Contributed by Water Tower Research

Bimergen Energy (NYSE American: BESS, BESS.WS) is a Newport Beach, California-based independent power producer and project developer dedicated to developing, owning, and operating utility-scale and distributed BESS across the US. The company was formerly known as Bitech Technologies Corporation and rebranded as Bimergen Energy Corporation in February 2025 to better reflect its strategic pivot toward the fast-growing BESS sector. Bimergen’s core business model is that of a grid-balancing operator with an energy arbitrage model. The company develops BESS assets that store surplus energy during low-demand or high-renewable-generation periods and discharges that energy during peak demand windows, monetizing the spread through energy arbitrage, capacity payments, and ancillary grid services, including frequency regulation, voltage support, and emergency backup. Contracts are structured under long-term offtake agreements designed to provide stable, predictable revenue once projects are commissioned.

Bimergen is a management-driven story with significant growth potential contingent on execution. Co-CEO Cole Johnson, who was appointed to his current role in October 2025 and has served as President and Board Director since April 2024, is central to that thesis. Bimergen’s initial 23-project pipeline was acquired from an entity controlled by Johnson. He founded C&C Johnson Holdings LLC in 2018, building it into a family office focused on solar and energy storage project development. Over his tenure there, he assembled a track record that spans the full development life cycle: securing capital for early-stage projects, negotiating and qualifying projects for project financing, acquiring strategic assets, and advancing clean energy initiatives across high-priority regional markets. Prior to founding C&C Johnson Holdings, he spent six years as CEO of multiple service companies engaged in building and developing energy infrastructure. His depth of experience across the energy development value chain makes him well-qualified to lead Bimergen’s buildout. Complementing his operational expertise, Co-CEO and CFO Bob Brilon brings decades of finance and accounting experience across multiple publicly traded companies, providing the capital markets and compliance infrastructure required to support the company’s growth ambitions.

Bimergen entered 2026 with 23 development-stage BESS projects totaling slightly more than 2 gigawatts of cumulative estimated capacity. These projects span Texas—its largest and most advanced market—as well as Arizona, Louisiana, Virginia, and Pennsylvania, providing exposure to four of the most important wholesale power markets in the US: ERCOT, PJM, WECC, and MISO. At full capacity, a 100-MW project (13 of the 23 development- stage projects are slated to generate at least 100 MW) should generate ~$10 million in revenue and $5-6 million in EBITDA. In addition, on a gross basis, development fees—estimated at 7–8 cents per watt on 100-MW projects—flow to Bimergen upon project acceptance by financing partners, creating a near-term revenue stream before any project reaches commercial operation. In total, gross development fees related to the 23 projects acquired from Johnson could reach ~$150 million. Bimergen would retain 56.25% of these development fees (~$84 million), while an entity controlled by Johnson would receive 43.75%.

In early March 2026, Bimergen expanded its portfolio through the acquisition of eight late-stage 9.9-MW distributed generation (DG) BESS projects from Aggreko’s IPP Solutions business, adding 79.2 MW of nameplate capacity in the ERCOT South region and bringing total portfolio capacity to ~2.08 gigawatts. The acquisition was financed through Bimergen’s joint venture (JV) with RelyEZ, which will also supply the lithium-based, utility-scale batteries for the projects. The company completed its uplisting to the NYSE American exchange in connection with its February 2026 public offering, an important milestone that broadens its investor base and enhances its access to institutional capital as it advances its development pipeline. The offering raised gross proceeds of $13.6 million for the company.

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