Brenmiller Energy · Investor Brief Q2 · 2026

Building an integrated industrial energy platform around thermal storage.

Brenmiller is evolving from a thermal energy storage (TES) company into an integrated industrial energy platform centered on BNRG360, delivering dispatchable heat and power to industrial customers through long-term contracted service structures. At the center of that model is Brenmiller's proprietary TES, which enables flexible energy use and reliable delivery without becoming the headline of the story.

Listed Nasdaq: BNRG
Vertical Clean Industrial Heat
Flagship Tempo — Netanya
Stage Commercial
Brenmiller thermal energy storage unit — ENEL, Italy
See the platform in motion Learn how Brenmiller turns electricity into dispatchable industrial heat.
32MWh
Tempo Flagship deployment
103MWh
Total Deployed Capacity
15-year
Long-Term Contracted Structures

Clean Heat. Infinite Possibilities.

Electrification without storage remains incomplete.

Industrial processes rely on continuous, high-temperature heat that has historically been generated using fossil fuels, and while electrification is a key pathway, it must be achieved in a way that remains economically viable when relying on grid power, while also addressing the variability of on-site renewable generation. This creates a structural challenge for decarbonization, as industrial operations require reliable, on-demand energy that intermittent renewable sources alone cannot provide. As a result, the ability to store energy and dispatch it as needed becomes critical to enabling a stable and economically viable transition.

01
Industrial heat still runs on fossil fuels
Much of industrial heat demand is still served by conventional boiler-based systems tied to fuel-price volatility and decarbonization pressure.
02
Customers increasingly need integrated solutions
The challenge is no longer only replacing a piece of equipment. Customers increasingly want broader heat-and-power solutions that improve economics, flexibility, and financeability over the long term.
03
Long-term contracts matter
The most attractive model is not a one-time equipment sale alone, but a long-duration commercial framework that can support recurring revenue, operating leverage, and deeper customer relationships.

BNRG360 is an end-to-end energy delivery platform, directly aligned with market drivers.

BNRG360 is Brenmiller's platform for delivering integrated heat and power solutions to industrial customers through long-term contracted structures. Decarbonizing industrial energy is not only a technical challenge but also an operational and financial one, requiring continuous optimization, cost management, and system integration that competes with core operational priorities.

Under BNRG360, Brenmiller develops, owns, and operates the energy system, providing customers with reliable, cost-efficient, and lower-emission energy without requiring upfront capital investment. This allows industrial facilities to focus on their core operations while Brenmiller manages the complexity of energy delivery and optimization. At the center of these systems is Brenmiller's proprietary thermal energy storage, which enables flexible energy use, supports electrification, and ensures that energy can be delivered when it is most cost-effective and operationally required.

Integrated energy platform

Brenmiller delivers complete heat and power solutions by developing, owning, and operating integrated energy systems tailored to industrial sites.

Built around long-term commercial frameworks

Projects are structured as long-term energy supply agreements, enabling predictable pricing for customers and sustained revenue generation over time.

Designed for recurring revenue participation

By moving beyond standalone product sales, BNRG360 is designed to unlock long-duration monetization through contracted revenue streams, service agreements, and participation in project-level cash flows as deployments scale.

Why it matters
A shift from selling equipment to operating integrated heat-and-power systems unlocks recurring revenue, operating leverage, and deeper customer relationships over 15-year horizons.

Market demand is being shaped by policy, electrification, and energy security.

Industrial energy demand in Europe is being reshaped by a combination of regulatory pressure, cost volatility, and the accelerating push toward decarbonization targets. European policy is increasingly focused on reducing reliance on fossil fuels and expanding the adoption of low-carbon and electrified energy systems across industry. At the same time, recent geopolitical developments have reinforced the importance of energy security and supply resilience. Disruptions to energy markets have exposed the risks of external dependence, leading to sustained price volatility and impacting the competitiveness of European industry.

As a result, energy strategy is now being driven not only by decarbonization targets, but also by the need for greater independence, reliability, and control over energy supply. Despite this push, industrial players continue to face a gap between policy ambition and economic reality. Electricity prices remain volatile, and the transition to electrified systems introduces challenges around cost management, intermittency, and operational stability. This combination of regulatory momentum, energy security concerns, and economic constraints is driving demand for solutions that can enable decarbonization while maintaining cost control.

