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Completion of Present Thermal Vitality Storage Tasks Positions Brenmiller for Further Orders in 2023
ROSH HAAYIN, Israel, November 23, 2022–(BUSINESS WIRE)–Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Vitality” or the “Firm”) (TASE: BNRG, Nasdaq: BNRG), a clean-energy firm that gives Thermal Vitality Storage (“TES”) methods to the worldwide industrial and utility markets, at this time introduced monetary outcomes as of and for the 9 and three months ended September 30, 2022, along with operational updates.
Firm Highlights
Inaugurated our first utility-scale undertaking with Enel in Italy; working efficiently to this point
Signed a memorandum of understanding with Inexperienced Enesys and Viridi RE to discover the mixing of the Firm’s bGen™ in potential Inexperienced Hydrogen and Inexperienced Methanol initiatives
Accomplished the primary draw down for €4 million, on July 28, 2022, beneath our credit score facility with the European Funding Financial institution (“EIB”), to help accelerated funding in our manufacturing facility in Dimona, Israel.
Completion and commissioning of pilot initiatives is laying a basis for elevated business orders in 2023 and past
Positioned USD $2.0 million in gear orders to facilitate the enlargement of the Dimona, Israel facility; on observe to succeed in full manufacturing in 2023
Administration Commentary
“All through 2022 Brenmiller has proven nice progress in direction of its efforts to turn out to be one of many world leaders in thermal vitality storage options for industrial and utility markets,” mentioned Avi Brenmiller, Chairman and Chief Government Officer of Brenmiller Vitality. “We’ve got accomplished installations and begun operations at a number of pilot initiatives world wide, establishing the Firm as a formidable world participant. I’m significantly excited in regards to the inauguration of our first utility- scale undertaking in Italy earlier this month, which marks the belief of a number of years of exhausting work and dedication by your complete Brenmiller workforce and our companions from the Enel Group and Enel Inexperienced Energy. The undertaking is a serious milestone in our firm’s historical past; we imagine it’ll assist showcase the advantages our know-how has on decreasing emissions and enhancing working prices at a large-scale facility and provides different world energy producers the boldness they should put money into our know-how.”
“Wanting ahead, we proceed to see robust demand for our thermal vitality storage resolution. Our bid pipeline is massive and repeatedly rising, with Europe representing our greatest near-term alternative for deployments as industrial organizations and utilities look to put money into sustainable options as a direct response to excessive vitality costs and an elevated want for vitality safety,” continued Brenmiller. “Whereas we imagine the demand outlook stays strong, we’re being prudent with our price construction within the near-term and are taking steps to make sure we stay in a wholesome monetary place as Brenmiller Vitality continues to develop.”
New Venture Awards
Up to now in 2022, Brenmiller has obtained business orders of USD $9 million, and as beforehand introduced, is negotiating a energy-as-a-service] contract in Israel for about USD $5 million, pushed by rising demand for thermal vitality storage methods from industrial clients. The Firm is advertising its bGen TES system globally, by direct gear gross sales and thru an energy-as-a-service (“EaaS”) mannequin. Brenmiller has developed a big pipeline of alternatives for which it expects to pursue business agreements in 2023 and past. Within the near-to-intermediate time period, nearly all of Brenmiller’s bid alternatives are in Europe, the place excessive vitality costs and issues over vitality safety are driving incremental demand for non-traditional vitality sources.
In September 2022, Brenmiller signed a Memorandum of Understanding (“MoU”) with Inexperienced Enesys Deutschland GmbH (“Inexperienced Enesys”) and Viridi Energias Renovables Espana, S.L. (“Viridi RE”), two European primarily based builders of inexperienced vitality initiatives, to carry out engineering research for incorporating bGen TES for Inexperienced Enesys’ and Viridi REs’ proposed inexperienced hydrogen manufacturing services all through Spain. Inexperienced Enesys and Viridi RE are presently creating three inexperienced hydrogen initiatives in Spain, with the purpose of decarbonizing the European Union’s industrial, energy technology and transportation sectors. The initiatives can have a mixed capability to provide over 100,000 tonnes of inexperienced methanol yearly.
