Israeli fuel cell company GenCell has filed for an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE) to raise $60 million (NIS 200 million) at a company valuation of $180 million before money. The money is already assured for the public part of the offering.
The company's chairman and controlling shareholder is digital printing pioneer Benny Landa. GenCell develops fuel cell solutions that offer clean and inexpensive energy for various consumer uses including vehicle fuel.
The IPO is being led by the underwriters Poalim IBI using the currently popular book-building method.
GenCell says that $10 million of the capital raised will be used for R&D. Other funds will be used for improving production capabilities, setting up production lines, expanding marketing and sales, and more. $2 million will be used to service a loan from the founders and one of their brothers, and underwriting and other fees will amount to NIS 9 million.
GenCell was founded in 2011 by CEO Rammi Reshef, CTO & VP R&D Genaddy Finkelshtain and president Gil Shavit. To date the company has raised tens of millions of dollars but the three founders and Landa are the main shareholders.
Based in Petah Tikva, the company has 80 employees and is in the initial revenue stage. Some of employees are veterans of the Russian, US and European space programs and have advanced academic degrees in mathematics, physics and chemistry.
Published by Globes, Israel business news - en.globes.co.il - on November 11, 2020
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