Hi, this is Craig Bradford with RedChip Companies. Thank you for joining today's event with Bimergen Energy Corporation, which trades on the New York Stock Exchange American under the ticker BESS. With us today, we have Robert Brilon, Director, CFO, and Co-CEO of Bimergen, and Cole Johnson, who is also the Co-CEO of Bimergen. We will begin with a brief presentation in a moment, and then we will answer your questions. Users may submit a question at any time. Click the Q&A button at the bottom of your Zoom window. Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements.
Any statements that are not historical fact should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. Bimergen team, welcome, and please go right ahead.
Thank you very much. Appreciate it. Cole and I appreciate you guys taking the time to hear about Bimergen Energy. Again, I hope it's a great day for you. We are excited about what's happening here at Bimergen. We will jump right into it. Bimergen Energy is a company that is building battery farms. These battery farms are projects that are the size of about 10-30 acres, and our typical is about 100 MW. What's important about that is building a 100 MW battery farm costs about $125 million. As you can see on the slide here, we have 23 development stage projects in process. That's going to take over $2 billion to get those in the ground. What's nice about them, though, once they're in the ground, they're creating about $20 million a year in energy arbitrage.
That's our business model, is buying and selling energy. We take it into the batteries and sell it back out on a daily basis. Sometimes it's even by the minute, by the hour, just depends on how the day is going. What I also need to bring up here is we just did an uplisting to New York Stock Exchange. We raised $13.6 million. That $13.6 million wouldn't go very far in building these projects. That $13.6 million is really just to get us on the New York Stock Exchange and have some working capital. We really finance these projects off balance sheet, if you will, with the project basis. Each project has a mezzanine part to it, which is usually about 20%, or a project equity partner. The other part is done by long-term debt, which is about 80%.
Again, using the numbers we talked about $25 million in the mezzanine or project equity, and $100 million is in the long-term debt. The other good thing about this is the reason it pencils out so nicely and makes it a very profitable entity for us is that when you go down and get it operational within that 9 months to a year, you now get an investment tax credit. This is a federal tax credit that we don't have to use, we can actually monetize immediately. On our numbers, when you talk about $125 million, you get $60 million back. You then pay off your first mezzanine debt, say that was at about 12%, and then you pay down your bank debt. You're only at $65 million against that $125 million asset.
That's throwing off $20 million a year in annual arbitrage revenues for you. We'll get into the details here. The 23 projects we actually bought from Cole Johnson's company back in April 2024. We did this for common stock. Cole owns about 25%-30% of the company right now, and he owns that in just common stock. He has taken these projects from the beginning to getting them through almost NTP on several of these projects. What we needed from then on was getting the financing. That jumps into the next part. That next part really comes down to the money that we're bringing in. I'll jump to here. We have $50 million that we have commitments from RelyEZ.
RelyEZ is a battery manufacturer out of China. They have committed the $50 million worth of mezzanine debt, and $10 million of that has already gone into a joint venture. We just recently announced that we are moving forward with projects with that, and they've already funded the initial development fees back to us. That's where I should also mention, another revenue stream for us, besides that $20 million a year per project, is also development fees. The 23 projects that we bought, and again, we paid $22 million worth of stock, and that's what they're on our balance sheet for. They actually have a fair market value of about $150 million. Yes, there's a disparity there that you've got $22 million on your books, and it's really got a value of $150 million. That's a good thing for our future shareholders.
The other one here is Cox. Cox is not Cox local, but it's Cox out of Spain. We have a $200 million commitment from them. Again, between the two of those, the $250 million worth of equity capital, that unleashes about $1 billion worth. That's over half of our pipeline of actual bank debt that can be matched up against that. We also have Gotion here as another, again, supply chain with lithium battery out of China. They're also doing manufacturing now here in the U.S. We were working with them on a supply chain agreement when Cox came to us and said, "No, now that you have a deal with us, we actually have an incredible supply chain agreement with Gotion, and it's better than you would ever get." It was great that they brought that to the party.
