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Brenmiller Energy See Massive Potential for U.S. Thermal Energy Storage Market with New IRS Tax Credit
ROSH HA’AYIN, Israel--(BUSINESS WIRE)-- Brenmiller Energy Ltd. (Nasdaq: BNRG) ("Brenmiller," "Brenmiller Energy" or the "Company"), a leading global provider
About this update from Brenmiller Energy Ltd
[{"type":"text","content":" ROSH HA’AYIN, Israel--(BUSINESS WIRE)--\nBrenmiller Energy Ltd. (Nasdaq: BNRG) (\"Brenmiller,\" \"Brenmiller Energy\" or the \"Company\"), a leading global provider of thermal energy storage (TES) systems for industrial and utility markets, today shared comments enthusiastically welcoming the release of initial guidance for U.S. tax credits specifically incentivizing clean energy storage technologies, including TES.\n\n\nThe December 14th, 2023 publication in the Federal Register, the official journal of the U.S. government, clarifies credit rules for the Section 45X Advanced Manufacturing Production Credit (the “Section 45X Credit Rules”) established by the Inflation Reduction Act of 2022. The credit rules, currently in a 60-day public comment period, would pave the way for domestic U.S. planning, production, and supply chain development for crucial energy infrastructure like TES if enacted as currently proposed.\n\n\n\"This credit incentive is a pivotal moment for thermal energy storage, and for Brenmiller,\" stated Brenmiller Chairman and CEO, Avi Brenmiller. \"It signals a clear understanding that thermal energy storage is a critical pillar for decarbonization. We believe this proposed regulation's impact on TES will mirror the transformative effect tax credits had on solar and electric vehicles, propelling companies like Tesla.\"\n\n\nBrenmiller's turn-key bGen manufacturing system is strategically designed for global replication and local market adaptability. The bGen's modular design with high energy density aligns with the proposed Section 45X Credit Rules, which scales by kilowatt-hour stored, potentially qualifying Brenmiller's maximum-capacity system for a significant credit. Brenmiller has always prioritized establishing local manufacturing footprints within its target markets like the U.S., and the bGen's production lines at its TES gigafactory in Dimona, Israel were designed to be replicated elsewhere with locally sourced components, which can facilitate rapid deployment, minimizing logistical challenges and fostering partnerships with local material suppliers.\n\n\nThe explicit inclusion of TES in the credit program is a significant development. Previously, uncertainty hung over TES eligibility, prompting Brenmiller's active engagement with other companies and associations to proactively advocate for its inclusio...