Update 06/06/2024 – 9:40 AM EST
Off-Exchange Short Interest 55.31%
Source: FinTel.com
Brenmiller and Rock Energy Storage Sign Exclusive Distribution Agreement Covering Northeast U.S.
Companies’ current cumulative projected sales milestones exceed $150 million
Rock Energy Storage will market, sell, and service Brenmiller Energy’s bGen™ thermal energy storage systems in the Northeast United States
Marks the latest in a string of commercial agreements aimed at accelerating the implementation of Brenmiller’s $500 million project pipeline
(Photo: Brenmiller Energy)
Left to Right: Jim Koontz, Cory Glick, Doron Brenmiller, and Gadi Sharir gather in New York City to sign bGen™ distribution agreement
June 06, 2024
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 to industrial and utility markets, today announced that it has signed an exclusive distribution agreement with Rock Energy Storage, LLC (“RES”) to sell and distribute its bGen™ TES systems in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and New York. The definitive 5-year agreement includes cumulative projected sales milestones exceeding $150 million. “Companies’ current cumulative projected sales milestones exceed $150 million.” So, I would expect a string of announcements about definitive agreements on each project going forward.
“We have enjoyed a very productive working relationship with RSP Systems since 2019 and are excited to grow our collaboration with the team through Rock Energy Storage.”
Rock Energy Storage is a privately held company based in New York. It is focused exclusively on taking advantage of the sizable TES storage opportunity in the United States by distributing, installing, and servicing Brenmiller’s bGen™ TES solutions throughout the Northeast. RSP Systems will act as Rock Energy Storage’s lead subcontractor. Brenmiller had previously announced on January 11, 2024 that it had signed a Memorandum of Understanding with RSP Systems; the current agreement with RES supersedes the previous agreement and is a natural evolution of the companies’ successful collaboration.
“The Northeast is a strategic U.S. market for Brenmiller because of its forward-looking approach to electrification and decarbonization and is well-suited to take advantage of the sustainability and flexibility benefits that our cost-effective bGen™ technology unlocks,” stated Brenmiller’s Chairman and CEO, Avi Brenmiller. “We have enjoyed a very productive working relationship with RSP Systems since 2019 and are excited to grow our collaboration with the team through Rock Energy Storage.”
RSP Systems, a leader in choosing and implementing award-winning energy generation systems since 2004, worked with Brenmiller on its first U.S. bGen™ installation in New York.
“Brenmiller’s TES system is the competitive decarbonization solution we’ve been looking for, and we have already seen excellent reception from a range of market sectors and organizations that are forward-leaning in their efforts to decarbonize, including utilities, commercial and industrial, institutional, and food and beverage,” said Cory Glick, President and CEO of Rock Energy Storage. “Brenmiller’s technology qualifies for substantial federal incentives through the Inflation Reduction Act, and state and utility programs will provide additional tailwinds for our work to introduce the bGen™ to more states in the U.S. We look forward to partnering with Brenmiller to meet our energy customers’ rapidly changing and growing demands for clean power.”
As of May 1, 2024, Brenmiller and RES have numerous active project proposals in their shared pipeline, representing over 1,200 MWh of TES capacity.
Brenmiller’s bGen™ TES technology replaces the need for fossil fuel boilers at industrial and power plants, which contribute to nearly one-quarter of all global emissions. It uses crushed rocks to store low-cost electricity from renewable or other sustainable sources and dispatches steam, hot water, or hot air according to customers’ needs. Brenmiller’s TES technology is modular and highly configurable and provides heavy-emitting and mission-critical customers with scalable access to zero-emission heat while ensuring 24/7 operational reliability.
This Morning’s Original Analysis 06/06/2024 8:45AM EST
Company Overview
Brenmiller Energy Ltd., founded in 2012, is a leader in thermal energy storage (TES) technology. The company focuses on providing sustainable and efficient energy solutions that help industries decarbonize and reduce reliance on fossil fuels. Brenmiller’s primary product, the bGen™ thermal battery, is designed to convert and store renewable energy into zero-emission heat for industrial processes (brenmiller) (Business Wire).
bGen™ ZERO Technology
The bGen™ ZERO is an advanced TES system that utilizes crushed rocks to store heat at high temperatures. This stored heat can then be released in the form of steam, hot water, or hot air, depending on customer needs. The system is designed to replace traditional fossil fuel boilers, significantly reducing greenhouse gas emissions from industrial processes (Business Wire) (Hydrogen Central).
Key Features of bGen™ ZERO:
Renewable Energy Integration: The system charges using low-cost electricity from renewable sources or the grid, storing heat up to 650°C. This allows for the efficient use of intermittent renewable energy sources such as solar and wind (brenmiller).
High Efficiency: The bGen™ ZERO boasts a 34% improvement in energy density and a 40% increase in charging power compared to earlier versions, making it a highly efficient solution for industrial heat needs (Hydrogen Central).
Modularity and Scalability: The system is modular, consisting of prefabricated units called bCubes™. These can be configured to meet specific plant requirements and can scale from 10 MWh to 1000 MWh (brenmiller).
Environmental Benefits: The technology eliminates carbon emissions from the heat generation process, reduces operational costs, and is made from environmentally friendly, nonhazardous materials (Business Wire) (Hydrogen Central).