Last here is Eos. It wasn't in our original $250 million number of really equity partners. We knew we'd be working with them because we'd talked to them for several months, in fact, years at this point. Eos is going to be an incredible partner. They do zinc bromide batteries. Again, they're here in the U.S., so that's good for both tariffs and also investment tax credits for us. Eos, we just announced that we're doing a project with them, and it is Redbird. We're moving forward with Redbird. There's money being thrown at that project now. We'll do more conversations in the near future as to exact timing on when that'll be done. You'll hear more about that. Let me back up here just a little bit, and we're going to get to the rising power demand in intermittent renewable supply.
A lot of our shareholders don't need to be told about this, but it is really the sustainable model. It's because between now and 2030, it's expected that energy use is going to double here in the United States. What that means is the renewable supplies are going to try to keep up, but at the same time, the key word there is intermittent. There's times where several terawatts of this energy is actually being generated but can't be used on a yearly basis. That's because there's a gridlock there at the actual grid. We're there to take that power off very, very cheap prices and put it back on when the grid needs it. Again, we're that balancing act, if you will. We're that arbitrage.
It's a capitalistic model for us, but at the same time, we're really helping the economy and the grid, it works for everybody efficiently. The deepening duck curve is just a model that's been done over the last 15 years, just showing again the disparity between supply and demand. This is really showing you that we really don't care where the energy comes from. It can come from solar, it can come from wind, oil and gas, hydroelectric. Doesn't matter, because when it gets to the grid itself, we take it off at the substation. That's when we put it into our batteries and hold it for when we then exit it back out. Again, part of this is it's a buy low, sell high arbitrage model.
The other piece that's in this, though, that you need to be aware of is we have guaranteed revenues, and that's because our banks that write us that $100 million check initially for the equipment, they want to make sure they're going to get covered for their payback and also the debt service. They require us to put a tolling agreement in place. With the likes of a Goldman Sachs, Marex , or somebody like that, we're doing agreements where we'll have that tolling agreement where it has a floor and then we share in the upside. Again, that's guaranteed revenues. We're not taking the risk. That's usually a five to six-year agreement, these batteries will last 15 to 20 years. Also here, we talked about the long-term tolling agreement, also we need a scheduler.
Instead of hiring our own trading desk, several guys that are watching the market, knowing when to buy and sell energy from the grid, we are actually working with Tenaska. Tenaska runs about 60% of the market actually in Texas right now. Cole and his group have worked with these guys before. It's really a good partnership where they take a small piece of the pie, but you know everything runs very smoothly, and again, they'll work very closely with the group that we choose for the tolling agreements. The case study with like Redbird, it's a 100 MW project. The key thing here is having all the key partners in place. This has just come out for the last six months, if you will.
As soon as we decided and got all these agreements locked in with our equity partners, with RelyEZ, Cox, and now EOS, we really have been flooded with additional opportunities for partners, but also additional opportunities for development projects. Even though we have 23 projects, they're going to be about two GW worth of projects. Again, like I said, that for us is about $150 million worth of just development fees that come back to us, not including the $20 million annually for each one of those. Again, if you take the two GW times $20 million, you realize that's $400 million annually that we should be at once we get this two GW in place. We expect that to happen over the four-year project.
The other thing that I was bringing up there, though, is we're being brought projects to us that are ready to go. We want to bring those projects under the Bimergen umbrella. Not only having the projects that are in our pipeline, but growing from these other projects that are out there and ready to go. You'll hear more about that as we give press releases and those come into play. Having all the pieces of the puzzle here are what's key, because this is not something that everybody has. Not everybody has their offtaker. They don't have their equity guy. They don't have mezzanine. They don't have the end bank guy. That's what we have in place now is all these partnerships.
Hey, Bob.
And the key-
Bob?
Yes.
This is Craig. I'm terribly sorry.
Yeah.
We can't see your deck right now. Could you make sure that you're sharing it?
Sure.
Appreciate it. Thank you very.
Is that there?
