Company: BNRG
Filing Date: 2025-03-04
Form Type: 20-F
Source: 0001213900-25-020178
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Company: Brenmiller Energy Ltd.
Filing Date: 2025-03-04
Form: 20-F
Item: Item 3
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ITEM 3. KEY INFORMATION

A. [Reserved]

B. Capitalization and Indebtedness.

Not applicable.

C. Reasons for the Offer and Use of Proceeds.

Not applicable.

D. Risk Factors.

Our
business faces significant risks. You should carefully consider the risks described below, together with all of the other information
in this annual report on Form 20-F. The risks described below are not the only risks facing us. Additional risks and uncertainties not
currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business operations. If
any of these risks actually occurs, our business and financial condition could suffer, and the price of our Ordinary Shares could decline.
This report also contains forward-looking statements that involve risks and uncertainties. Our results could materially differ from those
anticipated in these forward-looking statements, as a result of certain factors including the risks described below and elsewhere in this
report and our other SEC filings. See “ Cautionary Note Regarding Forward-Looking Statements” above.

Risks Related to Our Business and Industry

We are highly dependent
on the successful development, marketing and sale of our proprietary technology.

Our
proprietary technology is the basis of our business. As a result, the success of our business plan is highly dependent on our ability
to remain competitive by selling our TES systems to customers in our main focus area, the industrial heat sector. To the best of our knowledge,
our technology and know-how are proprietary. However, there is no certainty that potential customers will prefer our technology over that
of other companies currently existing or that will exist in the future. There is a growing number of companies offering TES systems, some
which have a competitive price offering. Additionally, some of our competitors may have more capital resources and access to liquidity
than we do and are able to make more investments in research and development than us. If any new or existing competitor develops a product
that is perceived as more efficient than, lower in cost than, or generally preferable to our current or future products, our financial
results may be negatively impacted.

Furthermore,
we are at an important stage of our operations, and we are currently demonstrating our technology to the market through the use of development
projects and operating pilots on the premises of a number of our significant customers in Israel and abroad. If we do not succeed in showcasing
our technology to the marketplace, this may have a material adverse effect on our operations and sales.

We are highly dependent
on our