Brenx Ltd 6-K, filed Feb 18, 2025
Brenx Ltd. (BRNX)
About this 6-K
Brenx Ltd filed this 6-K on February 18, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of February 2025 (Report No. 2)
Commission File Number: 001-41402
BRENMILLER ENERGY LTD.
(Translation of registrant’s name into English)
13 Amal St. 4th Floor, Park Afek
Rosh Haayin, 4809249 Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
CONTENTS
On February 18, 2025, Brenmiller Energy Ltd. (the “Company”), made available a presentation on its website. A copy of the presentation is attached as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.
1
EXHIBIT INDEX
| Exhibit No. | ||
| 99.1 | Company Presentation, dated February 2025. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Brenmiller Energy Ltd. | |||
| Date: February 18, 2025 | By: | /s/ Avi Brenmiller | |
| Name: | Avi Brenmiller | ||
| Title: | Chairman and Chief Executive Officer | ||
3
Exhibit 99.1
Company Overview FEBRUARY 2025 Nasdaq: BNRG 1
Disclaimer 2 This presentation of Brenmiller Energy Ltd . (the “Company”, “Brenmiller” or “Brenmiller Energy”), any oral presentation of the information contained in this presentation and any question - and - answer session that may follow contain “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 presentation when it discusses : that the Company’s serviceable available market potential exceeds 3 , 000 TWh ( $ 155 B), that the company will play a leading role in the Electrothermal Energy Storage market with over 100 MWh of capacity built or in progress, 4 GWh manufacturing capacity ; benefits of the Company’s technology to current and future customers, future revenues from the Company’s ongoing projects, 2025 growth projections which are based on $ 10 M pipeline ; above $ 200 M Europe commercial opportunities, Brenmiller Energy U . S . future pipeline growth, future grant opportunities, the Company’s $ 200 M in potential production capacity annually . Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “target,” “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 presentation . Factors that may affect the Company’s results include, but are not limited to, the Company’s planned level of revenues, capital expenditures and research, development and engineering expenses, the demand for and market acceptance of its products, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, the risks associated with the adequacy of existing cash resources, and political, economic and military instability in the Middle East, specifically in Israel . The forward - looking statements contained or implied in this presentation 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 Securities and Exchange Commission's on March 18 , 2024 , which is available on the SEC’s website, www . sec . gov . The information in this presentation, any oral presentation of it and any question - and - answer session that may follow does not constitute or form part of and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company, and nothing contained herein or therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever . No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein . The information herein has not been independently verified and will not be updated . The information, including but not limited to forward - looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results . The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward - looking statements, and, except as required by law, will not publicly release any revisions it may make to the information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward - looking statements are based, or other events or circumstances arising after the date of this presentation . Market data used in the information contained herein not attributed to a specific source are estimates of the Company and have not been independently verified .
Key Company Highlights • $155B market opportunity - 25% of global energy demand accounts for industrial heat. for the Electrothermal Energy Storage (ETES) market in Europe and the U.S. equivalent to 3,100 TWh;* • ETES (Heat Batteries) fill the gap – They solve the variability between renewable energy supply and industrial heat demand; • 250%+ difference between average and off - peak electricity costs – Driven by renewable energy adoption; • Brenmiller is already generating revenue – well - positioned to play a leading role in the ETES market with over 100 MWh of capacity built or in progress. ETES charges when power prices are cheapest Supplies zero emission industrial heat demand 3 Stores energy as heat *Source: System IQ, Catalysing the Global ETES Opportunity Feb 2024
Net - Zero within Reach 4 Industrial heat accounts for 25% of global emissions* *International Energy Agency, Renewable energy for industry, 2017.