We can now see your investor presentation, Bob. Thank you very much.
All right. Sorry about that. I don't know how that got taken off. Let's just go back just so you can see the deck as I've talked about the 23 projects, 2 GW, and $250 million worth of committed capital. Again, 23 projects. The development process that has gone through, and again, that takes a couple of years. We talked about the demand and the sustainability, and again, here we talked about the buy low, sell high, and getting the tolling agreement in place. Here were our partners, again, RelyEZ, Cox, and EOS, all who we're working with on different projects. We talked about scheduling, and again, that we were here talking about a $125 million project, about 68% of that is equipment capital. Your project guys and your bank guys are very happy that most of your money is going to physical assets.
The other part of this is the management team. The fact that we have a been-there-done-that management team is what's key. You've got Cole Johnson, who's been in this business for over 20 years. Again, he's been in oil and gas, battery, solar, all of the above. At the same time, he's done every aspect of the business. He's done the corporate finance, the project finance, and run the companies in his past. He understands what needs to happen. Myself, I've got 35+ years now in capital markets, taken several companies public, understand what we need to do now that we are uplisted.
We're going to be out talking just like this to more and more investors, making sure that we get on those road shows, understand which institutions need to be aware of us, because it's not always about walking in and asking for the order, asking for somebody to buy into your company. It's really making them aware of it, so when you hit that inflection point, i.e., this year, we'll hit profitability, we'll hit cash flow positive. When they see that, they're like, "Okay, that's when I want to get in." We want to make sure we do that. We have that liquidity for current investors and future investors so that we get the word out there.
This is going to be a company that people are going to talk about because when you get to be profitable in your first year and you've got this type of extrapolation on profitability going forward, it's something that people can't deny. We're excited about that. Cole brought along with him a great management team. These guys are also been-there-done-that, but they also bring their own relationships. These, I've talked about it before, are priceless relationships. You just can't buy these. Again, Ben Tran, he's our founder, brought us all together, and he does a great job for us also on a daily basis. We have a balance sheet. Again, very simple. We have $23 million on our assets. Originally, you'll see it was a 930 number. Since then, we've raised $13.6 million.
Again, you have $39 million now in assets, and you have stockholders' equity. Again, that's gone up to $13.6 million also. The cap table is very clean in that we don't have any convertible debt. We have 7.3 million shares now outstanding after this offering. We now have tradable warrants in the market of 3.6 million. Those are at $5. With our stock trading now down in the three range, it's really a good opportunity we see for people right now. 12.3 on a fully diluted basis. I'll just summarize here. We talked about 2 GW, but again, we're hoping to be closer to 4 GW at the end of four years just from these other projects that are coming into us. We just announced the projects we bought from Aggreko. Those weren't in our initial pipeline.
Again, they add to our capability of making more revenues and creating more operations. The stable contracts guaranteeing minimum revenue floor with our tolling agreements and these hedge agreements are important because it de-risks. If there is a fluctuation in the market and it's not as good as everybody thought it was going to be, we're not taking that risk in those first five years. It's actually the group that we work with on that tolling agreement. The project financing, that is very important. That's what most people don't have. Us having the opportunity to work with RelyEZ as well as Cox and Eos now is awesome because we're moving several projects forward with the three of these groups. We talked about the $250 million, which now add in Eos, you have even more.
The key relationships, again, these are the relationships that got brought to us by Cole and his team. The market tailwinds are obvious. With data centers, AI, everything chewing up more and more energy, we are going to be a sustainable model and a needed business. We're very excited that we have this kind of runway ahead of us. Working with these gentlemen that I just talked about is a delight because everybody knows what they're doing, they know where we're headed, and we're just excited to be part of this company. We're also excited to make our shareholders a lot of money in the near future. With that, I'll turn it over to any questions you might have.
Bob, Cole, are you going to have any words or should we go straight to questions?
Let's just go straight to the question. I think Bob.
Absolutely.
Yeah.
