EIB signs financing agreement with Israeli provider of industrial energy storage solutions
April 1, 2021
The European Investment Bank (EIB) and Brenmiller Energy, an Israeli provider of industrial energy storage solutions, have signed a €7.5 million financing agreement to back the company’s construction of the first large-scale factory for its bGen storage unit.
The loan will allow the company to commercialise the third generation of its heat storage and steam generator system throughout Europe, North America and Africa, thereby 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 programme Horizon 2020.
Thermal energy storage is a cross-cutting technology that will contribute to a green and sustainable energy system by: increasing the share of renewable energies, especially solar thermal technologies and power to heat/heat to power concepts; adding operational flexibility to industrial processes; enabling waste heat recovery in industrial processes; and increasing energy efficiency in industrial processes and buildings.
InnovFin Energy Demonstration Projects Facility provides loans, loan guarantees or equity-type financing to innovative demonstration projects to accelerate the energy transition.