Company: BNRG
Filing Date: 2025-03-04
Form Type: 20-F
Source: 0001213900-25-020178
Chunk: 58

Company: Brenmiller Energy Ltd.
Filing Date: 2025-03-04
Form: 20-F
Item: Item 3
Chunk 58
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 is expected to be secured by the end of 2025.

On
September 25, 2024, we announced the formation of a new joint venture, Brenmiller Europe, together with Integrated Renewable Energy Solutions
S. L, or IRES. IRES is jointly owned by Green Enesys Group and Viridi RE. The new entity will distribute our products, such as the bGen™
and recently unveiled bGen™ ZERO, through either an equipment sale model and/or an EaaS business model, starting in Spain, Hungary,
Germany and Portugal. We hold 60% and IRES holds 40% of the issued shares of Brenmiller Europe. Brenmiller Europe will capitalize on Green
Enesys and Viridi’s expertise in developing and deploying large-scale clean energy projects in Europe. The JV aims to rapidly expand
the adoption of our bGen™ technology across Europe, focusing on driving product sales, delivering energy services, and securing
project-level financing in high-growth markets, starting in major European countries where Brenmiller Europe has the exclusive rights
to distribute bGen™ systems, subject to certain revenue and performance requirements. We will manufacture bGen™ modules at
our gigafactory in Dimona, Israel, while retaining ownership of our intellectual property.

On
October 24, 2024, we announced that, together with Brenmiller Europe, we have signed a non-binding Letter of Intent, or LOI, with Entelios
AG, a leading flexibility service provider in Germany. Entelios AG specializes in the aggregation and trading of decentralized flexible
assets. Entelios AG focuses on maximizing revenues across relevant short-term flexibility markets through its Entelios AG Cross-Market
Optimisation platform. Through the LOI, we plan to mutually develop business models to manage the operation of our bGen™ systems
and optimize energy costs by entering into multiple flexibility markets. This setup would allow the supply of renewable thermal energy
to industrial users in Germany, aiming to reduce emissions by transitioning from natural gas to electricity. Entelios AG will serve as
an expert in optimization and flexibility management services. As of March 4, 2025, we are collaborating under the memorandum of understanding
to develop various potential leads and explore the German market.

On
February 20, 2025, we announced that we entered into a strategic cooperation agreement with Baran Energy, a subsidiary of the Baran Group
Ltd., or Baran, (TASE: