What you need to know: • Bimergen has a portfolio of 23 battery energy storage projects across the US, totaling 2.0 GW, many of which will become operational in the next 2-3 years. • The projects have strong economics driven by 60% investment tax credits, recurring energy arbitrage revenue, and development fees. • The Company has $8.9M in net cash compared to its market cap of $26.0M, translating to the stock trading at just 0.9x/0.3x 2027E/2028E EBITDA modelling only a fraction of its pipeline going into operations. Bimergen Energy Corporation (BESS:NYSE) is an owner, developer, and operator of utility-scale battery energy storage systems across the U.S. The Company has 23 projects in development, totaling 2.0 GW, of which 280 MW is expected to be in operation by 2028, generating $52.2M in EBITDA compared to BESS’s enterprise value of $17.1M. We are initiating coverage on BESS with a BUY rating and a $9.50/share target price. Investment Thesis Summary War Chest of Cash and Ample Financing Capacity. Following its recent financing at $4.00/share, BESS has a net cash balance of $8.9M ($1.20/share) compared to its market cap of $26.0M. As such, the market is ascribing little value to BESS’ portfolio of projects. BESS has $250M in commitments for the mezzanine/equity portions of its projects and will cover the remainder with debt. Active Pipeline of Projects. Bimergen purchased its portfolio of battery storage assets in 2024, strategically located across the U.S. to take advantage of the most prosperous energy arbitrage markets. Collectively, the portfolio represents 2.0 GW, and management has a goal of reaching 4.0 GW over the long-term. BESS has 200 MW of near-term projects, which will become operational in 18 months.