Excellent. Thank you very much. All right. If you have a question, please use the Q&A button at the bottom of your Zoom window and type your question into the text box that will appear. We already have several questions, gentlemen. When should we expect talks to begin with data center owners?
Really, we've decided at this point that we're working directly with the utility companies. We're buying our energy from the utility companies, we're powering our batteries, and we're selling it back to that same utility company. That's the tolling agreements that are currently in place. That's not to say that we can't do the other model, which is straight with a data center. In fact, it would likely be our tolling agreement partners that would have those relationships and work with those data centers. We know that they already have those relationships. There's nothing to say that one of our projects, two of our projects might be going that way in the near future. Right now, we're really focused on that utility scale, buy it from the utility, sell it back to utility, just doing our own energy arbitrage.
Thanks, Bob.
Sure.
What were the plans for the $13 million raise? Was that to acquire the RelyEZ projects, would your capital partners typically help fund similar acquisition?
Yeah. No, actually, the $13 million wasn't used and wasn't planned to be used for acquisition of those projects. Those projects were actually acquired out of our joint venture with that RelyEZ group. Our joint venture is called GridSpan. We actually got development fees that we used for the initial acquisition, and then also for initial long lead equipment purchases. Again, the GridSpan and the bank funding will be what is used for that project. Same thing over on the EOS side. EOS project is moving forward. It was never planned to use the $13.6 million for the project. We'll be working with EOS and their financing partners to move that project forward.
When do you expect Redbird to get to the construction phase?
We really haven't put that information out yet. We will put that out probably in the next 30 to 45 days. We'll know exactly when construction will start, and we'll actually probably let you know who we've picked for the construction partner on that. Same thing on the Aggreko 80 MW that we purchased. We are close to letting out those contracts, and we'll let people know again who we're working with because it's always nice to give your partners some good publicity. Everybody likes to know that you're working with good partners when it comes to construction of these projects.
How aggressive will you be in the data center space, and how soon do you see yourself providing your products to data centers?
That's kind of the same answer as the first question. We really aren't focusing on data centers. Data centers are definitely eating up a bunch of the energy. Our tolling agreement partners do have those relationships, but we're just focused right now on buying and selling to the utilities.
You have a quarter billion dollars in committed capital from strategic partners. What unlocks the next tranche? Would it be Redbird or something else?
What unlocks those tranches are actually just project acceptance, I'll call it. These projects are looked at by our partners, and they decide, yes, we want to go forward with this project. That's kind of what happened with Redbird. That's what happened with now the Aggreko 80 MW. That'll happen again and again. It's going to be rinse and repeat. Each project will come up, be reviewed, go through due diligence and decide, okay, let's start this one. Let's throw some money at it and get it over the line.
Walk me through the ITC monetization mechanics on Redbird specifically. When does that cash actually hit the balance sheet relative to COD? Does this capital help fund the next project? That would be a great benefit for investors.
Yeah. No, actually, the ITC is used to our great benefit, but it really isn't usually used for the next project. It's used on that project. You want to make these projects themselves on a project-by-project. You want them to have an IRR in the high teens. To do that's when you have the $125 million that you spent on the project, and then you have the $60 million again, right at, when it's operational. That comes back to you from the monetization with your tax equity partner, and you then pay down your debt. Really paying down that debt really means you have a lot less debt service, and you have a lot less debt to pay back from your cash flows.
That's why everything works out for the whole project, is because those ITCs are very important, and monetization of them is very important. If you had to wait and use them yourselves, you just wouldn't have that same IRR.
What are your similarities to and differences from Bloom Energy?
I'll be honest, I don't know much about Bloom Energy. We've seen them on the outskirts. I don't know, Cole, do you have any more insight?
Bloom is similar in ways as they'll come back, do some behind-the-meter stuff, data center stuff. With the aspect of they do manufacture fuel cells and they really focus on fuel cells. Bimergen, we're not a manufacturer. We're out there to solve a problem. Not saying Bloom doesn't, but yeah. That's the key difference, the manufacturing aspect in fuel cells.
