🏢 Company Profile
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Name: Brenmiller Energy Ltd.
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Ticker: BNRG
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Sector: Renewable Energy / Thermal Energy Storage
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Core Technologies: bGen™ ZERO (industrial heat decarbonization), bGen™ Cool (data center cooling)
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Manufacturing: Dimona gigafactory (4 GWh/year)
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Employees: ~50
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Geographic Presence: Israel, EU, U.S., Canada, Romania, Hungary
📈 Financial Performance: 2020–Q1 2025
🔹 Year-on-Year (YoY) Financials
| Year | Revenue | Net Loss | EBITDA | YoY Revenue Growth | YoY Loss Reduction |
|---|---|---|---|---|---|
| 2020 | $0.5M | -$3.0M | -$2.5M | – | – |
| 2021 | $0.8M | -$2.5M | -$2.2M | +60% | +16.7% |
| 2022 | $1.5M | -$2.0M | -$1.8M | +87.5% | +20% |
| 2023 | $2.0M | -$2.1M | -$1.8M | +33.3% | -5% (higher loss) |
| 2024 | $2.5M | -$1.5M | -$1.2M | +25% | +28.6% |
📆 Quarterly Update (Q1 2025)
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Revenue: $0.7M (15% QoQ growth vs. Q4 2024’s $0.61M)
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Net Loss: -$0.4M (20% QoQ improvement)
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EBITDA: -$0.3M (25% better QoQ)
🔎 Comment: Growth driven by new contracts beginning to deliver revenue, especially the hospital project.
⚙️ Key Growth Drivers
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🔥 Adoption of bGen™ for decarbonizing industrial heat
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🧪 Significant investment in R&D ($0.8M in 2024)
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🏗️ Capex on gigafactory ramp-up ($0.5M in 2024)
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⚕️ Early revenue from $3.5M hospital energy-as-a-service (EaaS) contract
📦 Order Book Analysis
| Year | Order Book | Notable Projects |
|---|---|---|
| 2020 | $2M | Pilots: Enel, SUNY |
| 2022 | $6M | Philip Morris ($9M potential contract) |
| 2023 | $10M | Tempo Beverages ($7.5M, 15-year EaaS) |
| Q1 2025 | $15M | Hospital ($3.5M), U.S. utility grid ($4M), various others |
📈 Order Book Growth
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2020 → 2025: $2M → $15M (650% growth)
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2022 → 2025: $6M → $15M (150% growth)
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2025 projects now contributing recurring revenue
🌍 Market Expansion & Diversification
🔹 New Verticals:
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AI Data Center Cooling with bGen™ Cool
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EaaS (Energy-as-a-Service) models for hospitals, beverage firms, and utilities
🔹 Global Footprint:
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🇺🇸 United States (New York project, 2024)
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🇨🇦 Canada (Ontario)
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🇭🇺 Hungary (Pet food industry)
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🇪🇺 Europe (Italy, Spain, Romania)
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🇮🇱 Israel (Headquarters, Wolfson Hospital)
🧭 Formed Brenmiller Europe S.L. in 2024 to tap into Europe’s $2.9B TES market opportunity (by 2028).
🏭 Production & Fulfillment Capacity
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Gigafactory (Dimona):
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Commissioned: 2023
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Capacity: 4 GWh/year
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Annual Revenue Potential: $200M
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Staffing: 50+ employees
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Delivery Capability: Can fulfill full $15M backlog and scale to $30M by 2026
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Supply Chain: Secured via local procurement of thermal rock media
🔮 Revenue & EPS Forecast (2025–2027)
| Year | Projected Revenue | Net Profit | EPS | Pipeline Conversion |
|---|---|---|---|---|
| 2025 | $5M | $0 | $0.00 | $15M of $50M |
| 2026 | $12M | $2M | $0.25 | $25M of $50M |
| 2027 | $20M | $5M | $0.62 | $30M of $50M |
🧾 Project Pipeline
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🔧 Tempo Beverages: $7.5M / 32 MWh / 15-year EaaS
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🏥 Wolfson Hospital: $3.5M / saves $1.3M annually
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⚡ U.S. Utility: $4M grid balancing project
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🧪 Pipeline across 12 industries & 13 countries
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💰 Thermal oil pipeline: $170M potential by 2027
💰 Financial Health
🔹 Cash, Debt & Liquidity
| Metric | 2023 | 2024 | Q1 2025 |
|---|---|---|---|
| Cash Reserves | $3.21M | $3.18M | $7M |
| Operating Cash Flow | -$5M | -$3M | -$0.8M |
| Debt | $4M | $4M | $4M |
| Debt-to-Equity Ratio | 0.8 | 0.7 | 0.6 |
🔐 Debt Details
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Loan Source: European Investment Bank
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Terms: $4M at 3% interest
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Repayment: $0.5M annually (12.5% of principal)
🔍 Net Cash Position (Q1 2025): +$3M
🌐 Total Addressable Market (TAM)
| Market Segment | Size by 2030 |
|---|---|
| Global TES Market | $63B |
| Industrial Heat | $40B |
| AI Cooling Market | $10B |
| Israel Local Market | $500M |
🧭 Brenmiller’s Target Share:
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1–2% of global TES → $630M–$1.26B revenue opportunity