Project Pipeline and Industry Impact
As of May 2024, Brenmiller has reported to be in discussions for project pipeline of 49 potential contracts across 12 industries and 13 countries, with a total potential value exceeding $500 million. These projects span various sectors, including food and beverage, consumer goods, energy, chemicals, and pharmaceuticals. The largest geographic shares of these projects are in the U.S., Spain, Hungary, Israel, and India (Business Wire).
Industry Applications:
Food and Beverage: Using bGen™ for process heat can significantly cut emissions in food production.
Pharmaceuticals and Chemicals: The system provides a stable supply of steam and hot air, crucial for manufacturing processes.
Energy Sector: bGen™ supports grid stability by utilizing excess renewable energy to generate heat, aiding in grid balancing and flexibility (brenmiller).
Manufacturing and Production
Brenmiller Energy has inaugurated the world’s first TES gigafactory in Dimona, Israel. This facility, financed by the European Investment Bank, has a production capacity of up to 4 GWh of bGen systems annually. The factory is equipped with advanced machinery and incorporates a rooftop photovoltaic system to power its operations with renewable energy (Business Wire).
“In 2023, we inaugurated our new facility in Israel, the first gigafactory of its kind in the world, to support potential sales of up to $200 million. As we expect growth in demand in the U.S. and Europe, we may establish additional plants in those key markets in order to provide local supply, faster delivery, and lower transportation costs. Brenmiller continuously innovates and this year we launched our next-generation bGen™ ZERO. Our five-year R&D plan includes ramping bGen™’s storage media temperature, enabling cost reduction and opening additional market segments.” Full Operational Update from march 19th, 2024
Business Models
Brenmiller offers its TES solutions through two primary business models:
Direct Equipment Sales: Customers can purchase the bGen™ systems outright. Brenmiller also provides after-sales services including maintenance, optimization, and warranty support.
Energy-as-a-Service (EaaS): In this model, Brenmiller partners with clean energy utilities to provide the TES system while the partner supplies clean electricity. This model helps customers avoid capital expenditures and reduces operational risks (Business Wire).
Estimated Share Structure, Cash Position, Cash Runway and Institutional Ownership (DilutionTracker.Com)
BNRG Daily Chart – The RSI (14) is Flashing Oversold at 24.18
Conclusion
Brenmiller Energy’s bGen™ ZERO technology represents a significant advancement in thermal energy storage, offering a scalable, efficient, and environmentally friendly solution for industrial heat needs. With a robust project pipeline and innovative manufacturing capabilities, Brenmiller could experience some good near-term upside. RSI on the chart flashing oversold, expected contract announcements coupled with a tiny share structure could be the perfect storm.
For more information, you can visit Brenmiller Energy’s official website.
by Steve Macalbry
Senior Editor,
BestGrowthStocks.Com
Some Risk Factors for Brenmiller (BNRG)
Market Adoption and Competition
Market Acceptance: The adoption of Brenmiller Energy’s TES technology by industries is critical. Resistance to change, preference for established technologies, or lack of awareness could hinder market penetration.
Competition: The company faces competition from other TES providers and traditional energy storage technologies. Rapid advancements by competitors could reduce Brenmiller’s market share.
Technological and Operational Risks
Technological Efficacy: While the bGen™ ZERO technology shows promise, any technical failures or underperformance could damage the company’s reputation and financial standing.
Operational Challenges: Scaling up production in the new TES gigafactory presents operational challenges. Delays, cost overruns, or production inefficiencies could impact profitability and project timelines.
Financial Risks
Capital Requirements: Significant ongoing capital is required for R&D, manufacturing, and scaling operations. Insufficient funding or higher-than-expected expenditures could strain financial resources.
Cash Flow and Profitability: Achieving positive cash flow and profitability is essential for long-term sustainability. Delays in project completions or unexpected costs could impact financial health.
Regulatory and Environmental Risks
Regulatory Compliance: Changes in environmental regulations, energy policies, or tax incentives for renewable energy could impact the demand for Brenmiller’s products. Non-compliance could result in fines or operational restrictions.
Environmental Impact: Although the bGen™ ZERO system aims to reduce emissions, any unforeseen environmental impact or failure to meet sustainability claims could lead to legal and reputational risks.
Market and Economic Conditions
Economic Downturns: Economic recessions or downturns in key markets could reduce industrial investments in new technologies, impacting Brenmiller’s sales and growth prospects.
Supply Chain Disruptions: Dependence on global supply chains for raw materials and components could expose the company to risks from geopolitical tensions, trade restrictions, or natural disasters.
Strategic and Partnership Risks
Partnership Dependencies: Reliance on partnerships, particularly in the Energy-as-a-Service model, means that any issues with partners could directly impact Brenmiller’s operations and financial performance.
Project Execution: Successfully executing the project pipeline is crucial. Delays, cost overruns, or failures to secure contracts could negatively affect revenue and market positioning.
Stock Market and Investment Risks
Stock Volatility: The company’s stock could be subject to significant volatility, influenced by market perception, financial performance, and broader market conditions.
Dilution: Future equity financing to raise capital could lead to shareholder dilution, impacting existing investors’ ownership and value.
Conclusion
While Brenmiller Energy’s innovative TES technology and strategic business models position it for potential growth, the company must navigate a complex landscape of technological, financial, regulatory, and market risks. Careful management and strategic planning will be essential to mitigate these risks and achieve long-term success.
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