This person wants to know about the Aggreko deal as a proof point. You just closed eight late-stage DG projects from Aggreko with RelyEZ simultaneously. Does that deal structure, acquiring late-stage assets with joint venture, become the repeatable playbook for the rest of the pipeline?
100%. You've got that as a repeatable playbook for buying assets that are out there ready to build. You have our current pipeline of 23 projects that are going to be working similar to what we just announced with EOS. You've got both sides, and that's how we're going to get from 2 GW, we believe, up to 4 GW over that same time period. Instead of having $400 million in annual revenues, our goal is have $800 million in annual revenues by the end of year four.
I read that Redbird just cleared JDA approval. What's the honest timeline from here to first dollar of revenue, and what are the two or three things that could accelerate that?
We haven't put out the exact timelines on that. The typical for that size of a project is between nine months to a year. You can use a year as your conservative number. Now, as for revenues, that's when operational revenues start. You'll actually see development fee reimbursement revenues coming back to us Bimergen long before that. I said the revenues on that type of 100 MW type project is between $7 million and $8 million. We'll do that announcement when those timing of when that's occurring, so our shareholders can be aware. As you can see, there's a lot of money here that's flowing around.
We're always trying to make sure that we're cash flow positive, and at the same time, you can also see that with, if you look at last year's P&L, there was only about $2.5 million worth of cash used for our corporate overhead. As you can see, with just the development fees coming back in and just minimal operations starting in 2026, you'll see some good profitability. In 2027, you'll have full operations on these projects that we're starting right now. You'll see new development fees coming in in that year, so you see even more increased profitability going forward.
Congratulations on your recent uplist to the NYSE American. What can we expect in the next 90 days?
Really what you can expect is us to get out there and get the word out there about our company. As everyone knows, it takes a lot of work with investor relations because there's a lot of different companies out there looking for eyeballs. One thing we have going for us is we're not that typical. We are very unique and that we're very focused on this battery energy storage and this energy arbitrage as our business model. We believe once we get an opportunity to talk with people and show them how lucrative this is and how big this company can be built in just a very short time period, they're going to see that it's an opportunity to get in at these current stages.
You're quoting your storage capacity in gigawatts, GW. Can you also provide it in gigawatts per hour?
Yeah. I'll give that to Cole, but it's usually about double. Is that correct, Cole?
Yeah. It just depends on two-hour and four-hour and different stages will change that. We don't look at them on megawatt hours. Every project's different. It just changes as you go through the stages of the project and locking in contracts and stuff. That's able to change. We really don't look at it as megawatt hours. We just look at it as pure megawatts.
Last presentation, you mentioned seeing new projects weekly to consider acquiring. What is it about these other projects that's getting hung up, and what do you have that is getting these projects going again? Is it financing typically where others are getting tripped up?
No, that's a great question. It usually is financing where the other guys are getting tripped up. They get it to the end of the line and they need financing to get it across the line and into construction and then operations. Yes, that's still happening for us. I had a call come in to me yesterday with a nice gentleman with a small 10 MW facility, but he's within a couple of weeks of being NTP, notice to proceed. These are great conversations to have, and that's what he needed. He needed somebody that had the financing to be able to go get the equipment and also had, again, to get the equipment, you got to have that 20% mezzanine or equity piece to get your 80% equipment capital from the bank.
We have those pieces of the puzzle in place, and it's great to work with these guys that don't have all those pieces. Again, a lot of it's familiarity with Cole and his team. They've done this before. When they work with guys that have written them $100 million checks before, it's a lot easier to get them to write that $100 million check this time.
Can you speak about insider ownership post-offering? When you talk about executing this pipeline, how much of your own net worth is tied to the stock price?
Well, obviously it's tied to the stock price just like everybody else's. Like I said, Cole owned a certain number of shares, still owns those shares. Same thing with Benjamin Tran, who's the founder. We all have taken a hit from where the stock was at when we did this offering, but we really didn't look at it as a long-term hit. We really looked at it as an opportunity to get new investors in to be on the New York Stock Exchange. Again, we were OTC, trading by appointment, if you will. At this point, being on New York and having that volume, is a whole different story. Now it's about getting out there, making sure that everybody's aware of where we're headed with this. Then, like I said, there's inflection points for all these different institutional investors.
