Company Jensel , Which develops green energy solutions based on fuel cells for electricity generation using hydrogen, has updated that it has completed a NIS 113 million capital raising move that will support the expansion of its activities.
The raising was carried out through a private placement of shares, which constitute approximately 10.4% of the company’s capital (fully diluted), at a price of NIS 9.4 per share, similar to the closing price of Gencel yesterday. A number of institutional bodies participated in the recruitment, including a group Harel Which, following the offering, becomes an interested party in the company, Migdal Insurance and Meitav Dash, which are increasing their share in the company, as well as other investment entities.
The Harel Insurance Group invested NIS 60 million as part of 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. Migdal, which has an existing interest in the company, participated in the issue in the amount of NIS 30 million, and as a result, its holding 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.
According to the company’s announcement, the capital raising will support, among other things, the acceleration of activities in the field of developing “Delek Atid”, the green ammonia, as part of the cooperation with the Japanese TDK.
Gencel was established in 2011 and offers green energy solutions in the field of fuel cells. It is traded on the Tel Aviv Stock Exchange at a market value of NIS 900 million, ending 2021 with a negative return of 34%. In the last 12 months, it has lost close to 50% of its campaign. At this point the stock is reacting with a rise of 3.5%.
The company’s CEO and founder Rami Reshef said that “the recruitment will support the acceleration of our activities in the field of green ammonia, will allow us to deepen our strategic cooperation with Deutsche Telekom in the global communications market, and promote activity in the field of charging stations for electric vehicles. We see 2022 as the year of our commercial ripening, during which we will begin to reap the benefits of these steps. “