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Israel’s GenCell raises NIS 205 million in share sale on Tel Aviv Stock Exchange

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GenCell, a manufacturer of hydrogen fuel cell-based electricity generators, said Wednesday it has completed an initial public offering (IPO) of shares on the Tel Aviv Stock Exchange, raising some NIS 205 million ($61 million) from the sale of a 25% stake in the firm, giving it a post-money valuation of some NIS 800 million.

The Israel startup founded in 2011 makes fuel cell-based solutions to create electricity and has been supplying its products to electricity providers, including in Israel, the US and Europe. The share listing makes the firm the first public Israeli company active in the growing hydrogen energy industry.

GenCell’s products are based on fuel cell technology — an electro-chemical........

© The Times of Israel

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