Brenmiller Energy (NASDAQ: BNRG) is stepping into a pivotal moment. With commercial thermal energy storage projects taking shape in the U.S., Europe, and Israel, the company is transitioning from proof-of-concept to proof-of-scale and laying the groundwork for a capital-efficient, profitable growth phase. As the world accelerates its push toward decarbonization, Brenmiller’s bGen™ technology is positioned to meet soaring demand for clean, reliable, and industrial-grade energy storage.
Hawk Point Media recently met with Nir Brenmiller, Chief Operating Officer of Brenmiller Energy, to discuss the company’s latest developments, including a recent financing round, major near-term milestones, and how Brenmiller plans to capitalize on global market momentum. In a candid conversation, Mr. Brenmiller addressed the realities of raising capital in a tight small-cap market, while reiterating the importance of keeping momentum ahead of a major inflection point: the commissioning of the company’s flagship Tempo project later this year. He also shared why the company’s 2030 roadmap isn’t just ambitious—it’s actionable.
Here’s what he said:
Q: Nir, can you provide context on the recent financing round? Investors are asking why now, and why on these terms.
A: Let’s be blunt—this wasn’t our dream financing. But the markets don’t care about our preferences, and we’re not here to wait for perfect conditions. While major indexes are sitting near all-time highs, the small-cap environment remains brutally tight. Capital is scarce, terms are tough, and most companies are sitting frozen. We’re not.
We executed this raise because we had to keep momentum and move the ball closer to the goal line. This is not about dilution for dilution’s sake—it’s about execution. We knew the Tempo project is approaching a critical stage, and getting there required capital, plain and simple. Sitting on our hands wasn’t an option.
We didn’t love the terms, but we accepted them strategically because this is a bridge—not a blueprint for future financing. Once the Tempo platform is live, our entire financing playbook changes. We’ll have flexibility to access non-dilutive capital, whether through factoring receivables, project-level financing, or other structures tied to revenue-generating assets. Tempo gives us leverage, not just operationally but financially.
That’s our inflection point. And this financing gets us there. No one is under the illusion that this was ideal, but in this market, good teams adapt and advance. We’re doing exactly that.
Q: How should shareholders think about dilution in the context of your broader strategy?
A: Dilution is never easy. But we’re not here to play defense—we’re here to win. This raise is about short-term pain in the service of long-term positioning. Shareholders should be focused on where this capital gets us: operational milestones, commercial delivery, and Tempo’s go-live moment.
When Tempo comes online, the value proposition of this company changes materially. We’re building toward a business model that doesn’t require constant dilution. In fact, with Tempo, we unlock financial mechanisms that were simply unavailable before—non-dilutive tools that allow us to scale without sacrificing shareholder value.
We made this move to keep control of our trajectory. And once Tempo is operational, we’ll have earned the flexibility to do things differently.
Q: Speaking of that, your flagship Tempo project is progressing toward commissioning during Q3. Can you share an update on the project’s milestones and what it represents for industrial decarbonization?
A: Tempo is a turning point for Brenmiller and for industrial energy at large. This is the largest industrial thermal energy storage deployment in Israel and one of the biggest anywhere. It’s not a demo—it’s a tangible replacement of fossil boilers with a 32 MWh bGen™ ZERO system for Tempo Beverages, a Heineken company that produces Pepsi, and more.
This project estimates eliminating 2,000 tons of heavy fuel use every year and offsetting 6,200 tons of CO₂ annually. Even more importantly—it’s expected to save Tempo $7.5 million in energy costs over 15 years. That’s industrial decarbonization with a business case that speaks for itself.
As for the milestones. We’re on schedule. Stage 1 is on schedule to finish in July. System construction is then expected to wrap in September, with commissioning in October. Once this system goes live, it will make an undeniable statement: thermal energy storage isn’t a future solution. It’s here, it’s working, and it’s saving money.
Q: With Tempo, you now have commercial traction on three continents— Europe, the U.S., and Israel. What do these geographic footholds say about the demand for your solution?
A: Foremost, it says that global demand is no longer theoretical. And the important point about that is that, unlike almost every other known TES company, we’re beyond pilot hype—we’re executing commercial deployments across three continents. Europe is feeling the squeeze from carbon taxes and energy volatility, and industrial users are scrambling for alternatives.
In the U.S., our recent update about our SUNY/NYPA partnership signals that public institutions are ready to deploy, not just plan. In Israel, Tempo is a landmark that proves our tech works at full industrial scale. And as the world just witnessed, grid balancing is needed in Spain, Portugal, and the entire Iberian Peninsula. We believe that market will be in play far faster than anyone might expect. Again, we’re ready to provide solutions, which puts us in an excellent competitive position to capitalize.
This isn’t early innings. This is the start of the commercial ramp. We’re delivering real systems, real savings, and real carbon cuts to a world starving for solutions. Not hoping to like others, but right now.
Q: Between your Technology Roadmap 2030 and the real-world momentum, what should investors watch for next?
A: Investors should watch for execution—and we’re executing at speed. The commissioning of Tempo will be a headline moment, not just for Brenmiller Energy but for the broader energy market. It will prove that thermal energy storage can operate at scale, drive strong returns, and slash emissions in real industrial settings.
Beyond that, we’re expanding deployments in the U.S. and Europe, especially with public-private partnerships and commercial clients that need energy resilience and carbon reduction now, not five years from now. And we’re focused on closing and delivering on a commercial pipeline that already exceeds our current capacity. Demand is there. We’re scaling to meet it.
End interview
Transcriber’s Note:This transcript has been prepared to preserve the integrity and tone of the original conversation. Punctuation and minor edits have been applied at the transcriber’s discretion for the sake of clarity, readability, and continuity. Any changes made do not alter the meaning or intent of the participants’ statements.
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