Fuel Cell Startup GenCell Considering IPO
Israel-based GenCell develops fuel cells capable of converting hydrogen and ammonia into hydrogen fuel
Alternative energy source startup GenCell Ltd. is considering an initial public offering in London, looking to raise around $50 million at a company valuation of $200 million to $250 million, according to one person familiar with the matter who spoke with Calcalist on condition of anonymity.
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Over the past few months, GenCell executives have met with investment banks in London and with leading officials at the exchange, the person said.announced a joint manufacturing line with electronics manufacturer Flex Ltd. in Ofakim, a town in Israel’s south, intended to enable GenCell to scale up its operations.