- The new Joint Venture will focus on driving product sales,
delivering energy services, and providing project-level financing
in high-growth markets, starting in Spain, Germany, and France
- Green Enesys and Viridi develop and deploy giga-scale clean
energy projects worldwide using a proven, scalable, and
cost-effective method
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the
“Company”) (Nasdaq: BNRG, TASE: BNRG), a clean energy company that
provides Thermal Energy Storage (“TES”) systems to global
industrial and utility markets, today announced that it has signed
a term sheet (the “Term Sheet”) with European renewable energy
developers Green Enesys and Viridi to establish a new joint venture
(“JV”) in Spain. The new entity will deliver Brenmiller’s products,
including the bGen™ and recently unveiled bGen™ ZERO, through an
Energy as a Service (EaaS) business model, beginning in Spain,
Germany, and France. Under the JV, Brenmiller will maintain all of
its intellectual property and will manufacture all bGen™ modules
for the JV’s projects in Spain, Germany and France at Brenmiller’s
gigafactory in Israel, which is financed by the European Investment
Bank. Establishing the JV and the activities contemplated by the JV
are subject to negotiating and execution of definitive
agreements.
“Green Enesys and Viridi are professional and reliable partners
for us, with a proven track record for delivering significant
renewable generation worldwide. Importantly, they share our
commitment to helping decarbonize industrial heat production,” said
Avi Brenmiller, CEO and Chairman of the Board of Brenmiller Energy.
“Our partnership with Green Enesys and Viridi will accelerate the
distribution of our next-generation product - the bGen™ ZERO -
which was unveiled earlier this month and boasts a 34% improvement
in energy density and a 40% increase in charging power, offering
best-in-class cycle efficiency, operational reliability, and
further cost savings.”
“Spain was a natural choice for us. Brenmiller’s management team
played a key role in helping start up Spain’s solar industry 20
years ago when it became the second country in the world, after
Israel, to mandate the installation of solar hot water systems.
We’ve continued to push the limits on renewable thermal generation
since then and are now seizing on our established footprint to
accelerate the delivery of high-temperature electric heat to
Europe’s industrial manufacturing sector,” Brenmiller
continued.
“Adding Brenmiller’s bGen to our circular closed loop renewable
energy offering will accelerate access to low-cost and reliable
electric heat, contributing greater flexibility to Europe’s growing
clean generation capacity and helping alleviate countries’ reliance
on natural gas,” said Dr. José Luis Morán, Director of Integrated
Energy Solutions at Green Enesys and Viridi. “We are eager to
integrate Brenmiller’s bGen™ products into our offering and
development pipelines throughout Spain, Germany, and France.”
Spain, Germany, and France represent a combined 45% of the
European Union’s manufacturing production, are home to numerous
multinational clean energy utilities and skilled engineering
talent, and offer favorable capital and operational incentives for
industrial-scale renewable energy projects, making them key markets
to scale the adoption of TES technologies.
Brenmiller’s award-winning bGen™ ZERO is a mature, scalable, and
cost-effective way to convert electricity into heat to provide
industrial process power and enable 24/7 renewable management.
About Green Enesys and Viridi
Viridi RE is a well-established renewable energy developer with
a demonstrated track record across Europe and the Americas. Viridi
RE is developing renewable energy projects worldwide, including
Battery Energy Storage Systems, PV and green hydrogen/methanol, and
hybrid renewable systems projects. For more information visit the
company’s website at www.viridire.com and follow the company on
LinkedIn.
Green Enesys Group is an international renewable energy project
developer established in 2009; over the last 14 years, the company
has developed, financed, and delivered over 490 MWp containing 49
Solar PV projects in Europe and Latin America. Together with Viridi
RE, Green Enesys is developing renewable energy projects worldwide,
including green hydrogen/methanol projects and smart integrated
energy solutions. For more information visit the company’s website
at www.greenenesys.com and follow the company on LinkedIn.
Green Enesys and Viridi deliver the complete range of technical
and financial processes required to bring a utility-scale renewable
project to ready-to-built status. The project development execution
includes all planning and permitting requirements with authorities,
municipalities, and governments, the identification and securing of
suitable land and connection to the grid, and the financing and
sales of the developed projects. The engineering team furthermore
carries out technical and feasibility studies. The companies are
currently active in more than 15 countries worldwide and have a
project pipeline for renewable and battery projects of more than 3
GW in Spain and more than 10 GW worldwide. In addition, they are
leading the way in the production of e-methanol (green methanol
derived from green hydrogen).
About Brenmiller Energy Ltd.
Brenmiller Energy delivers scalable thermal energy storage
solutions and services that allow customers to cost-effectively
decarbonize their operations. Its patented bGen thermal storage
technology enables the use of renewable energy resources, as well
as waste heat, to heat crushed rocks to very high temperatures.
They can then store this heat for minutes, hours, or even days
before using it for industrial and power generation processes. With
bGen, organizations have a way to use electricity, biomass and
waste heat to generate the clean steam, hot water and hot air they
need to mold plastic, process food and beverages, produce paper,
manufacture chemicals and pharmaceuticals or drive steam turbines
without burning fossil fuels. For more information visit the
company’s website at https://bren-energy.com/ and follow the
company on X (formerly Twitter) 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 and Israeli
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 when discussing:
the partnership with European renewable energy developers Green
Enesys and Viridi to establish a new JV in Spain; the Company’s
plans to ramp sales across Europe under the planned JV; the new
entity’s business model, including the delivery of Brenmiller’s
products beginning in Spain, Germany, and France; providing
project-level financing in high growth markets; Spain as a key
market for the early adoption of industrial decarbonization
technology; that the partnership between the Company and Green
Enesys and Viridi will accelerate the distribution of the Company’s
next-generation new innovative product - the bGen™ ZERO; and that
Brenmiller’s bGen renewable energy offering will accelerate access
to low-cost and reliable electric heat, contributing greater
flexibility to Europe’s growing clean generation capacity and
helping alleviate countries’ reliance on natural gas. 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 important 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, 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 and trade, legal, social and
economic risks and the risks associated with the adequacy of
existing cash resources. 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, 2022 filed with the SEC on March 22, 2023, filed with the U.S.
Securities and Exchange Commission (“SEC”), 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.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230823143382/en/
Media Contact: Tori Bentkover
brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
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