Brenmiller Energy is applying for listing on Nasdaq

The Israeli thermal energy storage company Brenmiller Energy (TASE: BNRG) has filed a prospectus with the US Securities and Exchange Commission (SEC) for a listed offering on the Nasdaq. The move comes almost five years after the company held its IPO on the Tel Aviv Stock Exchange (TASE).

Brenmiller Energy operates in the thermal energy storage sector based on technology developed by Chairman of the Board and CEO Avi Brenmiller, who founded the company in 2012, having previously founded and managed Solel, which was sold to Siemens.







Brenmiller Energy is traded on TASE at a market value of NIS 232 million, tens of thousands of percentage points during the IPO in 2017. The decline in market value is partly due to uncertainty about its ability to generate revenue and meet financing conditions extended to that of Bank Leumi (TASE:LUMI). At the end of 2020, Brenmiller Energy’s market value peaked at NIS 555 million, but has since more than halved.

According to the prospectus filed with the SEC, Brenmiller Energy will list on the Nasdaq without raising any capital, although some of its shareholders may sell shares as part of the offering. The Israeli financial institutions Alpha Capital and Mor Investments will together sell up to 3.3 million shares worth currently around NIS 58.5 million.

Avi Brenmiller owns a 36.4% stake in the company, and Israeli businessman Rani Zim holds a 15.1% stake. None of them will sell any shares in the planned Wall Street offering.

In 2021, Brenmiller reported revenue of $ 395,000 and a net loss of $ 10.3 million compared to a loss of $ 9.5 million in 2020.

Published by Globes, Israel business news – en.globes.co.il – April 25, 2022.

© Copyright by Globes Publisher Itonut (1983) Ltd., 2022.


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