Brenmiller Energy seeks up to USD 17m from IPO in Israel - report

Israeli energy storage-focused company Brenmiller Energy Ltd has filed for a listing on the Tel Aviv Stock Exchange (TASE), seeking to raise between ILS 50 million and ILS 60 million (USD 14m-17m/EUR 12.5m-15m).

According to an initial draft prospectus quoted by local financial newspaper Globes, the initial public offering (IPO) is planned at a company valuation of ILS 200 million to ILS 250 million. The company’s sole owner is founder and CEO Avi Brenmiller.

Brenmiller Energy is currently focused on developing energy storage systems that support both renewable energy plants such as wind and solar parks, and fossil fuel-based facilities. The company is also developing two solar thermal power-based projects in Israel, which will be its first sources of revenue. It plans to direct most of the funds raised through the IPO towards these projects, known as Rotem 1 and Rotem 2. Construction work is expected to start next year.

Brenmiller also plans to build six other facilities at home, in New York and South Africa, while also upgrading a plant in Spain.

(ILS 1.0 = USD 0.284/EUR 0.251)

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