With the Redbird project and two Texas 10s closed as of July 15, 2026, Bimergen has received $6.4 million cash and will receive an additional $2.5 million upon Redbird project milestones
NEWPORT BEACH, CALIFORNIA, July 28, 2026 (GLOBE NEWSWIRE) -- Bimergen Energy Corporation (NYSE American: BESS) ("Bimergen"), a U.S. energy infrastructure developer and operator, announced that the Bimergen Redbird BESS Project, a 100 MW / 400 MWh battery energy storage project located outside of Houston and two Texas 10s / 80 MWh have closed with FPU-BEC Development Topco, LLC affiliated with Cerberus Capital Management, L.P. and its Frontier Power & Utilities (FPU). The projects are expected to utilize Eos Energy Enterprises, Inc. ("Eos") Z3 long-duration batteries.
Bimergen has received $6.4 million cash and will receive an additional $2.5 million upon Redbird project achieving milestones within Frontier's platform to achieve operating assets. Additional consideration for the transaction is in the form of a 7.5% equity stake in the projects. The operating battery storage projects will primarily generate revenues and gross profits from routinely purchasing power at low prices and selling back to the grid at higher prices.
"This transaction marks an important milestone for Bimergen as we continue to execute our strategy of developing high-quality battery energy storage projects and partnering with institutional capital to bring them to market," said Cole Johnson, Co-CEO of Bimergen Energy. "We have now received $6.4 million in cash, expect an additional $2.5 million upon the achievement of remaining project milestones, and have retained a 7.5% ownership interest in this 480 MWh ERCOT portfolio. This structure provides immediate liquidity while preserving meaningful long-term upside for our shareholders.
About Bimergen Energy Corporation
Bimergen Energy Corporation (NYSE American: BESS) is a U.S.-based renewable energy developer, asset owner and independent power provider focused on utility-scale battery energy storage systems and solar projects. Bimergen develops and operates infrastructure designed to enhance grid stability and support the integration of renewable generation across key U.S. markets, maintaining a diversified pipeline and partnering with institutional capital providers to advance projects through construction and long-term operation. Learn more at www.Bimergen.com.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Bimergen Energy Corporation's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Bimergen Energy Corporation undertakes no duty to update such information except as required under applicable law.
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