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Israeli thermal vitality storage firm Brenmiller Vitality (TASE: BNRG, Nasdaq: BNRG) noticed its share value fall 15% to $4.40, on its first day of buying and selling on Wall Avenue, giving a market cap of $56.2 million. Previous to buying and selling yesterday, Brenmiller Vitality raised $15 million from traders in a non-public placement.
Brenmiller Vitality chairman and CEO Avi Brenmiller stated, “Brenmiller Vitality’s itemizing on Nasdaq is a serious milestone within the firm’s historical past and represents one other step ahead in our firm’s effort to ship utilities and industrial firms the thermal vitality storage options they should understand their electrification and de-carbonization objectives. Our new itemizing on Nasdaq will assist us higher educate the worldwide funding neighborhood about our progressive thermal storage de-carbonization know-how, whereas on the identical time making it simpler for us to entry any capital we might have to assist us proceed to develop our firm.”
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Brenmiller’s patented know-how shops warmth at excessive temperatures utilizing crushed rocks and offers clear and sustainable thermal vitality for utilities and industrial crops.
Brenmiller is at the moment working to deploy its TES answer with among the largest industrial and utility clients globally, together with Philip Morris Worldwide, Enel (Italy), Fortlev (Brazil), and the Israeli Protection Forces.
Avi Brenmiller, who based the corporate in 2012, beforehand based and managed Solel, which was offered to Siemens. Avi Brenmiller himself held a 36.4% stake within the firm earlier than the Nasdaq IPO and Israeli businessman Rani Zim had a 15.1% stake. Neither offered any shares within the Wall Avenue providing.
In 2021, Brenmiller reported income of $395,000 and a internet lack of $10.3 million, in contrast with a lack of $9.5 million in 2020.
Sullivan & Worcester LLP acted as Brenmiller Vitality’s US authorized counsel and Shibolet & Co. acted as Brenmiller Vitality’s Israeli authorized counsel in making ready for the Nasdaq itemizing.
Printed by Globes, Israel enterprise information – en.globes.co.il – on Could 26, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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