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Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy" or the "Company") (NASDAQ:BNRG), a global leader in thermal energy storage ("TES"), today announced that it has received a $450,000 grant from the Israel Innovation Authority to be applied to its TES project at Wolfson Hospital in Holon, Israel. The Company previously announced approval from the Israel Ministry of Finance for a $3.7 million budget to develop and operate a bGen™ ZERO system for Wolfson Hospital over a seven-year term. According to the Israel Ministry of Finance, Brenmiller's TES system has the potential to reduce costs for Wolfson Hospital by up to $1.3 million annually and lower its carbon footprint by 3,900 tons per year.
Capital allocated to accelerate industrial heat decarbonization is at an all-time high, thanks to proposed U.S. tax incentives and various European Union funds and plans. This provides fertile ground for clean energy projects to yield even more attractive returns. Brenmiller, with its strong track record in project financing, is uniquely positioned to capitalize on this momentum and help clients optimize their returns.
"Government funding and incentives have become game-changers," stated Brenmiller Chairman and CEO, Avi Brenmiller. "They pave the way for profitable, sustainable businesses in clean energy, particularly in thermal energy storage and industrial decarbonization, and accelerate the adoption of new technologies like our bGen™ ZERO."
This marks the most recent grant received by Brenmiller following a grant for NIS 2.2 million (approximately $595,000) from the Israel Ministry of Environmental Protection to replace fossil fuel boilers and generate clean steam at a beverage plant owned by one of Israel's largest beverage companies, and a subsidiary of Heineken International B.V., Tempo Beverages Ltd.
Brenmiller's bGen™ ZERO is a thermal energy storage system that converts electricity into heat to power 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. The bGen™ was named among TIME's Best Inventions of 2023 in the Green Energy category.
Posted In: BNRG
