Brenmiller Energy Ltd. (NASDAQ:BNRG), a small-cap energy storage company currently valued at $4.29 million, has signed a System Purchase Agreement with Baran Energy Ltd. for the sale of two thermal energy storage (TES) projects in Israel, the companies announced Monday. According to InvestingPro data, the company faces financial headwinds with negative EBITDA of $10.11 million in the last twelve months.
Under the agreement, Baran will acquire ownership of two bGen ZERO TES systems currently in development at Tempo Beverages Ltd. and Wolfson Medical Center, representing a combined 44 MWh of storage capacity.
Brenmiller will receive milestone-based payments during the construction and commissioning phases, along with a share of future revenues generated from the projects. The company will also provide ongoing maintenance and operations services for the systems.
“With this agreement and collaboration, we are positioned to significantly accelerate not only the Tempo and Wolfson Medical Center projects,” said Avi Brenmiller, Chairman and CEO of Brenmiller Energy.
The transaction provides Brenmiller with non-dilutive capital as part of its growth strategy. The company stated it has a global project pipeline of commercial opportunities valued at over $500 million.
Baran Energy, a subsidiary of Baran Group Ltd., will have a right of first refusal to acquire future bGen projects in Israel. The agreement follows a strategic collaboration agreement signed between the companies in February 2025.
The bGen ZERO system converts electricity into heat stored in crushed rocks and can discharge steam, hot water, or hot air on demand for industrial processes. According to the company, the system was named among TIME’s Best Inventions of 2023 in the Green Energy category.
This information is based on a press release statement from the companies.
In other recent news, Brenmiller Energy Ltd. has reported several significant developments. The company has secured an equity financing agreement with its largest shareholder, Alpha Capital Anstalt, potentially providing up to $25 million in staged funding. The first stage of $1.2 million has already been received, with future tranches contingent on shareholder approval and other conditions. Additionally, Brenmiller Energy announced a collaboration with ENASCO Ltd. to integrate their thermal energy storage solutions with small modular reactors (SMRs), aiming to deploy three commercial-scale projects by 2030.
Shareholders of Brenmiller Energy have approved all proposals at the company’s Annual and Special General Meeting. These approvals include amendments to the company’s Articles of Association and an updated Compensation Policy for company office holders. The details of these changes were outlined in the company’s Notice and Proxy Statement filed with the U.S. Securities and Exchange Commission. Moreover, Brenmiller Energy has entered into a securities purchase agreement with Alpha Capital Anstalt for up to $25 million across multiple tranches, with an initial closing providing $1.2 million through the issuance of warrants. These recent developments highlight Brenmiller Energy’s strategic financial and operational initiatives.