Venture Updates and Abstract of Present Operations
Brenmiller has made materials progress putting in varied pilot initiatives in various areas worldwide in an effort to display using its applied sciences for each industrial and utility-scale purposes. The Firm expects investments made into these pilot initiatives will speed up commercialization of its proprietary TES know-how. The pilot initiatives have progressed as deliberate and are persevering with to succeed in main milestones.
Philip Morris: In March 2022, the Firm signed an settlement, for as much as USD $9 million, with Philip Morris Romania for the acquisition of a bGen TES and companies. The system can have a capability of 31.5 MWh, together with a biomass system and auxiliary gear; the settlement contains an choice to broaden the system to 52.5 MWh. Funds will probably be made primarily based on outlined milestones within the settlement. Fundamental engineering of the system is full and is shifting to the detailed design part. The following main milestone is receiving a constructing allow, which is anticipated within the first quarter of 2023.
Enel: Brenmiller designed, manufactured, and put in a 24 MWh TES system for a mixed cycle energy plant for Enel in Italy. That is the Firm’s first utility-scale undertaking. Enel built-in the system on the energy plant and validated its efficiency within the area, in difficult working situations, and on a big scale. The Firm’s bGen unit for Enel is presently within the commissioning part and is anticipated to be absolutely operational by year-end 2022. The system affords diminished energy plant start-up occasions and better velocity in load variations and might retailer extra warmth, along with vitality produced from renewable sources within the type of warmth, to supply decarbonization companies to Enel’s industrial utility clients. Enel has the choice so as to add extra storage capability on the website.
SUNY Buy: Brenmiller accomplished the set up of a 0.5 MWh thermal storage-based co-generation station with the New York Energy Authority (NYPA) at SUNY Buy School in New York. The system contains hybrid charging with each exhaust gasoline and electrical energy. The undertaking is presently within the commissioning part with remaining supply anticipated within the first quarter of 2023.
Fortlev: Brenmiller designed, manufactured, and put in a 1 MWh TES with Fortlev in Brazil. The TES system, which is being charged with biomass, is now accomplished and is in operation as of August 2022. The system makes use of biomass as an alternative of pure gasoline, permitting Fortlev to decrease greenhouse gasoline (GHG) emissions related to heating this air by roughly 800 metric tons yearly. It additionally reduces prices by greater than 75%.
Dimona Israel Manufacturing Facility
On March 31, 2021, Brenmiller signed a €7.5 million credit score facility with the EIB for the creation of a sophisticated manufacturing facility in Dimona, Israel. The Firm made its first draw down on the primary of two tranches of the credit score facility for €4.0 million on July 28, 2022.
The manufacturing facility is presently beneath building and can have the capability to provide as much as 4,000 MWh per yr of bGen thermal storage modules. Up to now, the Firm has ordered gear totaling USD $2.0 million in reference to the enlargement at this facility. The gear has been delivered and the power is anticipated to succeed in full manufacturing capability by the tip of 2023. This facility will probably be vital to Brenmiller’s capacity to satisfy rising buyer demand.
Analysis and Growth
Analysis, growth, and engineering bills, web of presidency grants, have been USD $3.47 million within the 9 months ended September 30, 2022, in comparison with USD $2.71 million within the 9 months ended September 30, 2021. The rise is primarily attributable to increased payroll prices because the Firm has made extra hires to boost its analysis and growth workforce to help future development.
Analysis, growth, and engineering bills, web breakdown:
9 months ended September 30 | ||||
2022 | 2021 | |||
USD in hundreds (unaudited) | ||||
Whole analysis, growth, and engineering bills | 3,743 | 3,620 | ||
Much less – grants | (277 | ) | (908 | ) |
Analysis, growth and engineering bills, web | 3,466 | 2,712 | ||
Stability Sheet Replace
As of September 30, 2022, Brenmiller had money and equivalents of USD $9.5 million. On July 28, 2022, Brenmiller made the primary draw of €4.0 million from its €7.5 million credit score facility with the EIB.
About Brenmiller Vitality
Brenmiller Vitality delivers scalable thermal vitality storage options and companies that enable clients to cost-effectively decarbonize their operations. Its patented bGen thermal storage know-how permits using renewable vitality assets, in addition to waste warmth, to warmth crushed rocks to very excessive temperatures. They will then retailer this warmth for minutes, hours, and even days earlier than utilizing it for industrial and energy technology processes. With bGen, organizations have a method to make use of electrical energy, biomass and waste warmth to generate the steam, sizzling water and sizzling air they want for a wide range of purposes, together with, for instance, to mildew plastic, course of meals and drinks, produce paper, manufacture chemical compounds and prescribed drugs or drive steam generators with out burning fossil fuels. For extra info go to the corporate’s web site at https://bren-energy.com/ and comply with the corporate on Twitter and LinkedIn.
