Tel Aviv, Israel--(Newsfile Corp. - March 12, 2026) - Brenmiller Energy Ltd. (NASDAQ:BNRG) ("Brenmiller", "Brenmiller Energy" or the "Company"), a provider of integrated power and heat solutions for industrial and utility customers built around its proprietary thermal energy storage ("TES") technology, today issued a letter from its Chief Executive Officer, Avi Brenmiller.
Dear Shareholders,
I am writing to you at a pivotal moment for Brenmiller Energy.
It has taken us almost fifteen years to reach this point and realize the vision that set us on this journey: replacing fossil fuel-based industrial heat generation with clean, reliable energy. Today, we are beginning to see our vision translate into real-world deployment and commercial momentum. Industrial heat remains the single largest use of energy in the global economy, and our technology is designed to help industries to transition from fossil fuels, natural gas in particular, providing manufacturers with a reliable and sustainable path forward.
Replacing traditional systems with a fundamentally new approach is not something that happens overnight. Transforming such deeply embedded infrastructure requires time, persistence, and careful execution. Over nearly a decade as a public company, we have had to raise capital multiple times to continue advancing the technology while building and operating first-of-a-kind projects that provide the real-world experience needed to validate performance and prepare the system for large-scale commercial installations. These financings inevitably diluted shareholders and required considerable patience and long-term support from our investors, extending the timeline for both the Company and our investors beyond what anyone initially anticipated.
However, we believe that the Company is now entering a new phase of broader commercial deployment, including the replication of projects under long-term contracted energy service agreements.
Operational Milestone: Tempo Project Commissioning
Our flagship project, Tempo Beverages Ltd. ("Tempo"), has completed construction and is beginning commissioning. At this facility, a major global beverage manufacturer is transitioning 100% of its steam production to our system, under a Heat-as-a-Service model, demonstrating the commercial deployment of our technology on an industrial scale. This is among the first large-scale demonstrations where thermal energy storage fully replaces fossil boilers at an industrial site.
We believe that the completion of the Tempo project is an important step not only for Brenmiller Energy but for the broader industrial energy transition. First-of-a-kind projects are inherently complex and capital intensive, but once operational they establish the technical and commercial foundation required for replication. Our focus now is on leveraging this experience to replicate deployments across additional industrial sites in Europe and other target markets using standardized project structures and long-term energy service agreements.
This fits right in with our recently introduced BNRG360, an updated strategy that expands our role beyond technology supply to an energy partner, offering industrial customers bundled heat and power under long-term agreements, combining renewable generation, battery storage, and our proprietary thermal storage technology. This approach is intended to create potential revenue streams including industrial offtake, electricity trading, grid services, and ownership of energy assets.
Importantly, much of the infrastructure within our BNRG360 strategy, including solar generation and battery storage, is based on mature technologies that can be financed through traditional project structures. Our thermal storage technology is the key differentiator that enhances the value of these systems, which we believe, strengthens our offering to customers and provides a clear advantage over alternative solutions.
Initial discussions with both existing and new customers using this approach have been promising, and we expect to provide updates on commercial progress across several target markets as they evolve.
We believe that the current geopolitical environment further reinforces the relevance of our solution. Recent events in the Middle East have contributed to volatility in global energy markets, with natural gas and electricity prices in Europe rising significantly within days. Industrial companies are once again confronted with the risks of dependence on fossil fuels and unstable energy markets. In an environment where energy price stability and supply security are becoming critical for manufacturers, solutions that can provide predictable long-term energy costs are increasingly attractive. We believe that our solution provides a stable, reliable, long-term alternative that can reduce costs, improve efficiency, and protect industrial operations from energy price shocks.
I am fully aware that many shareholders have experienced significant losses as the stock price declined. I share this pain personally. I have invested tens of millions of dollars of my own capital in Brenmiller Energy over the years, and like many of you, I have experienced the impact of the share price decline.
Despite this, I remain deeply confident in the opportunity ahead. We believe that Brenmiller Energy, with its current projects and proven technology, has a scalable business model, and a market environment that will increasingly demand the solutions we provide. The Company also has access to additional capital under previously announced financing arrangements. Under the July 2025 private placement agreement with Alpha Capital Anstalt, we have already raised approximately $9 million and can potentially raise up to an additional $16 million subject to the terms of that agreement. This source of funding is expected to serve our cash needs for executing our commercial TES projects and supporting our working capital.
Focus on Execution and Growth
Our responsibility now is simple: execute.
Every day our team is focused on commercial growth and long-term value creation. With operational projects, an expanding pipeline of commercial opportunities, and a strategy centered on long-term contracted energy services, we have established the foundation for sustainable growth. We believe the coming period represents a critical opportunity for Brenmiller Energy to transition from technology developers to a provider of industrial clean energy infrastructure.
Thank you for your continued support.
Sincerely,
Avi Brenmiller
Chairman and Chief Executive Officer
Brenmiller Energy
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 when discussing: the belief that the Company is entering a new phase enabling broader commercial deployment; expectations to replicate deployments across additional industrial sites in Europe and other markets; plans to expand the BNRG360 strategy as an energy partner providing bundled heat and power solutions; potential to generate value from multiple revenue streams including industrial offtake, electricity trading, grid services and energy asset ownership; its expectation to provide updates on commercial progress in several target markets; the belief that market conditions are increasingly favorable for the Company's solutions; the expectation that the Alpha Capital Anstalt financing will serve our cash needs for executing our commercial TES projects and support our working capital ; the belief that operational projects and commercial pipeline position the Company for growth; the belief that the Company can transition from technology developer to a provider of industrial clean energy infrastructure; the expectation that the Company can create long-term value through execution of its strategy; and the belief that its foundation for sustainable growth is now in place. 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, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 4, 2025, 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.
Contact: [email protected]
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