Brenmiller and Proactive Planet Partner to Distribute bGen™ Zero Thermal Energy Storage Systems in Canada
June 12 2024 - 7:30AM
Business Wire
Sign Non-Binding Memorandum of Understanding to
advance potential $6 million worth of projects and scale access to
low-carbon thermal energy in the province of Alberta, Canada
Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy” or the
“Company”) (Nasdaq: BNRG), a leading global provider of thermal
energy storage (“TES”) solutions, today announced that it has
signed a non-binding Memorandum of Understanding (“MoU”) with
Proactive Planet, a renewable energy solutions provider based in
Calgary, to distribute bGen™ TES systems to industrial companies
and electric utilities in the province of Alberta in Canada. The
two companies have developed an initial list of potential customers
valued at over $6 million and representing potentially 60 megawatt
hours (MWh) of TES capacity.
The MoU aims to expand and accelerate the rollout of
Brenmiller’s bGen™ TES technology through equipment sales. Under
its terms, a prospective 3-year definitive agreement would include
projected sales milestones based on the companies’ pipeline.
“Canada is a strategic North American market for Brenmiller and
we are eager to partner with Proactive Planet to grow bGen™ sales
in Canada,” said Avi Brenmiller, chairman and CEO of Brenmiller
Energy. “Our combined teams see numerous immediate and long-term
opportunities for thermal energy storage to help industrial and
energy companies in the region play a leading role in Canadian
efforts to reach net-zero emissions by 2050.”
Founded and led by Jason Atkinson, Proactive Planet’s mission is
to help clients lower their carbon footprint by utilizing bespoke
combinations of renewable energy solutions. Jason has been heading
up large-scale renewable energy projects throughout Western Canada
since 2009.
Over 70 MWh of Brenmiller’s bGen™ TES systems are in operation
or under construction worldwide. In the Americas, Brenmiller has
already deployed projects in Brazil and the United States. The
Company also recently announced a $500 million project pipeline,
with potential contracts spanning 13 countries including Canada,
the United States, Spain, Hungary, Israel, and India.
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:
the terms of a definitive agreement based on the signed non-binding
MOU with Proactive Planet, including the conclusion of a definitive
distribution agreement with Proactive Planet, that Proactive Planet
will be the exclusive distributor of Brenmiller’s bGen™ TES
technology throughout Alberta, Canada, potential projects reviewed
by Brenmiller and Proactive Planet in Alberta, valued at over $6
million and representing potentially 60 MWh of zero-emission heat,
the opportunities for thermal energy storage to help advance
Canada’s goal to achieve net-zero emissions by 2050, and the
Company’s $500 million pipeline in potential contracts across 13
countries including Canada, the United States, Spain, Hungary,
Israel and India. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240612812310/en/
Tori Bentkover brenmillerenergy@antennagroup.com
Brenmiller Energy (NASDAQ:BNRG)
Historical Stock Chart
From May 2024 to Jun 2024
Brenmiller Energy (NASDAQ:BNRG)
Historical Stock Chart
From Jun 2023 to Jun 2024