Harel has invested 60 million in Gencel and has become a stakeholder

by time news
Rami Reshef CEO Jencel Photo: Courtesy of Jensel

Shay Klein

Stock exchange and capital market

Gencel, which develops green energy solutions based on fuel cells to generate electricity using hydrogen, is preparing to accelerate its operations. The company updates today that it has completed a significant capital raising move in the amount of NIS 113 million that will support the expansion of its activities. The raising was carried out through a private placement of shares, constituting approximately 10.4% of the company’s capital (fully diluted), to a number of leading institutional entities in the Israeli capital market, including the Harel Group, which becomes a stakeholder in the company, Migdal Bituach Additional investment.

The Harel Insurance Group invested approximately NIS 60 million in the offering, and after its investment, increased its holding to approximately 6.9% of Jencel’s shares, and will become a stakeholder in the company. The Migdal Group, which has an existing interest in the company, participated in the offering in the amount of NIS 30 million, and as a result, its shareholding in the company will increase to approximately 8.9%. Additionally. Meitav-Dash participated in the issue in the amount of NIS 16.5 million and increased their holding in the company to approximately 2.7%, and other entities also participated in the issue. The deal was led by the underwriting company Poalim IBI.

The capital raising will support the expansion of Jensel’s operations, among other things based on the strategic collaborations it has signed in the past year with Deutsche Telekom in the field of communications, with ABB in the field of energy in markets such as hospitals and trains, and with EV MOTORS in the field of vehicle charging. In addition, the capital raising will support the acceleration of the company’s activities in the field of future fuel development, green ammonia, as part of its cooperation with the Japanese TDK.

Gencel was established in 2011 and offers green energy solutions in the field of fuel cells. The company’s products are based on innovative, unique and reliable technology, developed by the company. Gencel currently provides power backup solutions to a wide range of sites, including communication towers, hate stations in power companies as well as industrial plants, homeland security applications, hospitals and automated industries, in 22 countries around the world. In addition, the company has developed a solution for extracting hydrogen from ammonia in a process that allows the unique fuel cells it has developed to provide energy as the main source of electricity even at sites located in rural and remote areas, and those located outside the electricity grid. Jensel currently employs about 120 people, including energy experts from space programs and submarines. The company’s headquarters are in Israel with a distribution and support network around the world. The company is managed by Rami Reshef, who is a veteran technology entrepreneur and one of its founders.

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