• Together, Brenmiller Energy, Brenmiller Europe, and Entelios are committed to pioneering sustainable energy practices in the industrial sector in Germany
• Entelios will deploy its proprietary software, extensive knowledge, and experience in flexibility market services to effectively manage energy costs and maximize revenues for industrial energy users and investors
• Brenmiller Energy will aim to capture a significant portion of Germany’s electric thermal energy storage market by implementing its unique Heat as a Service (“HaaS”) business model and planned bGen™ equipment sales deployments

ROSH HA’AYIN, Israel / Oct 25, 2024 / Business Wire / Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the “Company”) (Nasdaq: BNRG), a leading global provider of thermal energy storage (“TES”) solutions for industrial and utility customers, together with its recently established joint venture company (“JV”), Brenmiller Europe S.L. (“Brenmiller Europe”), today announced that it has signed a non-binding Letter of Intent (“LOI”) with Entelios AG, a leading flexibility service provider in Germany.

Entelios specializes in the aggregation and trading of decentralized flexible assets. With more than 14 years of expertise in the German energy markets, Entelios manages more than 1 GW of net flexibility from industrial loads, power plants, and large-scale battery energy storage systems (“BESS”). Entelios focuses on maximizing revenues across relevant short-term flexibility markets through its Entelios Cross-Market Optimisation platform. These services are essential for industrial clients and investors in large-scale BESS looking to maximize the value of energy flexibility, enhance operational efficiencies, and integrate renewable energy solutions.

Through the LOI, Brenmiller and Entelios plan to mutually develop business models to manage the operation of bGen™ systems and optimize energy costs by entering into multiple flexibility markets. This setup would allow the supply of renewable thermal energy to industrial users in Germany, aiming to reduce emissions by transitioning from natural gas to electricity. Entelios will serve as an expert in optimization and flexibility management services. According to the Europe Thermal Energy Storage Market Report (2022), Germany’s thermal energy storage market is expected to be the dominant market in Europe, growing to $2.9 billion by 2028.

"Our expertise in TES technologies is extremely advanced. Entelios complements our strengths with its innovative approach, combining advanced software, data management, AI and deep energy market insights. We believe this collaboration will optimize our customers' energy costs and create new revenue streams," said Avi Brenmiller, Chairman and CEO of Brenmiller Energy.

“We are excited to work with Brenmiller, a clear leader in TES technologies as we pursue opportunities to offer industrial sites in Germany a significant reduction in carbon emissions by transitioning from natural gas to electrification. We envision providing comprehensive flexibility management services to Brenmiller Europe’s customers, including strategic energy purchase, algorithmic energy trading, and streamlined supply of ancillary services,” said Entelios’ CEO Fabian Becker. "This collaboration not only benefits our clients but also contributes to the broader integration of renewable energies, enhancing supply security and supporting the long-term development of a sustainable energy system."

Brenmiller aims to capture a significant portion of the electric thermal energy storage market in Germany in the period from 2025 to 2030 and beyond.

Brenmiller Energy delivers low-carbon heat through direct technology sales and a HaaS model. The latter lowers energy transition costs for customers and allows Brenmiller Energy to capture additional recurring revenues through participation in energy market programs.

About bGen™

bGen™, Brenmiller’s TES system, converts electricity into heat to power sustainable industrial processes at a price that is competitive with natural gas. The bGen™ charges by capturing low-cost electricity from renewables or the grid and stores it in crushed rocks. It then discharges steam, hot water or hot air on demand according to customer requirements. The bGen™ also supports the development of utility-scale renewables by providing critical flexibility and grid-balancing capabilities. bGen™ was named among TIME’s Best Inventions of 2023 in the Green Energy category.

About Brenmiller Energy Ltd.

Brenmiller Energy helps energy-intensive industries and power producers end their reliance on fossil fuel boilers. Brenmiller’s patented bGen™ thermal battery is a modular and scalable energy storage system that turns renewable electricity into zero-emission heat. It charges using low-cost renewable electricity and discharges a continuous supply of heat on demand and according to its customers’ needs. The most experienced thermal battery developer on the market, Brenmiller operates the world’s only gigafactory for thermal battery production and is trusted by leading multinational energy companies. For more information visit the Company’s website at https://bren-energy.com/ and follow the Company on X (formerly Twitter) and LinkedIn.

About Brenmiller Europe, S.L.

Brenmiller Europe is a joint venture between Brenmiller Energy, Viridi RE, and Green Enesys aimed at accelerating the adoption of the innovative bGen™ thermal energy storage technology across Europe. This partnership combines Brenmiller's cutting-edge technology with the renewable energy expertise of European project developers Viridi RE and Green Enesys, who bring an 18-year proven track record in developing, funding, and building over 100 renewable energy projects. For more information, visit Green Enesys and Viridi.

About Entelios AG

Founded in 2010, Entelios is a European pioneer in the field of industrial demand response services with extensive experience in flexibility optimization for complex plants in ancillary services and spot market trading. With proprietary systems, Entelios maximizes its customers' revenues by trading flexibility and intelligently shifting capacity on all relevant short-term markets. The identification of individual flexibility concepts play a decisive role at Entelios.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses: the terms of a definitive agreement based on the signed non-binding LOI with Entelios; the benefits of the collaboration for the Company and its clients, including that the Company will be able to maximize revenues and that industrial clients and investors will maximize the value of energy flexibility, enhance operational efficiencies, and integrate renewable energy solutions; Brenmiller Energy’s and Entelios’ plans to mutually develop business models to manage the operation of bGen™ systems and optimize energy costs by entering into multiple flexibility markets; that the collaboration of Brenmiller Energy and Entelios will optimize the Company’s customers' energy costs and create new revenue streams; Germany’s thermal energy storage market is expected grow to $2.9 billion by 2028; and that the Company aims to capture a significant portion of the electric thermal energy storage market in Germany in the period from 2025 to 2030 and beyond. The Company may not enter into or complete a definitive agreement for the proposed activities with Entelios. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company’s results include, but are not limited to: the Company’s planned level of revenues and capital expenditures; risks associated with the adequacy of existing cash resources; the demand for and market acceptance of our products; impact of competitive products and prices; product development, commercialization or technological difficulties; the success or failure of negotiations; trade, legal, social and economic risks; and political, economic and military instability in the Middle East, specifically in Israel. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 18, 2024, which is available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.