Cautionary Notice Concerning Ahead-Wanting Statements
This press launch accommodates “forward-looking statements” throughout the that means of the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995 and different federal securities legal guidelines. Statements that aren’t statements of historic truth could also be deemed to be forward-looking statements. For instance, the Firm is utilizing forward-looking statements on this press launch when it discusses: its anticipated timeline for putting in and finishing its pilot initiatives and reaching different milestones; future pipeline initiatives and alternatives for which the Firm expects to pursue business agreements; its plans to enter right into a contract in Israel to provide vitality as a service; steps the Firm is taking to stay in a wholesome monetary place because the Firm continues to develop; its perception relating to long-term demand for TES as firms make investments to decarbonize their property and enhance general vitality effectivity; and the function that the Firm’s Dimona manufacturing facility will play to help present and potential future initiatives. With out limiting the generality of the foregoing, phrases akin to “plan,” “undertaking,” “potential,” “search,” “might,” “will,” “count on,” “imagine,” “anticipate,” “intend,” “might,” “estimate” or “proceed” are meant to establish forward-looking statements. Readers are cautioned that sure vital components might have an effect on the Firm’s precise outcomes and will trigger such outcomes to vary materially from any forward-looking statements which may be made on this press launch. Elements that will have an effect on the Firm’s outcomes embrace, however usually are not restricted to, the Firm’s deliberate stage of revenues, capital expenditures and analysis, growth and engineering bills, the demand for and market acceptance of our merchandise, affect of aggressive merchandise and costs, product growth, commercialization or technological difficulties, the success or failure of negotiations and commerce, authorized, social and financial dangers and the dangers related to the adequacy of present money assets. The forward-looking statements contained or implied on this press launch are topic to different dangers and uncertainties, a lot of that are past the management of the Firm, together with these set forth within the Danger Elements part of the Firm’s prospectus dated Might 24, 2022 filed with the U.S. Securities and Trade Fee (“SEC”), which is obtainable on the SEC’s web site, www.sec.gov. The Firm undertakes no obligation to replace these statements for revisions or modifications after the date of this launch, besides as required by regulation.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||
(Unaudited) | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | USD in hundreds | ||||||||||
CURRENT ASSETS: | |||||||||||
Money and money equivalents | 9,463 | 8,280 | |||||||||
Restricted deposits | 33 | 47 | |||||||||
Commerce receivables | 721 | 162 | |||||||||
Different receivables | 1,081 | 553 | |||||||||
Stock | 715 | 95 | |||||||||
Belongings held on the market (Rotem1) | 596 | – | |||||||||
TOTAL CURRENT ASSETS | 12,609 | 9,137 | |||||||||
NON-CURRENT ASSETS: | |||||||||||
Restricted deposits | 157 | 179 | |||||||||
Funding in three way partnership | 3 | – | |||||||||
Proper-of-use property, web | 1,434 | 3,018 | |||||||||
Property, plant and gear: | |||||||||||
Plant and gear, web | 1,582 | 1,583 | |||||||||
Rotem 1 undertaking | – | 679 | |||||||||
Whole property, plant and gear | 1,582 | 2,262 | |||||||||
TOTAL NON-CURRENT ASSETS | 3,176 | 5,459 | |||||||||
TOTAL ASSETS | 15,785 | 14,596 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Brief-term financial institution credit score and loans | – | 5 | |||||||||
