Company: BNRG
Filing Date: 2025-03-04
Form Type: 20-F
Source: 0001213900-25-020178
Chunk: 70

Company: Brenmiller Energy Ltd.
Filing Date: 2025-03-04
Form: 20-F
Item: Item 4A
Chunk 70
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 8,596      $                 6,393      $                       408  

  (1)      Approved grants and aggregate amounts received also include grants for programs from institutional and government authorities that during the years have ended or been canceled. As of December 3...  
  (2)      Liability for royalties included in our financial statements include also a royalty liability concerning the EIB credit facility agreement in the amount of $315 thousand.                            

European Investment Bank

On July 8, 2024, we signed
an amendment to the credit facility agreement, or the Amendment, with the EIB. The initial credit facility agreement dated March 31, 2021,
or the EIB Agreement, included funding limited to a total sum of €7.5 million. The funding was granted in a co-funding track, where
EIB allowed withdrawals of sums equal to capital investments in the Company available in two tranches. On July 28, 2022, the first
tranche of €4 million was drawn down by us with a 5.0% fixed annual interest rate. Interest payments are due annually on July 28
of each year and the principal shall be repaid in equal annual payments starting from July 28, 2026 and maturing on July 28, 2028. Following
the EIB Amendment, the second tranche of €3.5 million is available within 48 months instead of 36 months of signing the EIB Agreement,
or March 31, 2025, subject to certain conditions, with a 5.0% fixed annual interest rate.

Pursuant to the terms of the
credit facility agreement with EIB, we are required to pay annual royalties at a rate of 2.0% on all gross sales of TES systems that we
produce each quarter until a royalty cap of the amounts that have been disbursed under the facility is reached. Prior to the receipt of
the first tranche, on May 29, 2022, we pledged to EIB a first ranking floating security interest in the equipment that has been purchased
for the expansion of our automated production facility as well as all of the revenues generated from the sale of TES systems manufactured
by us.

Among other customary terms
included in the agreement, the facility agreement with EIB provides for the following covenants, including a prohibition on the sale of
certain assets except in the ordinary course of business, a prohibition on the execution of a merger