Brenmiller Energy (NASDAQ:BNRG) stock is rising on Thursday as investors celebrate the company’s shares regaining compliance with Nasdaq listing standards.
Brenmiller Energy notes that its shares are no longer in danger of being delisted due to minimum bid price problems. That’s thanks to shares of BNRG stock trading for more than $1 per share for 10 consecutive business days.
Investors will remember that Brenmiller Energy enacted a reverse stock split at the start of the month to boost its share price. This saw the company consolidate 10 shares of BNRG stock into a single share. Doing so increased its share price without affecting its market capitalization.
Tax Credit Hopes Help BNRG Stock
In other news, Brenmiller Energy is hoping for a tax credit from the U.S. Government for its thermal energy storage (TES) systems. A proposition from the government could result in this type of technology being eligible for a credit in the Section 45X Advanced Manufacturing Production Credit of the Inflation Reduction Act of 2022.
Avi Brenmiller, chairman and CEO of Brenmiller Energy, said the following about this.
“This credit incentive is a pivotal moment for thermal energy storage, and for Brenmiller. It signals a clear understanding that thermal energy storage is a critical pillar for decarbonization. We believe this proposed regulation’s impact on TES will mirror the transformative effect tax credits had on solar and electric vehicles, propelling companies like Tesla.”
BNRG stock is up 5.9% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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