PILOTS: CUMULATIVE PROJECTS TO DATE : 103 MWh 4 GWh MANUFACTURING CAPACITY (AT FULL SCALE): AWARDS AND RECOGNITION: • European Commission – Seal of Excellence for Horizon 2020 Project • BIRD Energy – Approval for U.S. - Israel Clean Energy Project • TIME Magazine – Best Inventions of 2023 • BloombergNEF – BNEF Pioneers 2024 Finalist • European Investment Bank – Innovation Champion • Edison Awards 2025 – Finalist | Hungarian pet food manufacturer | Tempo Israeli beverage manufacturer | Israeli Medical Center COMMERCIAL PROJECTS: EMPLOYEES: 54 (As of February 2025) 5
LEADERSHIP Partners Distributor in the Northeast U.S. International developers of renewable energy projects AVI BRENMILLER Chairman & CEO DORON BRENMILLER Director & CBO NIR BRENMILLER Director & COO OFIR ZIMMERMAN CFO GILAD WALKER Chief Growth Officer 6
with stored off - peak energy REDUCES ENERGY COST VOLATILITY INCREASE IN RENEWABLE ENERGY INTEGRATION NEGATIVE PRICES OF ELECTRICITY IS INCREASING EVERY YEAR Company modelling using data f rom https://transparency.entsoe.eu/” 7 52% 58% 57% 56% 53% 60% 50% 2024 52% 51% 60% 57% Off - peak energy is 50% cheaper than the daily average
8 SWTZ SWDN SPN ROM POL NORW NETH ITLY HUNG GRC GER FRAN FIN DEN CZEC BELG AUST 2020 28% 49% 22% 37% 22% 16% 37% 28% 36% 31% 44% 35% 60% 48% 36% 39% 35% 23% 42% 20% 38% 24% 18% 33% 20% 33% 28% 36% 30% 48% 36% 33% 33% 30% 2021 20% 60% 22% 35% 30% 21% 35% 21% 30% 29% 37% 25% 61% 35% 30% 33% 32% 2022 25% 47% 34% 45% 26% 25% 46% 23% 38% 37% 45% 35% 54% 43% 36% 38% 36% 2023 42% 48% 52% 53% 43% 29% 62% 24% 56% 50% 57% 58% 60% 54% 52% 58% 51% 2024 Renewable Energy Penetration Drives Off - Peak Electricity in Most European Countries 62% Company modelling using data from https://transparency.entsoe.eu/ ” 40% 20% KEY INSIGHTS Renewable adoption drives greater peak - to - off - peak price gaps. Peak - to - off - peak variability is a sustained trend. Green marks the largest price gaps and most attractive markets. Heat map of yearly gaps between lowest 4 - hour prices and 24 - hour average prices by country.
100 ƒ - 500 ƒ Steam Hot air PRODUCT bGen • Delivers energy as heat , tailored for industrial applications. • Stores excess energy during off - peak hours and supplies it during peak demand at a fraction of the cost. • Power to Heat: Electrification of heat for zero - carbon steam. 9 Embedded electrical heaters Modular 10 MWH – 1000 MWH Cost Effective Natural Materials Unlimited Cycles for 30+ Years Zero Emissions
Technology: Turning Rocks Into Rocks are crushed to small bits Thin metal cells ("bCells") are filled with the crushed rocks bCells are stacked into 12 meter modules Modules are assembled on - site to a structure Electrical heaters are embedded Structure is insulated and connected to plant 10
Case Study: 11 CUSTOMER PROFILE • European private - label pet food producer supplying 35+ countries. • 12 production facilities producing 700,000+ tons of pet food annually. • Operations in Hungary, Netherlands, Slovakia, Czech Republic, and Poland. DRIVERS • 42% emissions reduction target by 2030. • High energy costs and reliance on fossil fuel boilers. • Need for sustainable energy and grid stability. PROJECT DETAILS • Location: Dombovar, Hungary. • Duration: 12 years. • Replaces fossil fuel boilers to cut costs and emissions. • 12 - year Heat as a Service (HaaS) agreement. • Electricity charging at wholesale prices, combined with payments from grid operators for grid balancing. • 30 MWh bGen ZERO system at PPF’s Hungary plant. • Low - cost, low - carbon steam at a fixed rate. BRENMILLER SOLUTION • Annual Energy Cost Savings: $1.9M • Annual CO2 Abatement: 1,400 Metric Tons SAVING ESTIMATES • Projected Annual Project Cash Flow: $0.7M • Projected Project IRR*: 18%+ • Expansion Potential: 11 factories ( up to 1.2 GWh) COMMERCIAL TERMS Based on the current financial model
Serviceable Available Market Potential Exceeds 3,100 TWh ($155B*) 12 Electricity Grid Standalone renewable generation project or power or purchase agreements Option to output as power for onsite usage or back to grid Heat delivery (hot water, steam or air) CHP Electrothermal Energy Storage 1 ETES charges when power prices are cheapest ETES can output heat or power 3 ETES stores the energy as heat 2 Power Heat Alternative configuration for combined heat and power (CHP) *Source: System IQ, Catalysing the Global ETES Opportunity Feb 2024, *Assuming cost of energy of $50/MWh
