Brenmiller engaged in €13m financing MOU with EIB

Brenmiller
Brenmiller

The money is designated for expanding Brenmiller's activity and developing its production facilities in Dimona.

Brenmiller Energy, which develops advanced energy storage systems, has engaged in a memorandum of understanding (MOU) with the European Investment Bank (EIB) for €13 million in financing for expanding Brenmiller's activity and developing its production facilities in Dimona.

The financing is for a five-year period. None of the principle will be repaid until the final repayment date. The interest rate is 5%. The MOU also includes 2% royalties on Brenmiller's sales up to a maximum of €26 million.

The financing from the EIB is in the framework of the EU's Horizon 2020 program designed to help finance innovative and groundbreaking R&D projects. The production facilities for which the money is designated are for producing advanced storage components. The Israel Authority for Investments and Development of the Industry and Economy in the Ministry of Economy and Industry is also providing Brenmiller with a grant.

Brenmiller expects the financing agreement to be signed in the third quarter of 2019.

The energy storage system developed by Brenmiller is charged from a number of energy sources, including solar and wind energy, natural gas, and residual heat. It generates stable steam suitable for producing electricity and for industrial applications. This technology is suitable for power plants of various types and sizes. It supports electricity transmission and distribution systems by transferring energy from off consumption hours to peak consumption hours.

Brenmiller founder and CEO Avi Brenmiller said, "EIB is one of the world's largest and most important banks in infrastructure. Its decision to support our unique technology, following a prolonged feasibility testing process, constitutes a vote of confidence in us. This financing will help us expand development of our production system in Dimona, which will meet the growing demand for efficient, smart, and clean advanced storage solutions that will make it possible to provide electricity and heat."

Published by Globes, Israel business news - en.globes.co.il - on April 4, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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