Company: BNRG
Filing Date: 2025-03-04
Form Type: 20-F
Source: 0001213900-25-020178
Chunk: 34

Company: Brenmiller Energy Ltd.
Filing Date: 2025-03-04
Form: 20-F
Item: Item 3
Chunk 34
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 coverage. If any of the analysts who may cover us adversely change their recommendation
regarding our Ordinary Shares, or provide more favorable relative recommendations about our competitors, the price of our Ordinary Shares
would likely decline. If any analyst who may cover us were to cease coverage of the Company or fail to regularly publish reports on us,
we could lose visibility in the financial markets, which in turn could cause the price of our Ordinary Shares or trading volume to decline.

Risks Related to our
Incorporation and Our Operations in Israel

Potential political,
economic and military instability in Israel, where our headquarters, members of our management team, our production facilities, and employees
are located, may adversely affect our results of operations.

Our
executive offices and production plant, wherein most of our employees are employed, are located in Rosh Haayin and Dimona, Israel. In
addition, the majority of our key employees, officers, and directors are Israeli citizens. Accordingly, political, economic, and military
conditions in Israel may directly affect our business. Since the establishment of the State of Israel in 1948, a number of armed conflicts
have taken place between Israel and groups in its neighboring countries, Hamas (an Islamist militia and political group that has controlled
the Gaza Strip) and Hezbollah (an Islamist militia and political group based in Lebanon). While Israel has entered into peace agreements
with Egypt, Jordan, the United Arab Emirates, Bahrain, Morocco and Sudan, it has no peace arrangements with any other neighboring or other
Arab countries. In addition, relations between Israel and Iran continue to be hostile, due to the fact that Iran is a state sponsor of
Hamas and Hezbollah, maintains a military presence in Syria and Lebanon, alongside Israel’s northern border, and is viewed as a
strategic threat to Israel in light of its nuclear program. In addition, several countries, principally in the Middle East, restrict doing
business with Israel, and additional countries may impose restrictions on doing business with Israel and Israeli companies whether as
a result of hostilities in the region or otherwise. The restrictive laws, policies, or practices directed towards Israel or Israeli businesses
could, individually or in the aggregate, have a material adverse effect on our business in the future, for example by way of sales opportunities
that we could not pursue or from which we will be precluded. In addition, should the movement for boycotting, divesting, and sanctioning
Israel and Israeli institutions (including universities) and products become increasingly