Gencell Joins the Tel Aviv Stock Exchange and Raises NIS 205 million ($61 million)

By November 18, 2020 3   min read  (563 words)

November 18, 2020 |

Fuel cells works, GenCell Raises US$14.3 million from a Series of Institutional International Investors
  • GenCell, the Israeli Pioneer of the Hydrogen Energy Industry, Has Successfully Completed its First Initial Public Offering and Raised some NIS 205 Million
  • The IPO was exercised at a post-money valuation of some NIS 800 million
  • The company develops hydrogen energy generation technologies for backup power and remote rural electrification solutions

Rami Reshef, CEO and co-founder, GenCell: “We thank the investor community for expressing its belief in GenCell which is reflected in an oversubscribed IPO as well as through the participation of a series of leading institutional investors in the Israeli capital market.”

“GenCell develops unique solutions in the hydrogen fuel cell solution sector and sells its products around the globe, operating in a market marked by steadily rising demand and showing substantial growth potential in the coming years. 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 within the coming years to make GenCell a leading global player in our field. We believe that the winning combination of our advanced and innovative technology together with the present accelerated growth in the world energy market will allow the company to realize its green vision and future business goals.”

Petah Tikva, Israel — GenCell Energy of Petah Tikva will become the first public Israeli company active in the growing hydrogen energy industry: A leading Israel-based manufacturer of fuel cell energy solutions, GenCell today reported that the company has successfully completed a first Initial Public Offering (IPO) and in the coming days its stock will be traded on the Tel Aviv Stock Exchange (TASE). Within the framework of this IPO, which was carried out in the format of a non-uniform offer, the company saw a demand for shares in the amount of NIS 410 million, from which it has raised the amount of some NIS 205 million in exchange for about 25% of the company’s shares. The IPO was exercised at a post-money valuation of some NIS 800 million. A series of leading institutional investors in the Israeli capital market participated in the offering; the IPO was underwritten by Poalim IBI.

GenCell was established in 2011 and offers green energy solutions in the fuel cell segment. The company’s products leverage unique, ultra-reliable, and innovative proprietary technologies developed within GenCell. To date, GenCell has delivered its backup power solutions to a wide range of sites, among these telecom towers, manufacturing plants, mission-critical security applications, hospitals, and automated industries in 18 countries around the world. Furthermore, the company has developed a solution to extract hydrogen from anhydrous ammonia to power its unique fuel cell solution, thus enabling delivery of primary power to remote and rural sites beyond the grid. GenCell today numbers some 80 employees, including energy experts from space and submarine programs. The company is headquartered in Israel and maintains a global support and distribution network. The company is run by Rami Reshef, a co-founder and veteran technology entrepreneur.

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