That's when we believe we'll see an increase in our market share value for everyone.
Larger developers like NextEra and Fluence are chasing the same ERCOT market. What gives Bimergen the right to win specific interconnection slots and offtake relationships against your better capitalized
Well, I'll let Cole answer a piece of that, but also the fact that we are focused on this area and that Cole and his group have been out there working with these guys for the last three years on these interconnections, and getting in line, if you will, and knowing the process. Cole, is there anything else that you'd add to that?
Yeah. I mean, there's eight to 12 terawatt hours that gets wasted every year on the grid in some form or fashion. There's plenty to go around. NextEra has other focuses besides just BESS, like Bob mentioned. Also, when we talk about Fluence, they're really focused on just getting their product out there. We're a little more selective on where we put our projects, and where we position ourselves within the market. We're kind of looking in different areas as both of those companies and pretty much, our competitors also.
Bringing together many questions that we've been getting today, as well as what we hear from investors. It's about revenue. You're pre-revenue today, what does the income statement look like in the first full quarter after Redbird hits COD? Revenue, OpEx, what is going to flow to the bottom line?
Well, again, we expect to bring out some really relevant projections, after we do our 10-K here at the end of March. We'll do some projecting for our shareholders so they are aware where we're headed. Honestly, if you just listen and read between the lines, you'll see how to put together your own thought process. Like we said, each project, like a Redbird project, is going to have $78 million worth of cash flow and development fees to us. It won't be operational in 2026, likely. Those operations, that $20 million worth of energy arbitrage, won't hit till 2027. In this quarter, it'll just depend on when we actually get that development fees brought in. Same thing over on the Aggreko side. We've talked about that and talked about how many development fees that could be, because you're talking about 80 MW.
Again, you're talking about 80% of the $8 million. You're more at a $6.4 million. Again, that's over the year process. How it's cut off quarter by quarter isn't really something that we're focusing on right now. As it gets closer, we will give better projections as to exactly where those go. The OpEx side of it, again, you're not likely going to see a large difference from what we've done in the past. We're not ramping up and adding a bunch of employees. Even though we did $2.5 million last year, say we jump it up a total of $4 million this year. You only have about $1 million of capital each quarter that you're using, but you're also bringing in the development fee revenue, which is offsetting that, so you're actually being cash flow positive and profitable as you move forward.
When is your next earnings?
The 10-K will be the next earnings statement that's out there, and likely it'll be in the March 31st area.
You issued warrants exercisable at $5 alongside the February offering. If the stock gets back above $5 on positive news, does warrant exercise actually become a capital accelerant for the next project rather than just dilution?
Yeah, actually the warrants themselves, when it gets above $5, it's up to the shareholder that owns those warrants at that time, whether they want to exercise. They aren't automatically exercisable. They're not callable. That capital, if you will, is not really ever needed or counted on from us. It is a good positive when it does happen. It's also dilution, and we're well aware of that. At this point, the market understands it. They know that it's possible dilution, so they've kind of built that in, if you will. Having it above our current market price is great, and once it goes past there, then you'll see also people are currently trading it at certain prices. You'll see that price of that warrant also going up.
It sounds a little different for people, but really what I've seen in my past is when you have a warrant out there like that, it actually gets a lot of eyeballs. A lot of people look at it in a different way. If you think about it, if you buy an $0.80 warrant today And then you have a $3 stock you can buy at the same time. If both are going to track the same and as one goes up, the other goes up, then if you buy the warrant, you may be buying it having better leverage there. You'll see some play going on like that out there.
