Fuel Cell Startup GenCell Considering IPO

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.

Following a request for comment from Calcalist, GenCell co-founder and CEO Rami Reshef confirmed the company is looking at several financing options but said a decision has yet to be made.

Founded in 2011 and headquartered in Israeli town Petah Tikva, where it employs 85 people, GenCell develops fuel cells capable of producing emission-free electricity by converting hydrogen and ammonia into hydrogen fuel. The company’s main shareholder is its chairman, Israeli entrepreneur and businessman Benny Landa.

In February, GenCell 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.