Bimergen Energy Raises Funds for Expansion

Bimergen Energy Corp., which is using massive batteries to store electricity on a utility scale to relieve aging U.S. grids and reduce energy price volatility, has raised more than $12.3 million in a public stock offering to further its projects. 

The company is part of a movement known as BESS – Battery Energy Storage Systems – utilizing large-scale battery use to help with the energy flow and growing demand from electricity-hungry data centers. 

The business model is straightforward. The company constructs so-called battery farms to buy and store energy when the supply is high, and the price is low, and then sell it back to the utility “when the demand is high, and supply is low from renewable sources,” co-CEO Bob Brilon told the Business Journal on Feb. 26. 

“The system provides a way to store electricity generated by renewable sources such as wind and solar farms.” 

Proceeds to Help Develop More Projects 

The Newport Beach-based company intends to use the proceeds to develop BESS projects and to use as working capital. (NYSE American: BESS) 

“We develop BESS farms (to) store surplus energy during low-demand periods and dispatch it during peak demand, optimizing grid stability and efficiency,” Bimergen says on its website. 

The company closed the public offering at $13.6 million, of which Bimergen will net $12.3 million after fees and other costs, according to Brilon. 

The company’s shares were trading at $3.02 apiece on Feb. 26, down about 30% from a year earlier, for a market cap of $12 million, 

The public offering was required to qualify for an uplisting from the Over the Counter market to the NYSE American market. 

The shares and accompanying warrants started trading on the NYSE American market last month. 

23 BESS Projects 

Bimergen owns 23 development-stage BESS projects with an estimated cumulative energy capacity of 2 gigawatts. That is enough to power more than several hundred thousand homes. 

The company secures project financing and oversees construction of its energy storage projects, while operating partners and institutional counterparties will manage daily energy trading operations under long-term offtake agreements, ensuring stable, contract-backed revenue to de-risk our operations. 

The company also owns 13 development-stage solar energy projects with an anticipated cumulative generation capacity of 1.64 gigawatts. 

Bimergen says it sees accelerating demand for grid stability driven by renewable energy integration, electrification, and AI-powered data center growth.