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 planned 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 projects from Aggreko, using a joint venture model with RelyEZ, which will be a repeatable playbook for future acquisitions.

• Targeting 2 GW of projects in the pipeline, aiming to reach 4 GW within four years, with potential annual revenues of $800 million.

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 in mezzanine debt from RelyEZ and $200 million in equity commitments from Cox, unlocking up to $1 billion in bank debt.

• Project financing is structured with 20% mezzanine/equity and 80% long-term debt, with investment tax credits (ITC) monetized to pay down debt.

• ITC monetization provides $60 million per $125 million project, improving project IRR and reducing debt service.

• Clean cap table with 7.3 million shares outstanding and 3.6 million tradable warrants at $5, with no convertible debt.

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 five to six years of guaranteed revenue, de-risking early operations.

• Partnerships with Tenaska for market scheduling and with RelyEZ, Cox, and EOS for project development and supply chain.

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