What's Going On With Brenmiller Energy Stock After Earnings?

Author: Erica Kollmann | August 29, 2024 05:32pm

Brenmiller Energy Ltd (NASDAQ:BNRG) shares are soaring after the company reported its first-half financial results after Thursday's closing bell. Here's a look at the details.

The Details: Brenmiller Energy reported first-half losses per share of 45 cents, up from losses of $3.02 per share year-over-year. The company announced it is exploring ways to expand its capabilities to deliver cold thermal energy storage (CTES) for artificial intelligence (AI) data centers.

Brenmiller said it has built a project pipeline, potentially worth up to $500 million in value.

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“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,” said Brenmiller CEO Avi Brenmiller.

“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.”

Brenmiller Energy shares are racing higher on heavy trading volume with more than 10 times its average daily volume changing hands in the session, according to Benzinga Pro.

BNRG Price Action: According to Benzinga Pro, Brenmiller Energy shares are up 127.91% after-hours at $1.47 at the time of publication Thursday.

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Image: Moondance from Pixabay

Posted In: BNRG