Brenmiller Energy's BGen Thermal Battery Is Set To Meet The Significant Demand For Sustainable Heat, With A Project Pipeline Valued Up To $500M, Involving Negotiations With Major Consumer Goods Producers And Positioned In Markets Where Regulations Support The Technology's Feasibility And Cost-Competitiveness With Fossil Fuels

Management Commentary

"Our pioneering bGen thermal battery continues to support the growing and mostly unmet need for on-demand access to sustainable heat. We have built an impressive project pipeline, potentially worth up to $500 million in value, and our team is working tirelessly, day in and day out, to move this pipeline forward so that we can start delivering meaningful cost savings and emissions reductions for our customers as well as recurring revenues for our company and value for our shareholders," said Brenmiller Chairman and Chief Executive Officer, Avi Brenmiller, "Among the proposals in our pipelines, several include negotiations with some of the world's largest producers of consumer goods, including Fortune 500s. All of our potential contracts are in geographic markets with robust manufacturing sectors and where established regulations make our technology feasible and cost-competitive—or cheaper—with fossil fuels."

"In an exciting new development, our team is exploring ways to expand our technology's capabilities to deliver cold thermal energy storage ("CTES") for artificial intelligence ("AI") data centers. The rapid growth of AI computing and the funding-rich ecosystem around AI applications has created downstream decarbonization and financial opportunities that we believe can be met using CTES. We anticipate minimal investment is needed to adapt our bGen thermal battery for data center applications."

"As we continue executing our current projects and increasing worldwide distribution through local partnerships, we expect our gigafactory to be fully operational by the end of 2024, with capacity to produce up to 4 GWh of bGen systems annually. We are very optimistic about market demand for our bGen TES technology and our ability to deliver throughout the remainder of 2024 and into the future."