Brenmiller Energy Ltd., a global leader in thermal energy storage (TES) solutions, has issued an analytical letter to its shareholders, penned by CEO Avi Brenmiller. The letter, issued today, highlights the crucial role of renewable energy and TES in the current geopolitical landscape, characterized by escalating Middle East conflicts and predicted oil prices exceeding $150 per barrel according to the World Bank's forecast.
Brenmiller suggests that overlooking the potential of renewables and energy storage to meet increasing demands is a misstep, as these resources are becoming more cost-competitive. Drawing parallels with the 1970s oil crisis, which spurred a global shift towards alternative energy sources, Brenmiller underscores the amplified need for energy security in light of climate change and the urgency to reduce emissions.
The CEO's letter also highlights how geopolitical instability is anticipated to speed up renewable energy growth. This trend is visible in Europe's transition due to stringent emissions regulations and reduced dependence on Russian gas, as well as Israel's move towards clean energy as gas exploration decreases.
An American Clean Power Association report was also referenced in the letter, which shows a 172% quarter-over-quarter surge in grid-scale energy storage installations in Q2 2023 in the U.S., contributing to grid resilience. Brenmiller's projects are part of this global growth. These include the world's first gigawatt-scale TES plant and two initiatives replacing fossil fuel boilers at a hospital and with a major beverage corporation.
The company's patented bGen TES technology plays a significant role in achieving energy independence. This technology stores surplus clean power as heat for on-demand use, thereby reducing reliance on imported fossil fuels.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.