TDK Ventures, Paz Oil and Landa Ventures-backed hydrogen and ammonia fuel cell technology developer raised $60.7m in an Israel flotation.

GenCell Energy an Israel-based fuel cell system developer backed by corporates Landa Group, Paz Oil and TDK, has gone public in a NIS205m ($60.7m) initial public offering.

The offering took place on the Tel Aviv Stock Exchange and valued the company at $237m post-money. The underwriter was Poalim IBI and it included several institutional investors, according to the company.

Founded in 2011, GenCell provides a range of off-grid power generation systems including the ammonia-based A5 fuel cell system and the…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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