Brenmiller Energy Announces Pricing of $1.05 Million Private Placement with Existing Institutional Shareholder
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ROSH HAAYIN, Israel, August 05, 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 markets, today announced it entered into a securities purchase agreement with one of the Company’s existing institutional investors for aggregate gross proceeds of approximately $1.05 million.
In connection with the private placement, the Company will issue to the investor 1,000,000 ordinary shares of the Company at a price of $1.05 per share (reflecting a 52% premium to the closing price for the Company’s ordinary shares on Nasdaq on August 2, 2024). The closing of the private placement is subject to certain conditions, including the Company obtaining consent from an existing lender within 90 days of signing the securities purchase agreement. Under the terms of the securities purchase agreement, the investor will also have the right to make a further investment for 1,000,000 additional ordinary shares (or ordinary share equivalents) in the event that the Company’s ordinary shares close at or above $2.50 per share within the next 12 months.
The Company intends to use the net proceeds from the private placement for general corporate purposes, including working capital.
The securities described above are being sold in a private placement and have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC") or an applicable exemption from such registration requirements. The securities purchase agreement with the investor provides for registration rights for the ordinary shares and the Company has agreed to file a registration statement with the SEC to register the resale of the ordinary shares within thirty (30) days of closing.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About bGen?
Brenmiller’s TES system, bGen?, 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. In 2023, bGen? was named among TIME’s Best Inventions in the Green Energy category.