The European Investment Bank (EIB) and Brenmiller Energy, an Israeli provider of industrial energy storage solutions, have signed a €7.5 million ($8.8 million) financing agreement to back the company’s construction of the first large-scale factory for its bGen storage unit.
The loan will allow Brenmiller Energy to commercialize the third generation of its heat storage and steam generator system throughout Europe, North America and Africa, bridging the gap between renewables and conventional power. The transaction is supported by the InnovFin Energy Demonstration Projects facility (InnovFin EDP), which is funded under the European Union’s research and innovation program Horizon 2020.
Brenmiller Energy’s thermal storage system consists of three key elements, which include thermal storage, heat exchangers and a steam generator, all inside the same unit. It uses crushed rock as storage material, guaranteeing high performance and low maintenance over time, as well a