BrenX settles EIB debt for €1.1M, eliminating $4.8M facility

Rosh Haayin, Israel - BrenX Ltd. has reached a settlement with the European Investment Bank over a March 2021 credit facility, according to a press release. The company will pay €1.1 million to eliminate about $4.8 million in EIB debt. Once the payment is made and all closing conditions are met, BrenX will cancel the existing finance contract and related equipment and receivables pledge agreement, releasing security.

This settlement is expected to reduce BrenX's liabilities by 54%, from approximately $8.9 million to $4.1 million, as of its June 30, 2026 balance sheet. Shareholders' equity would increase by 77%, from around $4.6 million to $8.2 million. The arrangement could result in income of roughly $3.6 million. However, if BrenX executes certain change-of-control transactions or dispositions within a year of the initial payment, it will owe an additional €2.9 million to the EIB.

BrenX specializes in thermal energy storage and industrial energy solutions, transitioning from thermal storage systems to an integrated energy platform. CEO Nir Brenmiller expressed that this settlement is a significant financial and strategic milestone for the company, potentially strengthening its balance sheet, reducing liabilities, and enhancing financial flexibility.

The financial projections are based on a EUR/USD exchange rate of €1.14 to $1.00 and assume no qualifying transaction occurs during the contingent payment period.