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Brenmiller Energy Ltd. Issues CEO Letter: World Bank’s Forecast on Oil Presents Tremendous Opportunity for Renewable Energy; Thermal Storage Is the Foundation
ROSH HA’AYIN, Israel--(BUSINESS WIRE)-- Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy" or the "Company") (Nasdaq: BNRG), a leading global provider
About this update from Brenmiller Energy Ltd
[{"type":"text","content":" ROSH HA’AYIN, Israel--(BUSINESS WIRE)--\nBrenmiller Energy Ltd. (\"Brenmiller\", \"Brenmiller Energy\" or the \"Company\") (Nasdaq: BNRG), a leading global provider of thermal energy storage (\"TES\") solutions for utility and industrial markets, today issued a Letter to Shareholders from its CEO and Chairman, Avi Brenmiller.\n\n\nTo our Shareholders,\n\n\nAmidst current geopolitical tensions, the World Bank's latest forecasts on oil prices make it abundantly clear that the time for renewable energy is now — and thermal energy storage is at the forefront of this new era.\n\n\nLast week, the World Bank indicated that escalating conflicts in the Middle East might drive oil prices beyond $150 per barrel. We, at Brenmiller, believe they are overestimating the potential price shock by underestimating the enormous ability of renewables and energy storage to meet new demands.\n\n\nTrends of increasing oil prices make renewables and energy storage more cost-competitive. We’ve seen this before: The 1970s oil crisis catalyzed a global quest for energy security, marking the beginning of a major shift toward alternative energy sources. At the time, concepts like global warming and environmental protection were just starting to emerge. Rather, a fervent desire to achieve energy independence from major oil-producing nations catalyzed the Western world's pursuit of alternative energy sources. Five decades on, we are again at a critical historic crossroads. This time, however, the situation is compounded by the urgent need to curtail emissions in the battle against climate change.\n\n\nToday, energy independence and security are more vital than ever. Recent events around the globe further underscore the inextricable link between energy and self-determination. But we believe this geopolitical instability will accelerate, not impede, the growth of renewable energy.\n\n\nIn Europe, the transition to renewable energy gained new urgency amid both stringent emissions regulations and the crucial need to decrease reliance on Russian natural gas. A parallel shift is underway in Israel, where declining gas exploration dovetails with growing motivation to adopt clean energy sources. In the United States, according to a report by the American Clean Power Association, there was a 172% quarter-over-quarter upswing in grid-scale energy storage installations ...