Israeli energy cell firm GenCell joins Tel Aviv Stock Exchange
The Petah Tikva-based firm is known for providing a clean and reliable long-lasting power backup for emergencies, and at an affordable price.
By JERUSALEM POST STAFFAn electronic board displaying market data is seen at the entrance of the Tel Aviv Stock Exchange, in Tel Aviv, Israel(photo credit: REUTERS)
Israeli energy cell manufacturer GenCell officially joined the Tel Aviv Stock Exchange, completing an initial public offering (IPO) with NIS 205 million raised and NIS 800 million in post money validation.The Petah Tikva-based firm is known for providing a clean and reliable long-lasting power backup for emergencies, and at an affordable price. The clean power is derived from its unique hydrogen fuel cell solutions, which convert chemical energy into electricity, generating heat as a by-product. So long as there is chemical energy stored inside and there is a supply of oxygen and hydrogen, the cells can generate electricity continuously.Since its establishment in 2011, GenCell has created a worldwide distribution network, and has provided emergency backup power systems to telecom towers, manufacturing plants, mission-critical security applications, hospitals and automated industries in 18 different countries. “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 CEO and co-founder Rami Reshef said in a statement.“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 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.”
