Business
Brenmiller Energy Reports 2022 Year-End Financial Results and Operational Update
$9.2 million in commercial orders received in 2022 Momentum acceleration driven by demand for clean, independent energy sources and price-parity with fossil
About this update from Brenmiller Energy Ltd
[{"type":"text","content":"\n\n$9.2 million in commercial orders received in 2022\n\n\nMomentum acceleration driven by demand for clean, independent energy sources and price-parity with fossil fuel-based heat\n\n\nProject growth expected in 2023 and beyond with production capacity of 4,000 MWh by the end of Q4 2023 to meet demand\n\n\nProduction facility expected to support additional sales is funded with non-dilutive credit facility from European Investment Bank\n\n\nManagement continues to invest in Company\n\n\n ROSH HA’AYIN, Israel--(BUSINESS WIRE)--\nBrenmiller Energy Ltd. (\"Brenmiller\", \"Brenmiller Energy”) (Nasdaq: BNRG;TASE: BNRG), a global leader in thermal energy storage (“TES”), today announced financial results for the twelve months ended December 31, 2022, in addition to operational updates.\n\nCompany Highlights\n\n\nUtility-scale project with Enel S.p.A. (“Enel”) in the commissioning phase showcases Company as a leader in TES for industrial and utility markets and demonstrates Brenmiller’s operating and execution capabilities to other global energy leaders\n\n\nbGen installation at Enel is the first-ever system of its kind to provide utility-scale thermal energy storage offering commercial and industrial users a viable path toward decarbonization\n\n\nPhilip Morris 31.5 MWh TES system in progress\n\n\nCompleted bGen installation for New York Power Authority (NYPA) at SUNY Purchase College\n\n\nbGen system installed in Brazil with Fortlev\n\n\n$9.2 million in commercial orders received in 2022\n\n\nSignificant increase of commercial orders anticipated based on current project pipeline and the completion of pilot projects now underway\n\n\nUp to 4,000 MWh of production capacity expected by the end of Q4 2023 to meet expected projects\n\n\nCommenced trading on the Nasdaq and closed $7.5 million private placement in May 2022\n\n\nIn January 2023, existing investors including the Company’s Chairman & CEO participated in a $3.6 million private placement; management investments in the Company to date total approximately $40 million\n\n\nWon two clean-tech awards: World CleanTech Awards’ 2022 Visionary CleanTech StartUp of the Year Award in Energy Distinction; and The Cleanie Awards® Silver winner for Pioneer in New Technology in the Storage category\n\n\nManagement Commentary\n\n“Our business made significant progress in 2022. bGen installation...