Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy" or the "Company") (Nasdaq: BNRG), a leading global energy provider of thermal energy storage ("TES") solutions to industrial and utility markets, today issued a Letter to Shareholders from its Chief Executive Officer, Avi Brenmiller.

Dear Shareholders,

The April 28th outage affecting Spain and surrounding countries further reinforces the need of our technology and validates both our solution and our strategic focus on these geographies. This event highlights the critical importance of reliable energy storage solutions, emphasizing the relevance and value of our offerings.

After more than a decade of innovation, $118 million in strategic investments, and field-proven deployments across three continents, our TES systems are not just operational— they're leading the market. We've collaborated with some of the world's most respected energy leaders, we've commissioned and are building over 100 MWh of projects, and we're on the cusp of completing our flagship Tempo project in Israel, replacing fossil fuel boilers with our clean heat battery technology.

This progress is not aspirational. It's tangible, it's measured, and it's accelerating.

Our pipeline of commercial opportunities, valued at over $500 million, reflects the global demand for proven clean heat solutions. As industries move to decarbonize and reduce their reliance on fossil fuels, our technology is meeting that need head-on with performance, reliability, and scalability. In an environment where many companies are still conceptual, Brenmiller is already delivering.

The market is evolving—and we are leading that evolution with a bold step forward.

We believe that our current corporate structure, designed to expand our reach and unlock new sources of private capital, will help accelerate our timeline to positive cash flow. Under this structure, our parent company retains full ownership of our proprietary technology while licensing it to newly formed European subsidiaries. These subsidiaries are open to direct private investment, enabling them to rapidly scale localized operations and convert our pipeline into revenues—without diluting our public shareholders.

We operate under this corporate structure to strengthen our foundation and multiply our opportunities:

  • It opens access to substantial private capital—without equity dilution
  • It generates near-term and recurring licensing revenues
  • It shifts operating costs to subsidiaries, optimizing our financial profile
  • It positions the value of our subsidiaries to enhance Brenmiller's public market valuation
  • And it accelerates our path to positive cash flow

This structure also aligns with our Technology Roadmap 2030, which lays out a clear plan to launch new systems every 12 to 18 months, ensuring we maintain our competitive edge and continue setting the pace for the global TES sector.

We offer a practical, high-impact solution to one of our time's most critical energy problems: how to decarbonize heat while stabilizing the grid. Our systems reduce industrial emissions, stabilize energy costs, and integrate seamlessly with renewables—all without depending on subsidies or regulatory incentives. That resilience is key for creating value for our customers and why we believe the best is still ahead.

We are fortunate to have the clarity, collaborations, and technological edge to move decisively—and to do so from a position of strength. The future of energy is being written now, and Brenmiller is one of the companies writing it.

Thank you for your continued trust and support. We're building something enduring, and together, we're unlocking its full potential.

With gratitude,

Avi Brenmiller Chairman & Chief Executive Officer Brenmiller Energy Ltd.

About Brenmiller Energy Ltd.

Brenmiller Energy helps energy-intensive industries and power producers end their reliance on fossil fuel boilers. Brenmiller’s patented bGen™ thermal battery is a modular and scalable energy storage system that turns renewable electricity into zero-emission heat. It charges using low-cost renewable electricity and discharges a continuous supply of heat on demand and according to its customers’ needs. The most experienced thermal battery developer on the market, Brenmiller operates the world’s only gigafactory for thermal battery production and is trusted by leading multinational energy companies. For more information, visit the Company’s website at https://bren-energy.com/ and follow the Company on X (formerly Twitter) and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses: Completing the Tempo project in Israel; the Company’s pipeline of commercial opportunities, valued at over $500 million; the Company’s proposed new corporate structure, designed to expand its reach and unlock new sources of private capital, which will help accelerate its timeline to positive cash flow; the Company’s ability to localize operations and convert its pipeline into revenues—without diluting its public shareholders; the benefits of the new strategy, including strengthening the Company’s foundation and multiply its opportunities, opening access to substantial private capital—without equity dilution, generating near-term and recurring licensing revenues, shifting operating costs to subsidiaries, optimizing its financial profile, positioning the value of its subsidiaries to enhance the Company's public market valuation, accelerating its path to positive cash flow; and the Company’s Technology Roadmap 2030, which lays out a clear plan to launch new systems every 12 to 18 months. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” are intended to identify forward-looking statements. Readers are cautioned that certain crucial factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company’s results include, but are not limited to: the Company’s planned level of revenues and capital expenditures; risks associated with the adequacy of existing cash resources; the demand for and market acceptance of our products; impact of competitive products and prices; product development, commercialization or technological difficulties; the success or failure of negotiations; trade, legal, social and economic risks; and political, economic and military instability in the Middle East, specifically in Israel. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on March 4, 2025, which is available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Tori Bentkover brenmillerenergy@antennagroup.com

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