Business
Brenmiller Energy Reports First Half 2022 Financial Results and Operational Update
- Accelerating Investment to Expand Israeli Production Facility - - Significant Increase in Revenue to $1.5 million – - Expects Completion of Current
About this update from Brenmiller Energy Ltd
[{"type":"text","content":"\n- Accelerating Investment to Expand Israeli Production Facility -\n\n- Significant Increase in Revenue to $1.5 million –\n\n- Expects Completion of Current Projects to Lead to Increased Commercial Orders -\n\n ROSH HAAYIN, Israel--(BUSINESS WIRE)--\nBrenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the “Company”) (TASE: BNRG, Nasdaq: BNRG), a clean-energy company that provides Thermal Energy Storage (“TES”) systems to the global industrial and utility markets, today announced financial results as of and for the six months ended June 30, 2022 and operational updates.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220811005167/en/A Brenmiller Energy bGen thermal energy storage system deployed at an Enel project site. Photo by: Omri Cohen (Brenmiller Energy)\nKey Highlights\n\n\nSignificant increase in revenue to $1.5 million for the first half of 2022, driven by the recognition of a licensing fee upon the final delivery of know-how for the Company’s project with Fortlev in Brazil.\n\n\nCompleted the first draw down for 4 million euros, on July 28, 2022, under our credit facility with the European Investment Bank, which will allow for accelerated investment in our production facility in Dimona, Israel.\n\n\nCompleted construction of our first utility scale project with Enel in Italy with commissioning expected in the second half of 2022.\n\n\nBegan trading on the Nasdaq Capital Market (“Nasdaq”) under ticker symbol “BNRG” on May 25, 2022.\n\n\nSigned framework agreement with Philip Morris for the supply of the Company’s bGen™ TES; signed agreement for a $9 million system in Romania.\n\n\nSelected by the Government Procurement Administration in Israel to supply heat energy using our bGen system under a potential Energy as a Service (EaaS) contract.\n\n\nManagement Commentary\n\n“2022 is turning out to be a historic year for Brenmiller Energy,” said Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy. “To date in 2022, we have reached many important milestones, including our first large commercial order for $9M with Philip Morris in Romania, the completion of a pilot project in Brazil with Fortlev, drawing from our credit facility with the European Investment Bank to accelerate work for our newly upgraded production facility, and the lis...