GenCell Energy, a leading Israel-based manufacturer of fuel cell energy solutions, has raised US$ 14.3 million capital through shares investment.
The international institutional investors, led by BNP Paribas, included Tennison Securities and TDK Ventures. The investment will be carried out at a price of NIS 13.5 (around US$ 4.1) per GenCell share.
Director of the BNP Paribas Energy Transition Fund BNPP CP said, “We are pleased to finalise our initial investment in GenCell, whose innovative fuel cell and hydrogen technologies closely align with the sustainable finance values and guidelines directing our investments.”
He added that BNP believes that hydrogen and fuel cells have a vital role in the transition to a low carbon economy.
Nicolas Sauvage, Managing Director of TDK Ventures, said, “TDK Ventures’ repeat investment in GenCell once again highlights our belief in GenCell’s game-changing technology and leadership position in the fuel cell space.”
Rami Reshef, co-founder and CEO GenCell, said, “We recognise the investment by BNPP to be an expression of belief in GenCell’s revolution that we are undertaking. This investment follows upon our recent announcement regarding closer cooperation with the Japanese corporation TDK to develop the fuel of the future – green ammonia.”