Company: BNRG
Filing Date: 2025-03-04
Form Type: 20-F
Source: 0001213900-25-020178
Chunk: 114

Company: Brenmiller Energy Ltd.
Filing Date: 2025-03-04
Form: 20-F
Item: Item 19
Chunk 114
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 and the second, in an amount of up to EUR 3.5 million, can be drawn down when the Company reaches certain milestones,  
  but not later than March 31, 2024. On July 8, 2024, the Company signed an amendment to the credit facility agreement with EIB, following      
  which, the availability of the second tranche of € 3.5 million to the expansion of the Company’s plant, was extended by one                   
  year (to March 31, 2025), subject to certain conditions, with a 5.0% fixed annual interest rate.                                              
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  The loan is payable in EUR and is for a period of 6 years from the time of the drawing down of the tranche                                  

  Year        2025        2026      2027      2028      Total  
 ───────────────────────────────────────────────────────────────
  Amount      $208      $1,596      $         $         $      

In addition, the Company will pay royalties
to EIB at a rate of2% of the sum of the Company’s sales from the production plant up to the extent of the loan that has been drawn down
(up to additional100% of the drawn amount). The repayment of the royalty liability is not limited in time. The Group accounted for the
loan liability and the royalty liability as two separate financial instruments as each represents a contractual right or obligation with
its own terms and conditions so that each may be transferred or settled separately; and each is exposed to risks that may differ from
the risks to which the other financial instrument is exposed. Consequently, the Company allocated the proceeds received to the loan liability
component and the royalty liability component on a relative fair value basis.

The liability presented in the balance
sheets is comprised as follows ($ in thousands):

                            Effective                     December 31                                  
                            interest rate                                                              
                            %                                    2024                 2023             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────
  Loan component                                6.84                       3,988                4,172  
  Royalties’ component                         15.52                         315                  289  
                                                                           4,303                4,461  

  The EIB has the right to cancel part of the loan that has not been granted to the Company and