Israeli thermal energy storage company Brenmiller Energy (TASE: BNRG, Nasdaq: BNRG) saw its share price fall 15% to $4.40, on its first day of trading on Wall Street, giving a market cap of $56.2 million. Prior to trading yesterday, Brenmiller Energy raised $15 million from investors in a private placement.
Brenmiller Energy chairman and CEO Avi Brenmiller said, "Brenmiller Energy’s listing on Nasdaq is a major milestone in the company’s history and represents another step forward in our company’s effort to deliver utilities and industrial companies the thermal energy storage solutions they need to realize their electrification and de-carbonization goals. Our new listing on Nasdaq will help us better educate the global investment community about our innovative thermal storage de-carbonization technology, while at the same time making it easier for us to access any capital we may need to help us continue to grow our company."
Brenmiller’s patented technology stores heat at high temperatures using crushed rocks and provides clean and sustainable thermal energy for utilities and industrial plants.
Brenmiller is currently working to deploy its TES solution with some of the largest industrial and utility customers globally, including Philip Morris International, Enel (Italy), Fortlev (Brazil), and the Israeli Defense Forces.
Avi Brenmiller, who founded the company in 2012, previously founded and managed Solel, which was sold to Siemens. Avi Brenmiller himself held a 36.4% stake in the company before the Nasdaq IPO and Israeli businessman Rani Zim had a 15.1% stake. Neither sold any shares in the Wall Street offering.
In 2021, Brenmiller reported revenue of $395,000 and a net loss of $10.3 million, compared with a loss of $9.5 million in 2020.
Sullivan & Worcester LLP acted as Brenmiller Energy’s US legal counsel and Shibolet & Co. acted as Brenmiller Energy’s Israeli legal counsel in preparing for the Nasdaq listing.
Published by Globes, Israel business news - en.globes.co.il - on May 26, 2022.
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