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Israeli thermal power storage firm Brenmiller Vitality (TASE: BNRG, Nasdaq: BNRG) noticed its share worth fall 15% to $4.40, on its first day of buying and selling on Wall Road, 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 significant milestone within the firm’s historical past and represents one other step ahead in our firm’s effort to ship utilities and industrial corporations the thermal power storage options they should notice their electrification and de-carbonization targets. Our new itemizing on Nasdaq will assist us higher educate the worldwide funding neighborhood about our revolutionary thermal storage de-carbonization know-how, whereas on the similar time making it simpler for us to entry any capital we may 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 supplies clear and sustainable thermal power for utilities and industrial crops.
Brenmiller is at the moment working to deploy its TES resolution 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 bought 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 bought any shares within the Wall Road 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 getting 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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