Monetization 13 H1 2025: H1 2025: In the final stages of securing the sale of 2 commercial projects. H1 2025: Reach Tempo 2 nd payment milestone (~$0.6M) H1 2025 : Expected to recognize revenue from the Enel project 2025 Sales - $10M+ based on pipeline H1 2025: Sign additional agreement through Brenmiller EU Q3 2025: Sign a multi - million dollar agreement with industrial client in Eastern Europe Q4 2025: Sign a multi - million dollar agreement with an industrial company in Europe Q4 2025: Sign term sheet for first U.S. commercial project Q4 2025 : Achieve commercial close for the Hungarian project
Europe commercial opportunities – HaaS only 14 HaaS Projects Key Projects 60% 13 % 13% 7% 7% $200m+ potential F&B Consumer goods Chemicals Pharma Building materials
Brenmiller Energy U.S. Pipeline Growth 15 PIPELINE VALUE Brenmiller Energy's commercial pipeline in the U.S. has grown to over $210 million in collaboration with its exclusive distribution partner, Rock Energy Storage. identified for bGen ZERO TES systems, enabling potential project financing in 2025. GRANT OPPORTUNTIES State and federal grants STRATEGIC PARTNERSHIPS Since the June 2024 exclusive agreement with Rock Energy Storage, dozens of opportunities are under development, focusing on favorable economics and high U.S. market interest. MARKET GROWTH Energy storage deployments in the U.S. grew by 80% (Q3 2023 – Q3 2024), driven by increasing demand for TES solutions. (Source: U.S. Energy Storage Monitor, Wood Mackenzie Power & Renewables and the American Clean Power Association.),
COMMERCIAL PILOTS Location Description Capacity Italy Enel – Flexible operation of thermal power plant, shifting excess energy to peak hours 24 MWh New York, USA NY Power Authority 1 MWh COMMERCIAL PROJECTS – UNDER DEVELOPMENT Life Time Energy Cost savings Annual CO 2 Abatement Location Description Business Model Capacity $1.9M 1.4MT Hungary ppf – large pet food manufacturer HaaS 30 MWh $7.5M 6.2MT Israel Tempo – Beverage manufacturer HaaS (50%/50) 32MWh $6.5M 3.9MT Israel Wolfson Medical Center Haas 12MWh Aiming to Lead the Industry 16 ~100MWh in operation and construction; proven tech
World’s First Heat Battery Gigafactory 17 • Market leader in live production capacity, giving Brenmiller an operational capability edge. • 4 GWh manufacturing capacity at full scale, supported by European Investment Bank funding. • Tested approach creating a template to launch localized manufacturing in key geographies. • $200m in potential production capacity annually.
Strategy MATURITY Extensive test sites deployed; competitive heat pricing and Commercial ready EXPERTISE Heat electrification, Energy - as - a - Service, responsibility including steam production PARTNERSHIPS Partnering with electricity suppliers, grid operators, service providers, regionally SUPPLY CHAIN Optimized CapEx, in - house manufacturing and supply chain management bGen TM – Competitive Edge in Thermal Energy Storage Technology EFFICIENCY 97% Patented RTE, 75KW/m³ Power Capacity, 3.2 Ton/m³ Density, AI Optimization INTEGRATED STEAM GENERATOR Real - time steam peaking, no external heat exchangers / Fans = Reduced auxiliary power REDUNDANCY Multiple heaters, dividable modules , enable high availability / partial utilization FOOTPRINT Flat or tower - based, custom sizing for price and efficiency, 3MWh/m², 30Y lifespan Efficiency BALANCING RESPONSE bGen instantly aids grid balancing by charging TES with excess grid energy GRID VERSATILITY bGen offers limitless energy absorption from grid with cycle - independent lifespan OPTIMIZED CHARGING Efficient charging even near full capacity, through full control of selected TES blocks GRID - SILENT OPERATION Embedded heaters, no rotating devices, 99.9% Active Factor , Harmonics Free Operations WARRANTY Side - to - Side warranty, easy maintenance, independent local service providers LOCALIZED MANUFACTURING Rapid local deployment of automated manufacturing lines, Industry 4 aligned SUSTAINABLE COMPLIANCE Adherence to global ESG standards, < 25 KgCO2e per manufactured KWh CERTIFIED EXCELLENCE Approved for Environmental, Safety, Quality, and local Regulatory Standards 18
Business Models Diversified income stream from multiple services, Opportunistic fast charging at off - peak prices EQUIPMENT SALES One - off sale with O&M contract HEAT - AS - A - SERVICE Supply clean heat at agreed price CAPACITY PAYMENTS Take on excess electricity from grid GRID SERVICES & CAPACITY PAYMENTS Take excess electricity from grid frequency and load shifting support Storage (%) 80 40 Charge / discharge (MW) 15 MW Discharge 45 30 12AM 04PM 08PM 12AM Discharge 04AM 08AM 12PM Storage Charge Source : 1 Company Materials for an EU country in 2024 19
