Brenmiller Energy Ltd. (Nasdaq: BNRG), a leading global provider of thermal energy storage (TES) solutions for industrial and utility clients, has announced the signing of a non-binding Letter of Intent (LOI) with Entelios AG, a prominent flexibility service provider in Germany. This collaboration involves Brenmiller’s newly established joint venture, Brenmiller Europe S.L.
Entelios has over 14 years of experience in the German energy market, managing more than 1 GW of net flexibility from industrial loads, power plants, and large-scale battery energy storage systems (BESS). The company specializes in aggregating and trading decentralized flexible assets, utilizing its Entelios Cross-Market Optimization platform to maximize revenues across various short-term flexibility markets.
Through the LOI, Brenmiller and Entelios aim to jointly develop business models that will optimize the operation of bGen™ systems and manage energy costs by participating in multiple flexibility markets. This initiative seeks to provide renewable thermal energy to industrial users in Germany, facilitating a shift from natural gas to electricity and contributing to emission reductions. Entelios will leverage its expertise in optimization and flexibility management services for this project. According to the Europe Thermal Energy Storage Market Report (2022), Germany’s thermal energy storage market is projected to grow to $2.9 billion by 2028.
Avi Brenmiller, Chairman and CEO of Brenmiller Energy, expressed confidence in the partnership: “Our expertise in TES technologies is highly advanced. Entelios enhances our strengths with its innovative approach, combining advanced software, data management, AI, and deep energy market insights. This collaboration will optimize energy costs for our customers and create new revenue streams.”
Fabian Becker, CEO of Entelios, added, “We are thrilled to partner with Brenmiller, a leader in TES technologies. Our goal is to help industrial sites in Germany significantly reduce carbon emissions by transitioning from natural gas to electrification. We plan to provide comprehensive flexibility management services, including strategic energy purchasing, algorithmic energy trading, and streamlined supply of ancillary services. This collaboration not only benefits our clients but also promotes the broader integration of renewable energies, enhancing supply security and supporting the long-term development of a sustainable energy system.”
Brenmiller aims to capture a substantial share of the electric thermal energy storage market in Germany from 2025 to 2030 and beyond. The company offers low-carbon heat through direct technology sales and a Hardware-as-a-Service (HaaS) model, which reduces energy transition costs for customers and enables Brenmiller to generate additional recurring revenue through participation in energy market programs.
