Company: BNRG
Filing Date: 2025-04-28
Form Type: F-1
Source: 0001213900-25-035754
Chunk: 12

Company: Brenmiller Energy Ltd.
Filing Date: 2025-04-28
Form: F-1
Chunk 12
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 Thermal Oil™, or bGen ZTO, designed to electrify thermal oil
for industrial applications. Planned for commercial availability in 2026, bGen ZTO is a modular TES system that will combine an internal
electric conversion for storage with integrated heat exchange, achieving nearly 100% cycle efficiency through simplified maintenance and
indirect oil heating with minimal degradation, smooth stability, and limited breakdown, if any, while heating thermal oil up to 340 degrees
Celsius.

Strategic Cooperation Agreement with Baran Energy

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: BRAN), an international engineering company that provides management, design and financing solutions for large-scale
infrastructure projects, to accelerate bGen™ ZERO project development and deployments through sales, acquisitions, and operations
of selected projects in Israel. To further bGen™ uptake within industrial sectors, we plan to sell certain projects to Baran, subject
to the satisfaction of certain conditions precedent, benefiting from Baran’s core project capabilities to ensure effective and timely
deployment.

Business Strategy and Addressable Markets

Industrial heat accounts for
25% of global energy demand as well as one quarter of the world’s energy pollution. As renewable energy generation increases, the
need for a reliable method to store clean energy is a major challenge facing the industry and regulators. Electrothermal energy storage,
or ETES, fills the gap between the variability of renewable energy availability and the steady need for industrial heat demand, and is
estimated at $155 billion of addressable market value. ETES also charges by taking excess power off the grid when power is cheapest and
stores the energy to output power as needed and when energy prices are higher. Our primary market is the electrification of heat for the
industrial sector. We are focused on the sale of thermal storage equipment using several business models. To date, the completed projects
employ the sale of equipment model in which we design and sell our equipment to third party customers, install the equipment at the customer’s
site and the customer remains the owner of the equipment and we provide warranty and maintenance services to the customer at a predetermined
price as part of the sale package.

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In 2023, we also started the
implementation of our new business model, the EaaS model, wherein we install a TES bGen system for