The Israeli company develops fuel cell solutions that offer clean and inexpensive energy for various consumer uses including vehicle fuel.
Israeli fuel cell company GenCell is moving ahead with an IPO on the Tel Aviv Stock Exchange (TASE) to raise NIS 200 million at a company valuation of NIS 700-800 million before money. The company's chairman 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 will be led by the underwriters IBI Poalim.
Last year GenCell had considered an IPO on an overseas stock market but that did not work out and the company raised money privately instead. In January, Paz Oil Company Ltd. (TASE:PZOL) reported an expected investment of $10 million (NIS 35 million) for a 4-5% stake in GenCell (the final allocation of equity has yet to be set).
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, according to IVC the company has 85 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 August 16, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
Benny Landa photo: Eyal Izhar