To Accelerate Business, GenCell Raises Some NIS 112.5 Million From Harel Group, Migdal Insurance, Meitav-Dash and Other Investors in Private Equity Placement

PETAH TIKVA, Israel, January 18, 2022 /PRNewswire/ — GenCell Energy, (TASE: GNCL), leader IsraelThe developer of fuel cell-based green energy solutions using hydrogen and ammonia to produce power is poised to ramp up its business. To this end, the Company announces today that it has carried out a major fundraising for an amount of approximately NIS 112.5 million to support the expansion of its business activities. The fundraising was carried out through a private placement of shares which constitutes approximately 10.4% of the company’s capital (fully diluted), by a number of leading institutional entities in the Israeli capital. Participants in the placement include the Harel Group, which became a shareholder in the company, and Migdal Insurance, which made an additional investment alongside other institutional investors.

comments Rami Reshef, CEO of Gencell, “We thank the institutional investors and organizations that have participated in this fundraising and see it as an expression of confidence in the Company’s activities and business vision. In our view, the increase in Migdal’s holdings , Harel becoming a stakeholder, and Meitav-Dash Investment House’s entry into a significant investment in the Company reflect the importance with which the capital market views GenCell’s clean energy breakthroughs, and we GenCell is currently experiencing tremendous momentum and this new capital raise will support the acceleration of our business in many directions, firstly in the area of ​​green ammonia development which we are pursuing with TDK and d other potential partners. This capital will also enable us to deepen and expand our strategic cooperation with Deutsche Telekom in the global market. ial of telecommunications as well as to advance our activities in the field of ch charging stations for electric vehicles. After strengthening our technology, expanding our production lines, successfully completing pilot plants around the world, and signing important strategic cooperation agreements in 2021, we look to 2022 as a year in which the Company will reach commercial maturity. , a year in which we will begin to see the fruits of all these milestones.”

Harel Insurance Group has invested approximately 60 million shekels in connection with the offer, which increased Harel’s current stake in the company to approximately 6.9% of GenCell’s shares and made him a stakeholder in the company. Migdal Insurance, which was a stakeholder prior to this investment, participated in the offer for approximately 30 million shekels, and therefore its stake in the company will increase to approximately 8.9%. Meitav-Dash, in addition to other entities, participated in this round to the tune of approximately NIS 16.5 million, bringing their stake in the Company to 2.7%. The operation was led by the underwriting company Poalim IBI.

This capital will support the expansion of GenCell’s operations through, among other things, the execution of the strategic collaborations that the Company signed last year with Deutsche Telekom in the telecommunications sector, with ABB in the energy sector, focusing on markets such as medical facilities and rail transport and with EV MOTORS in the area of ​​electric vehicle charging. In addition, the funds will support the acceleration of the Company’s R&D activities in cooperation with the Japanese conglomerate TDK towards the development of green ammonia as the fuel of the future.

About GenCell Energy

GenCell Energy (TASE: GNCL) develops total green power solutions based on reliable zero-emission alkaline fuel cells and green ammonia-to-power technology that provides uninterrupted power to help the world #SayNoToDiesel and the transition to a own. The ability to produce not only clean power from GenCell’s fuel cells, but also the green fuel the fuel cells run on, places GenCell in a far superior position as a green power solutions provider. total from well to wheel. GenCell provides resilient, rugged, and weatherproof backup power for utilities, telecommunications, and other critical applications that have been deployed in 22 countries. Our on-demand hydrogen solution provides primary energy to off-grid and poor-grid sites, as well as rural electrification. GenCell Energy has more than 110 employees, including veterans of space and submarine projects. The Company has its registered office at Israel with a worldwide distribution and support network and retains unique intellectual property that includes patents, trade secrets and know-how.

contacts:

Babel PR
Tel: +44 (0)74 3600 2058
[email protected]

Shelli Zargary
GenCell Energy
Tel: +972 54 5617161
[email protected]
www.gencellenergy.com

SOURCE GenCell Energy