiller’s bGen™ thermal energy storage technology uses crushed rocks to store heat at high temperatures. Similar to electric batteries, renewable energy or grid electricity is used to heat the storage media up to 650°C. Heat is stored for hours or days later until the start of discharge, where water is circulated in carbon-steel pipes in direct contact with the hot storage media, and steam is generated and dispatched to stabilization tank, to provide the customer with stable condition steam up to 530°C.

Brenmiller’s bGen™ is configured to meet plant-specific size, capacity, and power requirements and offers total site-level control over energy temperature and flow to ensure 24/7 reliability. The system can be charged and discharged simultaneously or at distinct times to provide an additional layer of reliability.

Simple Integration:

1

The bGen™ system is comprised of multiple, identical prefabricated modules called bCubes™

2

bCubes™ are assembled onsite, insulated to minimize thermal losses, and connected to the plant

3

bCubes™ are assembled onsite, insulated to minimize thermal losses, and connected to the plant

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Technologies

Heat to Heat

Heat-to-heat technology efficiently captures and utilizes low-value or waste heat. This heat is directed to Thermal Energy Storage (TES) modules, where it circulates through TES pipes, heating the storage media. These modules, insulated and filled with crushed rocks, store the heat for extended periods with minimal loss, less than 0.1% per hour. When needed, the stored heat is delivered as steam or hot air at stable temperatures and pressures. This system allows for rapid adjustments to meet process demands, optimizing efficiency and minimizing heat loss.

Zero Emissions

Unlimited cycles for 30+ years

Modular (10MWH - 1000 MWH)

Cost Effective Natural Materials

Power to Heat

The electrification of heat for zero-carbon steam leverages intermittent renewable energy sources to deliver stable and reliable heat. This technology capitalizes on off-peak energy prices for charging, making it cost-efficient. It also offers grid services, creating opportunities for additional revenue streams while supporting a more sustainable and economically viable energy infrastructure.

WORLD’S LARGEST TES FACTORY

4 GWh annual production capacity​

The world’s first TES Gigafactory is ready to ramp up production!

A European Investment Bank credit facility is funding capital expenditure for an automated bGen factory and an increased production capacity. The Plant is designed to produce bGen modules with an annual capacity of up to 4,000 MWh, and potential sales of up to $200 million per year. 

The factory is planned according to industry 4.0 standards, and is expected to help the company meet future demand and increase profitability.

Business Models

Equipment Sale

Brenmiller offers the sale of thermal energy storage solutions to industrial facilities and power plants. In addition to providing complete turn-key projects, after-sale services include comprehensive warranty, maintenance, and optimization support.

Energy-as-a-Service

Brenmiller’s Energy-as-a-Service offerings seek joint ventures with leading global clean energy utilities to deliver clean steam and grid services. Client benefits include reduced energy costs with no capital expenditures, minimized operational risk, Green certificates, and carbon emission savings.

In the Energy-as-a-Service business case, Brenmiller would help finance, build, and maintain. Revenue streams would come from:

Commissioned Projects:

New York Power Authority

Thermal Storage Based Co-Generation

Hybrid charging: Exhaust gas and electricity

Fortlev

Biomass to Heat Storage System

Continuous biomass combustion while delivering fluctuating output

Recently Signed:

Tempo

PV & Grid Electricity to supply saturated steam to Tempo, one of Israel’s largest producers and distributors of beverages for brands including Heineken and Pepsi. bGen ZERO will be installed at Tempo’s beverage plant in Netanya to generate sustainable process steam using off-peak electricity and solar PV, mitigating over 6,200 tons of carbon emissions each year. Brenmiller estimates Tempo’s energy cost savings to reach $7.5 M over 15 years.

Wolfson Hospital

BGen ZERO, power-to-heat TES to replace HFO boilers. The TES is charged from grid electricity at off-peak hours and produces saturated steam and hot water around the clock 24/7/365. BGen ZERO has potential to save Wolfson Hospital up to $1.3 M annually and reduce the hospital’s local carbon footprint by 3,900 tons per year. The deal involves Wolfson paying $3.55 M over 7 years and benefits from an up to $450,000 grant from Israel Innovation Authority.

Looking Ahead

With government grant and corporate funding picking up, Brenmiller energy appears well-positioned to capitalize upon its momentum.

The company entered its first year of commercial sales in 2023, signing its first two milestone projects and expecting at least two additional projects to be signed in 2024. Brenmiller plans to rapidly drive revenues higher by focusing on small to medium-sized electricity-to-heat projects in the range of $5-15M, and seeks to expand to larger projects in the near term as revenues grow. The company is also focused on grant-backed projects to improve margins and returns, noting the attractiveness of current grant and tax incentive plans in the EU and US.

To further accelerate growth, the company plans to establish a global network of joint ventures with local developers and distributors. Remember: Brenmiller’s first factory supports potential sales of up to $200M, and the company’s established deals and upcoming agreements could help them achieve that figure sooner than later. Finally, keep in mind that Brenmiller aims to open additional plants during 2027-2028, forecasting additional growth in the US and EU.

Recent Milestones:

  • 2024 Bloomberg NEF Pioneers finalist
  • SUNY project handover in New York
  • Wolfson Hospital to purchase a 12MWh TES system for $3.55m
  • $4m equity raise completed in January 2024
  • $450 K grant from Israeli Innovation authority
  • TIME’s 2023 list of best inventions
  • MoU with Green Enesys & Virdi RE to develop hydrogen and e-methanol projects
  • Energy-as-a-Service agreement signed with Tempo (Heineken) to supply 32MWh TES system

For more information, visit the company’s website at https://bren-energy.com/.

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