At the same time, when we start doing what we want to do, and that's execute. You'll see more and more in the news about that, I think the stock's going to take care of itself. We're trying not to watch it on a daily basis. I know everybody gets into that position of, "Gee, this is where I put my money. This is what I'm going to watch." Really, it's about us executing on a daily basis and turning the actual fair market value of the company and the shareholder value up because the stock will go up as we actually drive revenues and bottom line.
When do you plan on releasing your 10-K and earnings info? Early April, mid, or late April? This is the real waiting period for us investors, so it is important. Sounds like at least a portion of one development fee will be booked in Q1.
The annual report will be filed on or about March 31st, is when it's due. The next quarterly report, which is through March 31st time period, is due by May 15th, or May 14th, actually. It'll be filed by that time period, and we'll do a release on earnings, and where we're at around that time period also.
This person has a follow-up. Please clarify if the 10-K reported March 31st, for example, is that for Q4 2025 or Q1 2026? Not sure how to get it out that fast on the last day of Q1 2026.
No, I'm sorry. 10-Ks are always annual reports for your calendar year-end. So that'll just be up through December. So that's through December. You have an audit done each year, and you come out with your 10-K, and it's due March 31st. Your 10-Qs are through the quarter end, which is March 31st period. That period quarter, which is not an audit, it's just a review. That needs to be filed 45 days after the end of the quarter, hence around May 14th.
Got time for a few more questions here. Bob, really appreciate how you
Sure
rapidly answer these. Battery pack costs have fallen dramatically over the last decade. How does today's pricing environment compare to what you underwrote the Redbird capital stack at? Does that create any margin upside?
Well, the capital stack is always changing. We've had these budgets when we bought these projects back in 2024. I remember that the capital stack actually for that project was at $160 million. As you can see in our presentation today, we're showing it at about $125 million on a typical 100 MW project. Again, it has changed, but it's not something that you look at it every month and you change it to what is real, and you see what your IRR is going to be. Again, when you're working with banks and you're working with these different mezzanine debt, everybody wants to know that they're going to get their money back and they're going to make their debt service. Our job is to make sure that we're going to have that upside for our shareholders.
A good rule of thumb also on that is power prices and procurement usually follow each other decently close.
All right. We're coming up to the top of the hour. Bob and Cole, and even Benjamin Tran, who has joined us. Thank you, Ben. Here's an opportunity for you to sign off with an essential value proposition. Bob, why should anyone be interested in Bimergen Energy, this newly up-listed NYSE American company right now?
Well, they should only be interested right now if they want to make some money. Again, tongue in cheek, we see this as such a buying opportunity right now. We know that we just up-listed. We know that the stock is down a little bit from the up-listing price. Because it was sold at a unit, it's around $3, and you've got the warrant out there selling at around $0.70, $0.80. I'm not sure where it is today. It's about where we were. We also know that it is about getting more and more eyeballs. We're spending our time. Cole really handles the operations, makes sure that his team is growing the revenues and the bottom line for us.
At the same time, Ben and I are going to be out there making sure that the world is aware of what we're doing, why we're doing it. The value proposition is you've got a company that is headed for the moon. We really have that 2 GW of pipeline and another 2 GW that we have as our target for that 4-year period. You can see that we're not looking at this company being the size it is right now. Really it's going to turn into a $400 million-$800 million revenue company over the next 4 years, which is a big transition for any company.
All right, gentlemen. Thank you very much, and thank you to our many participants today. For more information on Bimergen Energy, reach us at 1-800-REDCHIP or email us at bess@redchip.com. Please visit the information page created by RedChip for Bimergen Energy. It's bimergeninfo.com. There you can view and download the investor presentation and fact sheet and sign up for news alerts on Bimergen. Watch Small Stocks, Big Money, RedChip's program featuring exciting small cap companies every Saturday night at 7:00 P.M. Eastern on Bloomberg USA. Finally, join RedChip's next webinar with Off The Hook tomorrow, Wednesday, March 11th at 4:15 P.M., U.S. Eastern. Register for all RedChip webinars at redchip.com/events. Thanks again, participants, and thank you Bimergen team.
Thank you. Have a great rest of the day.