I tried:
$> binwalk --opcodes Image1.bin
DECIMAL HEXADECIMAL DESCRIPTION
--------------------------------------------------------------------------------
348 0x15C MIPS instructions, function epilogue
516 0x204 MIPS instructions, function epilogue
652 0x28C MIPS instructions, function epilogue
780 0x30C MIPS instructions, function epilogue
1160 0x488 MIPS instructions, function epilogue
1268 0x4F4 MIPS instructions, function epilogue
2208 0x8A0 MIPS instructions, function epilogue
....
So, it really looks like a raw MIPS binary to me. I guess that this firmware is for a router or something similar.
You should just force your disassembler to take this file as raw MIPS and process it.
Note: A 'raw binary' is just a file with raw opcodes in it without any specific recognizable format (such as ELF, PE or Mach-O). Raw formats are just intended to be mapped directly in memory without going through an operating system first. It is very common in the embedded software World.