Brenmiller Energy loses 15% on Nasdaq debut
Israeli thermal strength storage firm Brenmiller Power (TASE: BNRG, Nasdaq: BNRG) observed its share price drop 15% to $4.40, on its to start with day of buying and selling on Wall Street, giving a industry cap of $56.2 million. Prior to investing yesterday, Brenmiller Electricity raised $15 million from traders in a non-public placement.

Brenmiller Energy chairman and CEO Avi Brenmiller explained, “Brenmiller Energy’s listing on Nasdaq is a key milestone in the company’s heritage and signifies a different stage ahead in our company’s effort to deliver utilities and industrial companies the thermal electricity storage solutions they will need to notice their electrification and de-carbonization ambitions. Our new listing on Nasdaq will aid us better educate the global financial commitment community about our modern thermal storage de-carbonization technology, when at the similar time creating it easier for us to accessibility any cash we may possibly need to have to assist us carry on to improve our business.”




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Brenmiller’s patented know-how merchants warmth at higher temperatures using crushed rocks and presents clean and sustainable thermal electrical power for utilities and industrial vegetation.

Brenmiller is at this time functioning to deploy its TES answer with some of the most significant industrial and utility customers globally, together with Philip Morris International, Enel (Italy), Fortlev (Brazil), and the Israeli Protection Forces.

Avi Brenmiller, who founded the company in 2012, formerly established and managed Solel, which was offered to Siemens. Avi Brenmiller himself held a 36.4% stake in the business before the Nasdaq IPO and Israeli businessman Rani Zim experienced a 15.1% stake. Neither bought any shares in the Wall Road presenting.

In 2021, Brenmiller reported earnings of $395,000 and a web loss of $10.3 million, when compared with a decline 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 authorized counsel in preparing for the Nasdaq listing.

Printed by Globes, Israel enterprise news – en.globes.co.il – on May well 26, 2022.

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