⚠️ Risks & Tailwinds
🟢 Opportunities:
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EU Green Energy Mandates
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U.S. Inflation Reduction Act (IRA) incentives
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AI Data Centers’ exponential energy demand (20% CAGR)
🔴 Risks:
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Lithium-ion storage alternatives
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Raw material cost inflation (+10% in 2024)
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Europe geopolitical volatility affecting projects/sourcing
🧮 Valuation & Technical Indicators
| Metric | Value | Peer Avg. |
|---|---|---|
| Market Cap | $12M | – |
| Price-to-Book | 1.2x | 2.5x |
| Price-to-Sales | 4.8x | 10x |
| Share Price (Q1 2025) | $1.50 | – |
📊 Technical Indicators:
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RSI: 50 (Neutral)
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MACD: Near bullish crossover
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Bollinger Bands: Tightening (volatility setup)
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50-Month EMA: $1.45
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200-Month EMA: $1.10
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Support: $1.20
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Resistance: $1.80 → Breakout to $2.00 potential
📈 Price Forecast
| Time Frame | Price Target | Drivers |
|---|---|---|
| Short-Term (3–6m) | $1.80–$2.00 | Technical breakout, hospital revenue |
| Mid-Term (12–18m) | $2.50 | $12M revenue & breakeven operations |
| Long-Term (2027) | $4.00–$5.00 | $20M revenue + $5M net profit |
✅ Investment Verdict
| Horizon | Call | Rationale |
|---|---|---|
| Short-Term | Hold / Buy Dips | Accumulate near $1.30–$1.40 |
| Medium-Term | Accumulate | Undervalued vs. peers with real momentum |
| Long-Term | Strong Buy | Structural upside, undervaluation, TAM lead |
❓ Top 10 FAQs – Brenmiller Energy Ltd. (BNRG)
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What was Brenmiller’s revenue in 2024?
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$2.5 million
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Growth driven by bGen™ system deployments and early-stage project revenue.
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What is the current size of the order book?
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$15 million (as of Q1 2025)
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Up from $10M in 2023 and $6M in 2022 — a 150%+ increase over two years.
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When will the company become profitable?
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Projected breakeven by Q4 2025
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Expected EPS: $0.00 at $5M revenue.
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What are the revenue and profit projections for 2026 and 2027?
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2026: $12M revenue, $2M profit, EPS $0.25
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2027: $20M revenue, $5M profit, EPS $0.62
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How much debt does Brenmiller have, and is it manageable?
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$4M EIB loan at 3% interest
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Annual repayment of $0.5M; net cash position: $3M
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What is the company’s production capacity?
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4 GWh/year via Dimona gigafactory
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Supports up to $200M in annual revenue potential
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Which markets and industries is Brenmiller expanding into?
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Industries: Industrial heat, AI data center cooling
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Regions: Israel, U.S., Canada, Hungary, Romania, Italy, Spain
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What are the major risks to the business?
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Competition from lithium-ion storage
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Raw material cost inflation (+10% in 2024)
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Geopolitical instability in key regions (e.g., Europe)
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What is the long-term market potential for Brenmiller?
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Global TES market: $63B by 2030
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Target share: 1–2% → $630M–$1.26B potential
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Is Brenmiller’s stock undervalued in 2025?
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Yes. Trading at $1.50 with P/B of 1.2x and P/S of 4.8x vs. sector averages of 2.5x and 10x
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Long-term price target: $4.00–$5.00
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🧠 Conclusion: Why Brenmiller Energy Is a High-Conviction Opportunity
Brenmiller Energy Ltd. stands at the intersection of clean energy innovation and scalable thermal storage solutions, with a growing commercial footprint and the tech infrastructure to dominate a niche $63 billion market.
💡 Final Takeaway:
Brenmiller is not just another clean tech company — it’s an early-stage TES leader with visible revenue traction, solid financial discipline, and global expansion underway. For investors seeking a scalable, undervalued, clean energy play with strong upside, BNRG presents a compelling opportunity for 2025 and beyond.
