Company: BNRG
Filing Date: 2025-11-25
Form Type: 424B3
Source: 0001213900-25-114795
Chunk: 4

Company: Brenmiller Energy Ltd.
Filing Date: 2025-11-25
Form: 424B3
Chunk 4
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In
2023, we also started the implementation of our new business models, the Energy as a Service, or EaaS, model, which includes also the
Heat as a Service, or HaaS, model, wherein we install a TES bGen system for the benefit of third party customers at
a customer’s site and provide operation and maintenance services. We then sell energy (steam, hot air, etc.) to the customer at
agreed upon prices. The EaaS model is more suitable to industrial customers who are not energy experts and wish to outsource their energy
services.

Recent Developments

July 2025 Private Placement

On July 25, 2025, we entered
into a securities purchase agreement, or the July 2025 Securities Purchase Agreement, with Alpha Capital Anstalt, or Alpha. Pursuant
to the terms of the July 2025 Securities Purchase Agreement, we agreed to issue and sell to Alpha, subject to certain conditions, up
to an aggregate of $25 million in securities across multiple tranches, consisting of preferred shares, pre-funded warrants, and ordinary
warrants.

At the initial closing, which
took place on July 28, 2025, for a subscription amount of $1.2 million we issued (i) Pre-Funded Warrants to purchase 631,579 ordinary
shares at an exercise price of $0.00001 per share, or the Pre-Funded Warrants, and (ii) Ordinary Warrants to purchase 631,579 ordinary
shares at an exercise price of $2.09 per share. On August 11, 2025, we entered into an amendment to the July 2025 Securities Purchase
Agreement with Alpha, or the Amendment, and agreed, among other things, to amend the aggregate subscription amount of the Pre-Funded
Warrants and Ordinary Warrants in connection with the initial closing to $1,395,790. The Pre-Funded Warrants were exercisable upon issuance
and expired when exercised in full. On August 21, 2025 the Pre-Funded Warrants were exercised in full. The Ordinary Warrants are exercisable
upon issuance and expire five years from the initial exercise date. The exercise of the Pre-Funded Warrants and Ordinary Warrants are
subject to certain beneficial ownership limitations contained therein.

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In addition, on July 25,
2025, we entered into two separate Registration Rights Agreements with Alpha pertaining to