Bimergen Energy (BESS) Status update summary

Business model and project pipeline

• Focuses on building 100 MW battery farms, each costing about $125 million, with 23 development-stage projects totaling over $2 billion in required investment.

• Projects generate approximately $20 million per year in energy arbitrage revenue once operational.

• Acquired 23 projects from Cole Johnson’s company in April 2024 for $22 million in stock, with a fair market value of $150 million.

• Recently closed eight late-stage DG projects from Aggreko, using a joint venture structure with RelyEZ, which will be a repeatable playbook.

• Pipeline expected to grow from 2 GW to potentially 4 GW over four years, targeting $800 million in annual revenues.

Financing and capital structure

• Raised $13.6 million through an uplisting to NYSE American, used for working capital and not for project acquisition.

• Secured $50 million mezzanine debt commitment from RelyEZ and $200 million equity commitment from Cox (Spain), unlocking up to $1 billion in bank debt.

• Eos, a U.S.-based zinc bromide battery partner, recently joined as a key project partner.

• Projects are financed with about 20% mezzanine/equity and 80% long-term debt, with investment tax credits (ITC) monetized to pay down debt.

• No convertible debt; 7.3 million shares outstanding, 3.6 million tradable warrants at $5, and a clean cap table.

Revenue model and risk management

• Revenue streams include energy arbitrage, development fees, and stable contracts with tolling agreements that guarantee minimum revenue floors.

• Tolling agreements with major financial institutions provide guaranteed revenues for 5-6 years, de-risking the business.

• Monetized ITCs provide immediate cash to pay down project debt, improving project IRR.

• Development fees and operational revenues expected to drive profitability and cash flow positive status in 2026, with full operations in 2027.