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GenCell Raises NIS 205 Million in Tel Aviv Stock Exchange

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GenCell, a maker of hydrogen fuel cell power generators, said on Wednesday it had made an initial public offering (IPO) of shares on the Tel Aviv Stock Exchange, raising some NIS 205 million ( $ 61 million) through the sale of a 25%. stake in the company, which gives it a post-currency value of around NIS 800 million.

The Israeli startup, founded in 2011, manufactures fuel cell-based solutions for creating electricity and supplies its products to electricity providers, including in Israel, the United States and Europe. The stock market listing makes the company the first Israeli public company active in the growing hydrogen energy sector.

GenCell’s products are based on fuel cell technology, an electrochemical process that occurs between two gases, hydrogen and oxygen, generating clean energy. Spaceships and submarines use energy from fuel cells because they are emission-free.

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Rami Reshef, CEO of Israeli start-up GenCell Energy (Courtesy)

The company claims to have developed a way to make these cells cheaper to manufacture by replacing the platinum typically used in them with a combination of nickel and carbon and using a nanotechnology process. The technology can also generate hydrogen from ammonia, a common substance easily found around the world. This makes GenCells generators cheaper to use than alternative diesel generators and more polluting, according to the company.

Serial entrepreneur Benny Landa is a strategic investor in the business through Landa Ventures. Paz Oil Company is also an investor, employing 80 people, including energy professionals from space and submarine programs.

“We intend to invest the capital raised in this IPO to accelerate our R&D activities, to establish advanced manufacturing capabilities in Israel for our core technologies and to expand our activities in international markets, aiming to to make GenCell a leading global player in the years to come. our domain, ”said Rami Reshef, CEO and co-founder of GenCell in a statement.

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