Brenmiller and Rock Energy Storage Sign Exclusive Distribution Agreement Covering Northeast U.S.
June 06 2024 - 7:45AM
Business Wire
- Companies’ current cumulative projected sales milestones exceed
$150 million
- Rock Energy Storage will market, sell, and service Brenmiller
Energy’s bGen™ thermal energy storage systems in the Northeast
United States
- Marks the latest in a string of commercial agreements aimed at
accelerating the implementation of Brenmiller’s $500 million
project pipeline
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the
“Company”) (Nasdaq: BNRG), a leading global provider of thermal
energy storage (“TES”) solutions to industrial and utility markets,
today announced that it has signed an exclusive distribution
agreement with Rock Energy Storage, LLC (“RES”) to sell and
distribute its bGen™ TES systems in Connecticut, Maine,
Massachusetts, New Hampshire, Rhode Island, Vermont, and New York.
The definitive 5-year agreement includes cumulative projected sales
milestones exceeding $150 million.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240606637013/en/
Left to Right: Jim Koontz, Cory Glick,
Doron Brenmiller, and Gadi Sharir gather in New York City to sign
bGen™ distribution agreement (Photo: Brenmiller Energy)
Rock Energy Storage is a privately held company based in New
York. It is focused exclusively on taking advantage of the sizable
TES storage opportunity in the United States by distributing,
installing, and servicing Brenmiller’s bGen™ TES solutions
throughout the Northeast. RSP Systems will act as Rock Energy
Storage’s lead subcontractor. Brenmiller had previously announced
on January 11, 2024 that it had signed a Memorandum of
Understanding with RSP Systems; the current agreement with RES
supersedes the previous agreement and is a natural evolution of the
companies’ successful collaboration.
“The Northeast is a strategic U.S. market for Brenmiller because
of its forward-looking approach to electrification and
decarbonization and is well-suited to take advantage of the
sustainability and flexibility benefits that our cost-effective
bGen™ technology unlocks,” stated Brenmiller’s Chairman and CEO,
Avi Brenmiller. “We have enjoyed a very productive working
relationship with RSP Systems since 2019 and are excited to grow
our collaboration with the team through Rock Energy Storage.”
RSP Systems, a leader in choosing and implementing award-winning
energy generation systems since 2004, worked with Brenmiller on its
first U.S. bGen™ installation in New York.
“Brenmiller’s TES system is the competitive decarbonization
solution we’ve been looking for, and we have already seen excellent
reception from a range of market sectors and organizations that are
forward-leaning in their efforts to decarbonize, including
utilities, commercial and industrial, institutional, and food and
beverage,” said Cory Glick, President and CEO of Rock Energy
Storage. “Brenmiller’s technology qualifies for substantial federal
incentives through the Inflation Reduction Act, and state and
utility programs will provide additional tailwinds for our work to
introduce the bGen™ to more states in the U.S. We look forward to
partnering with Brenmiller to meet our energy customers’ rapidly
changing and growing demands for clean power.”
As of May 1, 2024, Brenmiller and RES have numerous active
project proposals in their shared pipeline, representing over 1,200
MWh of TES capacity.
Brenmiller’s bGen™ TES technology replaces the need for fossil
fuel boilers at industrial and power plants, which contribute to
nearly one-quarter of all global emissions. It uses crushed rocks
to store low-cost electricity from renewable or other sustainable
sources and dispatches steam, hot water, or hot air according to
customers’ needs. Brenmiller’s TES technology is modular and highly
configurable and provides heavy-emitting and mission-critical
customers with scalable access to zero-emission heat while ensuring
24/7 operational reliability.
About bGen™ bGen™, Brenmiller’s TES system, converts
electricity into heat to power sustainable industrial processes at
a price that is competitive with natural gas. The bGen™ charges by
capturing low-cost electricity from renewables or the grid and
stores it in crushed rocks. It then discharges steam, hot water, or
hot air on demand according to customer requirements. The bGen™
also supports the development of utility-scale renewables by
providing critical flexibility and grid-balancing capabilities.
bGen™ was named among TIME’s Best Inventions of 2023 in the Green
Energy category.
About Brenmiller Energy Ltd. Brenmiller Energy helps
energy-intensive industries and power producers end their reliance
on fossil fuel boilers. Brenmiller’s patented bGen™ thermal battery
is a modular and scalable energy storage system that turns
renewable electricity into zero-emission heat. It charges using
low-cost renewable electricity and discharges a continuous supply
of heat on demand and according to its customers’ needs. The most
experienced thermal battery developer on the market, Brenmiller
operates the world’s only gigafactory for thermal battery
production and is trusted by leading multinational energy
companies. For more information visit the company’s website at
https://bren-energy.com/ and follow the company on X (formerly
Twitter) and LinkedIn.
Forward-Looking Statements This press release contains
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. Statements that are not
statements of historical fact may be deemed to be forward-looking
statements. For example, the Company is using forward-looking
statements in this press release when it discusses: that the
cumulative projected sales milestones between the Company and RSP
will exceed $150 million, that Rock Energy Storage will market,
sell, and service Brenmiller Energy’s bGen™ thermal energy storage
systems in the Northeast United States, and Brenmiller’s $500
million project pipeline. Without limiting the generality of the
foregoing, words such as “plan,” “project,” “potential,” “seek,”
“may,” “will,” “expect,” “believe,” “anticipate,” “intend,”
“could,” “estimate” or “continue” are intended to identify
forward-looking statements. Readers are cautioned that certain
important factors may affect the Company’s actual results and could
cause such results to differ materially from any forward-looking
statements that may be made in this press release. Factors that may
affect the Company’s results include, but are not limited to: the
Company’s planned level of revenues and capital expenditures; risks
associated with the adequacy of existing cash resources; the demand
for and market acceptance of our products; impact of competitive
products and prices; product development, commercialization or
technological difficulties; the success or failure of negotiations;
trade, legal, social and economic risks; and political, economic
and military instability in the Middle East, specifically in
Israel. The forward-looking statements contained or implied in this
press release are subject to other risks and uncertainties, many of
which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s Annual Report on
Form 20-F for the year ended December 31, 2023 filed with the SEC
on March 18, 2024, which is available on the SEC’s website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240606637013/en/
Media: Tori Bentkover
brenmillerenergy@antennagroup.com
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