Brenmiller Energy (TASE: BNRG), a developer of advanced energy storage systems, announced today that it would construct a production center in the southern Israeli town of Dimona at an investment of NIS 76 million. The company said that the Investment Center in the Ministry of the Economy and Industry had approved a grant of 20% of the total investment.
Brenmiller says that it will recruit 130 new employees for its plant for the production of energy storage components in Dimona. The company expects annual revenue from the plant of NIS 230 million within five years, mainly from the sale of components for projects that it is developing overseas.
Brenmiller's storage system is charged from various energy sources, among them sun and wind, natural gas, and residual heat, and generates a stable flow of steam for electricity production or industrial applications.
In addition to its overseas projects, Brenmiller is constructing the Rotem 1 storage station in Dimona, due to be connected to Israel's power grid in the first quarter of 2019. The project is the first of two that the company is carrying out in Israel, mostly financed by Bank Leumi (TASE: LUMI). Rotem 1 is based on innovative storage technology that makes possible the production of clean electricity from solar energy even at night. The other project, Rotem 2, is expected to be connected to the power grid in the second quarter of 2020. The combined cost of the two projects is some NIS 200 million.
Brenmiller co-founder and CEO Avi Brenmiller said, "The production center that we will construct in Dimona will be one of the most advanced in the energy storage industry, which is expected to grow substantially in the coming years. Its construction is a further step on the way to realizing our strategy for implementing the unique technology we have developed, based on storing energy from a variety of sources. The Dimona production center will supply a substantial proportion of the components required for extensive, and efficient, implementation of renewable energy, and it will make an important contribution to a greener and healthier environment."
Published by Globes [online], Israel business news - www.globes-online.com - on July 4, 2018
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