Bimergen Energy Corp. (NYSE American: BESS) presented its battery energy storage development pipeline at a Water Tower Research virtual insights conference on September 23, 2026, detailing a financial-engineering approach that avoids upfront cash deployment while accelerating projects toward revenue.
Co-CEO and CFO Bob Brilon described the company's strategy of purchasing development-stage assets and selling them into the market as soon as they reach a shoppable milestone. "We really go out and do a financial engineering where we buy a project and sell a project really as soon as we have a place to put it," Brilon said.
Bimergen holds a 2-gigawatt pipeline comprising roughly 30 development-stage projects across multiple U.S. ISO regions. The company acquired the portfolio from a separate entity founded by co-CEO Cole Johnson in April 2024. Using a rule of thumb of $20 million in annual revenue per 100 megawatts of storage capacity, Brilon estimated total potential annual revenue from the pipeline at approximately $400 million.
On individual project economics, Brilon cited typical development costs of about $125 million for a 100-megawatt asset and standard development fees ranging from $5 million to $8 million per project. The company also noted that the timeline from financing to grid connection typically runs about one year, significantly compressing what previously required two to three years of pipeline assembly.
One of the earliest revenue contributors is the Aggreko joint venture, GridSpan, which holds eight Texas projects totaling 80 megawatts — each just under 10 megawatts — expected to reach commercial operation in the fourth quarter of 2024 or first quarter of 2025. RELiON Battery contributed an initial $10 million capital injection to the venture, with Bimergen contributing no direct capital. Brilon estimated the Texas portfolio could generate about $16 million in annual revenue and $8 million in EBITDA, implying a 50 percent margin.
The Redbird project, a 100-megawatt, 400-megawatt-hour storage facility using Eos Z3 long-duration technology, has already delivered a $5 million upfront development fee to Bimergen, which retains a 7.5 percent equity interest. The company expects the retained stake to produce between $750,000 and $1 million in annual returns once operational, and provisionally valued the position at $500,000 in the second quarter.
Brilon emphasized that Bimergen's capital structure follows an 80/20 split of debt to equity, relying heavily on Investment Tax Credits that can provide up to 50 percent of project cost upon grid connection. Those credits are monetized immediately through tax equity partners at roughly $0.95 on the dollar, reducing the need for equity deployment. "Having those relationships, having those partners that you've worked with before, is very key to our business," he said.
The development value unlocked from the 2-gigawatt pipeline was estimated by Brilon at approximately $150 million based on standard per-project development fees. Bimergen's shares trade at $2.80, down 84 percent from a 52-week high of $17.12 and 73 percent year-to-date. The stock recorded a trailing twelve-month loss of $1.06 per share. Analyst price targets cited in the transcript range from $9.50 to $10.
