Fuel cell solutions co GenCell raises NIS 112.5m

Rami Reshef Photo: Eyal Izhar

Israeli institutional investors Harel, Migdal and Meitav-Dash were among the investors in the Israeli hydrogen and ammonia fuel cell solutions company.

Israeli hydrogen and ammonia fuel cell solutions company GenCell Energy (TASE: GNCL) announced today that it has raised NIS 112.5 million to support expansion of its business activities. The funds were raised through a private placement of shares constituting about 10.4% of the company's capital (fully diluted). Participants in the placement include the Harel Group which has become a stakeholder in the company and Migdal Insurance which has made an additional investment along with other institutional investors.

GenCell CEO Rami Reshef said, "GenCell is currently experiencing tremendous momentum and this new round of capital will support the acceleration of our activities in many directions, first of all in the field of green ammonia development which we are pursuing together with TDK and other potential partners. This capital will also allow us to deepen and expand our strategic cooperation with Deutsche Telekom in the global telecommunications market as well as to advance our activities in the field of charging stations for electric vehicles.

He added, "Upon reinforcing our technology, expanding our production lines, successfully completing pilot installations around the globe, and signing significant strategic cooperation agreements in 2021, we look at 2022 as a year in which the Company will achieve commercial maturity, a year during which we will begin to see the fruits of all these important steps."

Harel Insurance Group has invested about NIS 60 million as a part of the offering, which has increased Harel’s current stake in the company to 6.9%. Migdal invested NIS 30 million and now has a stake of 8.9%. Meitav-Dash, in addition to others, participated in this round, investing NIS 16.5 million, increasing its stake to 2.7%. The deal was led by underwriting company Poalim IBI.

Published by Globes, Israel business news - en.globes.co.il - on January 18, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Rami Reshef Photo: Eyal Izhar
Rami Reshef Photo: Eyal Izhar
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