Commerce payables | 64 | 264 | |||||||||
Deferred revenues | 403 | 1,095 | |||||||||
Different payables | 1,052 | 1,582 | |||||||||
Provisions | 127 | 215 | |||||||||
Present maturities of legal responsibility for royalties | 325 | 41 | |||||||||
Present maturities of lease liabilities | 556 | 954 | |||||||||
TOTAL CURRENT LIABILITIES | 2,527 | 4,156 | |||||||||
NON-CURRENT LIABILITIES | |||||||||||
Mortgage from European Funding Financial institution (“EIB”) | 3,645 | – | |||||||||
Lease liabilities | 980 | 2,448 | |||||||||
Legal responsibility for share choices | 7 | 213 | |||||||||
Legal responsibility for royalties | 2,095 | 2,236 | |||||||||
TOTAL NON-CURRENT LIABILITIES | 6,727 | 4,897 | |||||||||
TOTAL LIABILITIES | 9,254 | 9,053 | |||||||||
EQUITY : | |||||||||||
Share capital | 88 | 79 | |||||||||
Share premium | 52,157 | 45,648 | |||||||||
Receipts on account of warrants | 1,832 | 1,176 | |||||||||
Capital reserve from transactions with controlling shareholders | 54,061 | 54,061 | |||||||||
Capital reserve on share primarily based funds | 2,492 | 1,318 | |||||||||
Overseas forex cumulative translation reserve | (1,691 | ) | (1,053 | ) | |||||||
Accrued deficit | (102,408 | ) | (95,686 | ) | |||||||
TOTAL EQUITY | 6,531 | 5,543 | |||||||||
TOTAL LIABILITIES AND EQUITY | 15,785 | 14,596 | |||||||||
` | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||
(Unaudited) | |||||||||||
9 months ended | Three months ended | ||||||||||
September 30, | September 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
USD in hundreds (besides per share knowledge) | |||||||||||
REVENUES | 1,520 | 330 | – | 45 | |||||||
COSTS AND EXPENSES: | |||||||||||
COST OF REVENUES | (1,239 | ) | (3,388 | ) | (356 | ) | (799 | ) | |||
RESEARCH, DEVELOPMENT AND ENGINEERING EXPENSES, NET | (3,466 | ) | (2,712 | ) | (999 | ) | (814 | ) | |||
MARKETING AND PROJECT PROMOTION EXPENSES, NET | (903 | ) | (522 | ) | (291 | ) | (167 | ) | |||
GENERAL AND ADMINISTRATIVE EXPENSES | (3,285 | ) | (1,570 | ) | (957 | ) | (583 | ) | |||
SHARE IN LOSS OF JOINT VENTURE | (29 | ) | – | – | – | ||||||
OTHER INCOME (EXPENSES), NET | 50 | (293 | ) | 12 | – | ||||||
OPERATING LOSS | (7,352 | ) | (8,155 | ) | (2,591 | ) | (2,318 | ) | |||
FINANCIAL INCOME | 953 | 1,027 | – | 239 | |||||||
FINANCIAL EXPENSES | (323 | ) | (312 | ) | (180 | ) | (177 | ) | |||
FINANCIAL INCOME (EXPENSES), NET | 630 | 715 | (180 | ) | 62 | ||||||
LOSS FOR THE PERIOD | (6,722 | ) | (7,440 | ) | (2,771 | ) | (2,256 | ) | |||
OTHER COMPREHENSIVE LOSS – ITEM THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS – EXCHANGE DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENCY | (638 | ) | (7 | ) | (16 | ) | 28 | ||||
COMPREHENSIVE LOSS FOR THE PERIOD | (7,360 | ) | (7,447 | ) | (2,787 | ) | (2,228 | ) | |||
LOSS PER ORDINARY SHARE (in {Dollars}) – | |||||||||||
Fundamental and absolutely diluted loss | (0.46 | ) | *(0.62) | (0.18 | ) | *(0.18) | |||||
*Retroactively adjusted to offer impact to a two-for-one reverse inventory break up of the Strange Shares which grew to become efficient on February 20, 2022. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited) | |||||||||||
9 months ended | Three months ended | ||||||||||
September 30, | September 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
USD in hundreds | |||||||||||
CASH FLOWS – OPERATING ACTIVITIES: | |||||||||||
Internet money used for working actions (see Appendix A) | (8,181 | ) | (5,776 | ) | (3,199 | ) | (1,927 | ) | |||
CASH FLOWS – INVESTING ACTIVITIES: | |||||||||||
Buy of kit | (38 | ) | (42 | ) | (8 | ) | (16 | ) | |||
Set up of manufacturing line | (346 | ) | (165 | ) | (238 | ) | (69 | ) | |||
Funding in Three way partnership | (33 | ) | – | 41 | – | ||||||
