Israeli thermal vitality storage firm Brenmiller Power (TASE: BNRG, Nasdaq: BNRG) noticed its share worth fall 15% to $4.40, on its first day of buying and selling on Wall Road, giving a market cap of $56.2 million. Previous to buying and selling yesterday, Brenmiller Power raised $15 million from buyers in a non-public placement.
Brenmiller Power chairman and CEO Avi Brenmiller stated, “Brenmiller Power’s itemizing on Nasdaq is a serious milestone within the firm’s historical past and represents one other step ahead in our firm’s effort to ship utilities and industrial corporations the thermal vitality storage options they should understand their electrification and de-carbonization objectives. Our new itemizing on Nasdaq will assist us higher educate the worldwide funding group about our modern thermal storage de-carbonization know-how, whereas on the similar time making it simpler for us to entry any capital we might have to assist us proceed to develop our firm.”
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Brenmiller’s patented know-how shops warmth at excessive temperatures utilizing crushed rocks and supplies clear and sustainable thermal vitality for utilities and industrial vegetation.
Brenmiller is at present working to deploy its TES answer with among the largest industrial and utility clients globally, together with Philip Morris Worldwide, Enel (Italy), Fortlev (Brazil), and the Israeli Protection Forces.
Avi Brenmiller, who based the corporate in 2012, beforehand based and managed Solel, which was offered to Siemens. Avi Brenmiller himself held a 36.4% stake within the firm earlier than the Nasdaq IPO and Israeli businessman Rani Zim had a 15.1% stake. Neither offered any shares within the Wall Road providing.
In 2021, Brenmiller reported income of $395,000 and a internet lack of $10.3 million, in contrast with a lack of $9.5 million in 2020.
Sullivan & Worcester LLP acted as Brenmiller Power’s US authorized counsel and Shibolet & Co. acted as Brenmiller Power’s Israeli authorized counsel in making ready for the Nasdaq itemizing.
Printed by Globes, Israel enterprise information – en.globes.co.il – on Might 26, 2022.
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