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Management of GenCell opened trading this morning on the occasion of its joining TASE. GenCell is the 17th new company and the third cleantech company joining TASE since the beginning of the year.
GenCell develops alkaline fuel cell power backup and generation systems in response to the growing demand for energy sources other than oil. The company also offers innovative off-grid power and rural electrification solutions.
The company raised NIS 205 million in a “book building" IPO, based on a company value of NIS 803 million.
In February 2021 (the semi-annual rebalancing), the company shares will join the SME-60, SME-150, Tech-Elite, Global BlueTech, TA-Technology and TA-Energy Utilities indices, as well as the TA-Cleantech index, launched on November 8, currently comprising 12 companies with a total market cap of NIS 35 billion.
Rami Reshef, CEO of GenCell, said: “As CEO of the company, I am thrilled and thankful for the opportunity to issue the company on TASE as a pioneer and the first representative of the global hydrogen industry. GenCell was established for the purpose of breaking the barriers that had prevented fuel cell technology from becoming a sustainable solution for clean and accessible energy for the world's population. GenCell is dedicated to spearheading and promoting the hydrogen revolution in order to facilitate innovative green energy solutions that are readily available, reliable and effective. Today, as a public company with broader resources, we mark a significant milestone in the development of the company and look forward to accelerating the development processes and the advanced manufacturing systems of our core technology. This will enable us to increase our foothold in international markets and position GenCell, in the near future, as a global leader in its field. We thank the investor community for their great vote of confidence, our partners in this journey and, of course, our dedicated team of managers and employees that has been working diligently, particularly in these sensitive and challenging times, to create innovative solutions and technologies that advance the transition to renewable energy and to a more stable climate that is essential to the future of the world."
Hani Shitrit Bach, EVP and Head of Listings at TASE, said: “GenCell is the 17th new company, and the third cleantech company, joining TASE's public companies family this year. TASE's recent launch of the Cleantech Index which was made possible as the cleantech companies listed on TASE have reached the numbers required for a deep index that present this growing sector. I wish the company growth and success for the benefit of both the company and investors and for a greener and more advanced world".
In the picture from right to left: Ittai Ben Zeev, CEO of TASE; Gil Shavit, Founder and CBDO at GenCell; Rami Reshef, CEO of GenCell; Yossi Salomon, CFO of GenCell; Gennadi Finkelshtain, CTO of GenCell; and Hani Shitrit Bach, EVP and Head of Listings at TASE.
