April 30, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Bimergen Energy Corporation (NYSE AM: BESS) titled, “Capital-Light, Grid-Balancing Operator with an Energy Arbitrage Model”. The report can be accessed here.
Bimergen develops battery energy storage systems (BESS) assets that store surplus energy during low-demand periods and discharges that energy during peak demand windows, monetizing the spread through energy arbitrage. The company’s portfolio consists of 23 development-stage and eight late-stage projects with a cumulative estimated capacity of more than 2 gigawatts.
US battery storage capacity is projected to grow substantially over the next five years. Drivers include the rapid buildout of intermittent wind and solar generation requiring flexible storage assets to smooth supply; AI-powered data centers that are straining grid infrastructure; and federal policy that has dramatically improved the return profile of standalone BESS projects.
Bimergen has structured its operations around offtake and tolling agreements that should provide a contracted revenue floor with potential upside participation. Underpinning the entire model is 100% project-level financing, which means capital expenditures are funded at the individual project level and not by Bimergen. Importantly, Co-CEO Cole Johnson has a track record that spans the full development life cycle of energy storage project development, including securing capital for early-stage projects, negotiating and qualifying projects for project financing, and acquiring strategic assets. Near-term catalysts include a binding offtake agreement executed with Goldman Sachs, first commercial operations in ERCOT South, and a notice to proceed (NTP) issued on Project Redbird.
The market currently appears to be assigning little credit to Bimgergen’s more than 2 GW of projects, its strategic partnerships, or its capital-light financing structure. Our revenue estimates are $15.5 million, $75 million, and $154 million in 2026, 2027, and 2028, respectively and our EPS estimates are $0.11, $1.76, and $3.53 for 2026, 2027, and 2028, respectively. Based on our forecast, Bimergen is valued at a discount to publicly traded peers on an enterprise value-to-revenue and a price-to-earnings basis.
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