Brenmiller Energy files for Nasdaq IPO
2 min readIsraeli thermal electricity storage firm Brenmiller Vitality (TASE: BNRG) has filed a prospectus with the US Securities and Exchange Fee (SEC) for a Nasdaq Initial General public Offering. The move comes virtually five yrs soon after the company held its IPO on the Tel Aviv Inventory Trade (TASE).

Brenmiller Power operates in the thermal vitality storage sector based on technologies designed by chairman and CEO Avi Brenmiller, who founded the corporation in 2012, right after earlier founding and managing Solel, which was marketed to Siemens.




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Brenmiller Electricity is traded on the TASE at a marketplace cap of NIS 232 million, tens of percentage factors underneath its IPO valuation in 2017. The drop in its market place cap stems, amid other matters, from uncertainty about its ability to deliver revenue and satisfy the funding conditions prolonged to it by Bank Leumi (TASE:LUMI). At the conclusion of 2020, Brenmiller Energy’s industry cap peaked at NIS 555 million but has because far more than halved.

According to the prospectus submitted with the SEC, Brenmiller Electricity will listing on Nasdaq devoid of raising any money despite the fact that some of its shareholders may offer shares as portion of the providing. Israeli monetary establishments Alpha Money and Mor Investments will with each other sell up to 3.3 million shares at this time truly worth about NIS 58.5 million.

Avi Brenmiller himself holds a 36.4% stake in the organization and Israeli businessman Rani Zim has a 15.1% stake. Neither will market any shares in the prepared Wall Avenue offering.

In 2021, Brenmiller reported profits of $395,000 and a internet decline of $10.3 million, in comparison with a decline of $9.5 million in 2020.

Published by Globes, Israel small business news – en.globes.co.il – on April 25, 2022.

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