Fuel Cell Startup GenCell Considering IPO
Israel-based GenCell develops fuel cells capable of converting hydrogen and ammonia into hydrogen fuel
Alternative energy source startup GenCell Ltd. is considering an initial public offering in London, looking to raise around $50 million at a company valuation of $200 million to $250 million, according to one person familiar with the matter who spoke with Calcalist on condition of anonymity.
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Over the past few months, GenCell executives have met with investment banks in London and with leading officials at the exchange, the person said.
Following a request for comment from Calcalist, GenCell co-founder and CEO Rami Reshef confirmed the company is looking at several financing options but said a decision has yet to be made.
Founded in 2011 and headquartered in Israeli town Petah Tikva, where it employs 85 people, GenCell develops fuel cells capable of producing emission-free electricity by converting hydrogen and ammonia into hydrogen fuel. The company’s main shareholder is its chairman, Israeli entrepreneur and businessman Benny Landa.
In February, GenCell announced a joint manufacturing line with electronics manufacturer Flex Ltd. in Ofakim, a town in Israel’s south, intended to enable GenCell to scale up its operations.