Thermal energy storage (TES) is finally getting its breakthrough moment. Brenmiller Energy (NASDAQ: BNRG) is part of it, with its bGen™ platform advancing from proven toward mainstream—a milestone that validates not only its technology but also the TES sector for the efficiencies it delivers.

Rightfully so. Industrial heat accounts for nearly a quarter of global emissions and has long been considered “hard to abate,” since factories require constant, high-temperature energy that only fossil-fuel powered boilers have reliably supplied. Without scalable storage, the industry remained locked into fossil fuels even as renewables gained momentum. However, Brenmiller’s progress marks a turning point—showing, perhaps better said, proving that thermal energy should no longer be considered as an afterthought but rather as the connective tissue that lets industry use clean power when and where it’s needed, 24/7/365.

And the driver is not only engineering but also economics. With contracts secured, financing that lowers risk, and projects in the tens of millions, Brenmiller is putting its TES solutions on the same trajectory that took solar and wind from experiments to infrastructure—only this time the focus is on industrial heat, where the opportunities may be even larger. And the proof isn’t theoretical. It’s already showing up in commercial deployments.

How Brenmiller Is Turning Thermal Storage Into a Commercial Reality

The company’s 32 MWh installation for Tempo Beverages—40% owned by Heineken and the sole Israeli bottler for Pepsi—demonstrates, for instance, how an industrial facility can replace fossil boilers with reliable, renewable-driven heat. Instead of relying on renewable generation to align with production schedules, Tempo will be able to store off-peak electricity and dispatch it as high-quality steam when needed. The result: lower emissions, more predictable costs, and an energy supply that keeps pace with its manufacturing demand.

And behind that outcome is a financing model designed to make adoption easier. Brenmiller’s Heat-as-a-Service (HaaS) model, essentially a long-term agreement where customers pay for clean heat instead of owning the equipment, allows companies to decarbonize, often without upfront capital. Brenmiller guarantees performance, covers operations and maintenance, and takes on risk. It’s the same playbook that made solar power bankable a decade ago, and it positions Brenmillers bGen as a procurement solution, not a science project.

That model—and the bGen™ platform itself—is attracting the right kinds of attention. In April, bGen™ ZERO won the Gold Medal at the 2025 Edison Awards in Energy Storage and Management. Brenmiller has also broadened its footprint. A case-study deployment with the New York Power Authority (NYPA) demonstrated U.S. versatility, and in June, the company signed an MoU in Japan, one of the world’s most demanding industrial markets, to accelerate TES adoption.

Fueling Growth: SMR Integration, EU Backing, and a $25M Funding Catalyst

If adoption proves a technology, platform breadth sustains it. Brenmiller is benefiting from both. The company is developing a nuclear-aligned version of bGen™ designed to integrate with Small Modular Reactors (SMRs), a new generation of compact nuclear plants that can be built faster and operated more flexibly than traditional reactors. Nuclear provides firm baseload power, while TES multiplies its value by storing excess generation and releasing high-temperature heat on demand. That shores up the primary weakness of nuclear power, and more importantly, is the type of flexibility that manufacturers and policymakers need in an increasingly electrified, AI-driven economy.

And Brenmiller isn’t just theorizing about this flexibility—it’s actively building it into its growth strategy. A July MoU targets up to $50 million in SMR-integrated TES projects by 2030, and Brenmiller has also been tapped for support through the EU Innovation Fund, with an estimated €4 million allocation for bGen™. To capitalize on these opportunities, the company secured a funding agreement with Alpha Capital Anstalt, which provides up to $25 million in equity financing, expandable to $50 million if all the warrants are exercised.

This capital gives Brenmiller the runway to accelerate installations under its Heat-as-a-Service model—turning a micro-cap already landing multi-million-dollar projects into one with the financial firepower to scale faster than markets may be pricing in.

Commitments Carry Value Beyond Entire Market Cap

Perhaps the most eye-catching milestone is the Solwyn project in Spain. This £25 million clean-energy initiative aims to replace fossil boilers with renewable energy and storage, with £7 million directly allocated to Brenmiller’s bGen™ systems. For a company trading at only $2.01 per share with a market cap of about $5.5 million at the market close on August 18th, that single project allocation eclipses its entire public valuation and highlights a glaring disconnect between Brenmiller’s market price and the scale of opportunities it is securing.

That disconnect becomes even clearer when compared with private peers. Rondo Energy carried a valuation of roughly $547 million in its Series B round in December 2024, while Antora Energy reported a valuation of about $559 million in February 2024. Because these companies are private, the latest valuations available are not publicly disclosed; however, they still imply multiples of 80 to 85 times BNRG’s current market cap.

Against that backdrop, Brenmiller’s contracts, capitalization, and pipeline suggest that public markets may be materially underestimating the company’s value. And while the long-term story is what matters most, it is worth noting that BNRG stock has already risen by more than 17% since the start of August at its recent $2.01, a sign that the market may be starting to take notice.

Why Brenmiller’s Breakthrough Signals a Mainstream Moment for Thermal Energy Storage

And it should. Thermal energy storage is finally stepping into the role that batteries play for electricity: storing energy when it is cheap or clean and releasing it when it is most valuable. Brenmiller’s recent achievements, including plant-scale deployments, Heat-as-a-Service financing, Gold Medal recognition, nuclear-integration development, EU-backed programs, the Solwyn partnership, and a funding structure to accelerate deployment, all point to one conclusion. TES has crossed the adoption threshold.

For manufacturers, it is now a real procurement option. For governments, it is a practical tool to hit climate targets. And for investors, Brenmiller represents one of the clean-energy sector’s most asymmetric opportunities, a micro-cap stock with technology, validation, capitalization, and contracts that could unlock a future far larger than today’s valuation suggests.

Sources and references:

• https://bren-energy.com/press/

• https://finance.yahoo.com/quote/BNRG/

• https://finance.yahoo.com/quote/BNRG/history/

• https://bren-energy.com/partners-and-distributers/

• https://bren-energy.com/investors/

• https://bren-energy.com/wp-content/uploads/2025/07/BNRG_JULY25.pdf

• https://forgeglobal.com/rondo-energy_ipo/#:~:text=$546.94MM,Log%20In

• https://forgeglobal.com/antora-energy_ipo/

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