Tempo is commercial validation of the model — strong first-mover advantage.

Tempo is a full-scale deployment under a multi-year agreement, demonstrating that industrial customers are willing to transition to integrated, contract-based energy solutions.

Flagship Validation

Tempo — Netanya, Israel

32 MWh power-to-heat project with a 15-year fixed-price Heat-as-a-Service contract. Tempo is designed to fully replace fossil-fuel boiler-based steam production and serves as Brenmiller's clearest commercial validation of the model in practice.

32 MWh
Thermal Storage
15-year
Heat-as-a-Service
$7.5M
Projected Customer Savings
6,200 t
CO₂ Avoided / Year
Brenmiller bGen module installation at Tempo site, Netanya
Further Validation

Wolfson

A secondary operating reference that broadens the deployment footprint and reinforces execution capability beyond the flagship Tempo project.

Reference deployment
Operating Site
Hospital heat use case
Application
Visible operating footprint
Track Record

Demonstrated pre-commercial deployments across industrial applications and global markets.

These projects demonstrate Brenmiller's ability to design and deploy thermal energy systems across multiple geographies and industrial use cases in real-world environments, providing the technical and operational foundation for the company's transition toward commercially structured deployments under the BNRG360 model. Notably, these installations were executed in partnership with leading global utilities — including ENEL and NYPA — whose rigorous technical scrutiny and operational standards provide meaningful third-party validation.

Brenmiller pre-commercial deployments: 0.5 MWh Hybrid charging with NYPA in New York, 4 MWh Biomass charging with Fortlev in Anápolis Brazil, and 23 MWh Steam charging with ENEL in Tuscany Italy

Technology is the foundation of the platform.

Brenmiller's proprietary thermal energy storage remains the core differentiator underpinning BNRG360, enabling the company to deliver flexible, dispatchable industrial heat and integrated energy solutions that are not easily replicated by conventional energy service providers.

Proprietary Technology

bGen heat battery

The bGen system converts electricity into thermal energy, stores it in crushed rock, and releases it as steam or process heat for industrial use. The system is built from modular units, each integrating charging, storage, and discharge functions, allowing deployments to scale based on site requirements while supporting reliable and flexible energy delivery.

bGen thermal energy storage system — charge, store, dispatch diagram
Step 01
Charge
Converts electricity into heat using grid power or renewables.
Step 02
Store
Stores energy in modular units for later use.
Step 03
Dispatch
Deliver heat when the customer needs it as steam, hot air, or thermal oil for industrial processes.
Step 04
Value
Lower emissions and improved energy flexibility while helping industrial customers reduce fossil fuel use and optimize long-term economics.

A massive market with a scalable platform opportunity.

Industrial heat represents one of the largest and most energy-intensive segments globally, accounting for nearly two-thirds of industrial energy consumption. As electrification becomes economically viable, supported by improving power market dynamics and policy, a new market for storage-enabled heat solutions is emerging. Recent analysis indicates that thermal energy storage deployments in Europe alone could represent approximately €16 billion in cumulative investment by 2035, with project returns increasingly meeting industrial investment thresholds. This creates a scalable opportunity for platforms that can deliver cost-effective, flexible, and dispatchable energy solutions at industrial sites.

~2/3
of industrial energy consumption
Industrial heat is one of the largest and most energy-intensive segments globally.
€16B
European TES opportunity
Cumulative European thermal energy storage investment could reach approximately €16B by 2035.1
BNRG360
represents a validated commercial scaling model
A platform approach designed to capture recurring, project-level cash flows as deployments scale.

A business-first platform enabled by proprietary technology.

Brenmiller combines proprietary thermal energy storage with a contracted energy delivery model, enabling scalable deployment of integrated heat and power solutions.

01
End-to-end energy delivery model
Brenmiller develops, owns, and operates integrated energy systems, delivering heat and power while managing performance, cost, and reliability over time.
02
Tempo is commercial validation
Tempo validates the business model in practice, not just the technology in theory.
03
Long-term contracts can deepen value
Recurring revenue structures can strengthen visibility, customer alignment, and operating leverage over time.
04
Platform approach enabled by proprietary TES
The combination of integrated delivery and proprietary TES enables scalable deployment of flexible, dispatchable energy solutions.

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