Restricted deposits, web | 9 | 3 | 9 | – | |||||||
Internet money used for investing actions | (408 | ) | (204 | ) | (196 | ) | (85 | ) | |||
CASH FLOWS – FINANCING ACTIVITIES: | |||||||||||
Proceeds from issuance of shares and warrants, web | 7,174 | 8,473 | – | – | |||||||
Train of choices and warrants | – | 20 | – | – | |||||||
Mortgage obtained from European Funding Financial institution – first tranche | 3,726 | – | 3,726 | – | |||||||
Compensation of financial institution mortgage and curiosity thereon | (5 | ) | (12 | ) | – | (4 | ) | ||||
Funds with respect to lease liabilities and curiosity thereon | (430 | ) | (400 | ) | (146 | ) | (17 | ) | |||
Compensation of royalties’ legal responsibility | (85 | ) | – | (61 | ) | – | |||||
Quantities acknowledged as legal responsibility for royalties | 359 | 40 | 331 | – | |||||||
Compensation of shareholder’s mortgage | – | (949 | ) | – | – | ||||||
Internet money offered by (used for) financing actions | 10,739 | 7,172 | 3,850 | (21 | ) | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,150 | 1,192 | 455 | (2,033 | ) | ||||||
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | (967 | ) | (25 | ) | (136 | ) | 42 | ||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 8,280 | 2,278 | 9,144 | 5,436 | |||||||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 9,463 | 3,445 | 9,463 | 3,445 | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – NET CASH USED FOR OPERATING ACTIVITIES | |||||||||||
9 months ended | Three months ended | ||||||||||
September 30, | September 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
USD in hundreds | |||||||||||
APPENDIX | |||||||||||
A. NET CASH USED FOR OPERATING ACTIVITIES | |||||||||||
Loss for the interval | (6,722 | ) | (7,440 | ) | (2,771 | ) | (2,256 | ) | |||
Changes for: | |||||||||||
Depreciation | 183 | 193 | 62 | 70 | |||||||
Amortization of right-of-use property | 400 | 309 | 127 | 128 | |||||||
Impairment lack of stock | 2 | 109 | 2 | 109 | |||||||
Loss from realization of kit, metals and elements | – | 311 | – | – | |||||||
Improve (Lower) in analysis and growth bills attributable to royalty obligation | 176 | 65 | 90 | 105 | |||||||
Provision | (62 | ) | 304 | (86 | ) | (369 | ) | ||||
Share in lack of three way partnership | 29 | – | – | – | |||||||
Different revenue | (80 | ) | – | – | – | ||||||
Truthful worth adjustment of share choices’ legal responsibility | (192 | ) | (1,023 | ) | (14 | ) | (278 | ) | |||
Different monetary bills | 104 | 181 | 58 | 109 | |||||||
Share-based fee | 1,174 | 196 | 446 | 72 | |||||||
(4,988 | ) | (6,795 | ) | (2,086 | ) | (2,310 | ) | ||||
Modifications in working working capital: | |||||||||||
Lower (improve) in commerce and different receivables | (1,222 | ) | (8 | ) | (513 | ) | 238 | ||||
Lower (improve) in stock | (633 | ) | 507 | (390 | ) | (109 | ) | ||||
Improve (lower) in deferred revenues and commerce and different payables | (1,338 | ) | 520 | (210 | ) | 254 | |||||
Internet money used for working actions | (8,181 | ) | (5,776 | ) | (3,199 | ) | (1,927 | ) | |||
B. NON-CASH INVESTMENT AND FINANCING ACTIVITIES: | |||||||||||
Recognition of Lease legal responsibility and right-of-use asset | 449 | 566 | – | 420 | |||||||
Derecognition of lease legal responsibility | 1,512 | – | – | – | |||||||
Derecognition of proper of use asset | 1,432 | – | – | – | |||||||
Borrowing Prices capitalized | 4 | – | 4 | – | |||||||
C. INTEREST PAYMENTS (included in financing actions objects) | 52 | 23 | 19 | 7 | |||||||
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Contacts
Media for Brenmiller
Tori Bentkover
brenmillerenergy@antennagroup.com
Investor Relations for Brenmiller
Chase Jacobson
chase.jacobson@val-adv.com
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