Brenmiller Energy Establishes Joint Venture in Europe to Scale bGen Technology Adoption

Source: www.gulfoilandgas.com 9/25/2024, Location: Europe

Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy”) (Nasdaq: BNRG), a leading global provider of thermal energy storage (“TES”) solutions for industrial and utility customers, announced the formation of a new joint venture (“JV”), Brenmiller Europe S.L. (“Brenmiller Europe”), a mutually owned Spanish corporation with renowned renewable energy developers Green Enesys and Viridi RE.

Brenmiller Europe will capitalize on Green Enesys and Viridi's expertise in developing and deploying large-scale clean energy projects in Europe. The JV aims to rapidly expand the adoption of Brenmiller's bGen™ technology across Europe, focusing on driving product sales, delivering energy services, and securing project-level financing in high-growth markets, starting in major European countries where Brenmiller Europe has the exclusive rights to distribute bGen™ systems, subject to certain revenue and performance requirements.

"The opportunities in Europe are enormous and, by working with Green Enesys and Viridi, we are accelerating our ability to deliver and continuing to build out our global sales and service infrastructure," stated Brenmiller Chairman and Chief Executive Officer Avi Brenmiller. “This is a critical milestone toward widescale deployment of bGen™ systems throughout Europe, where the regulatory, project financing and clean energy cost-benefit environment is highly supportive.”

“Our joint venture with Brenmiller Energy represents a significant step in advancing clean energy solutions across Europe,” said Brenmiller Europe Managing Director José Luis Morán. “By integrating our project development expertise with Brenmiller’s innovative thermal technology, we’re driving the decarbonization of key industries and expanding the reach of sustainable energy solutions.”

Brenmiller will manufacture bGen™ modules at its gigafactory in Dimona while retaining ownership of its intellectual property. The JV, for which Brenmiller Energy will be a majority shareholder, aims to rapidly expand the adoption of bGen™ systems throughout Europe, a region renowned for its advanced renewable energy infrastructure. A substantial portion of Brenmiller’s current $440 million global project pipeline of commercial opportunities originates in Europe, spanning nine industries across eleven European countries. Brenmiller is committed to delivering on this massive opportunity to decarbonize industrial sectors in Europe.

Brenmiller Energy delivers low-carbon heat through direct technology sales and a Heat-as-a-Service (HaaS) model. The latter lowers energy transition costs for customers and allows Brenmiller to capture additional recurring revenues through participation in energy market programs.


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