Brenmiller Energy Partners with Baran Energy for Two bGen ZERO TES Systems, Enhancing Thermal Energy Storage Portfolio.

Brenmiller Energy (BNRG) has secured an agreement with Baran Energy for two bGen ZERO TES systems, with a combined energy capacity of 44 MWh. Brenmiller will retain IP rights and manage operations, ensuring ongoing revenue streams. The company has zero revenue, a negative operating margin, and a high debt-to-equity ratio. Its valuation metrics are mixed, with a high P/E ratio and low institutional ownership.

Brenmiller Energy (BNRG) has signed a significant System Purchase Agreement with Baran Energy for two bGen ZERO Thermal Energy Storage (TES) systems at Tempo Beverages and Wolfson Medical Center. The combined energy capacity of these systems is 44 MWh Brenmiller Signs System Purchase Agreement with Baran ...^[1]. Under the agreement, Baran Energy will acquire ownership of these projects, while Brenmiller Energy will receive milestone-based payments during construction and commissioning, as well as profit sharing from future revenues.

The deal follows a strategic collaboration agreement signed in February 2025 and provides Brenmiller with non-dilutive capital to advance its broader global project pipeline, valued at over $500 million Brenmiller Signs System Purchase Agreement with Baran ...^[1]. Brenmiller will retain all intellectual property rights and continue to provide maintenance and operations services for the bGen ZERO systems. Additionally, Baran Energy has secured a right of first refusal for future bGen projects in Israel.

This agreement marks a strategic shift for Brenmiller, moving from a capital-intensive project ownership model to a more capital-efficient growth strategy. By selling the two bGen ZERO TES systems while maintaining profit-sharing rights and ongoing maintenance services, Brenmiller gains immediate milestone-based payments and ensures a steady revenue stream Brenmiller Signs System Purchase Agreement with Baran Energy for bGen ZERO Systems at Tempo Beverages and Wolfson Medical Center^[2].

Despite the recent agreement, Brenmiller faces financial challenges. The company has zero revenue, a negative operating margin, and a high debt-to-equity ratio. Its valuation metrics are mixed, with a high P/E ratio and low institutional ownership. However, the agreement with Baran Energy represents a strategic move that could potentially alleviate some of these financial pressures by providing non-dilutive capital and securing ongoing revenue streams.