Banking group BNP Paribas has cemented its support for a global hydrogen economy by leading an investment worth approximately $14.3m in GenCell Energy.
Made through BNP Paribas’ investment arm BNP Paribas Energy Transition Fund, together with TDK Ventures and additional investors, the effort will help GenCell continue to extend the momentum towards its company objectives.
BNP Paribas Energy Transition Fund, an alternative arm of BNP Paribas, manages assets in the volume of €6bn, with a major focus on the green energy sector. BNP Paribas has invested hundreds of millions of dollars in companies such as Ballard Power Systems
“We are pleased to finalise our initial investment in GenCell, whose innovative fuel cell and hydrogen technologies closely align with the sustainable finance values and guidelines directing our investments,” said Edward Lees, Director of the BNP Paribas Energy Transition Fund BNPP CP.
‘The BNP Paribas Foundation was one of the first organisations to finance climate research. BNP Paribas has made the energy transition one of its pillars of the company’s engagement, for example through the financing of renewable energy. The Group believes that hydrogen and fuel cells have a strong role to play in the transition to a low carbon economy, whether in mobility, in industry or in energy storage.”
Welcoming the investment, Rami Reshef, Co-Founder and CEO GenCell, added, “We are extremely honoured and appreciative to note this extraordinary investment by leading international institutional and private investors.”
“We recognise the investment by BNPP – a large and important institution focused on investments in renewable energy and hydrogen sectors – to be an expression of belief in GenCell’s revolution that we are undertaking. This investment follows upon our recent announcement regarding closer cooperation with the Japanese corporation TDK to develop the fuel of the future – green ammonia.”
“The investment will enable us to continue to extend the momentum towards the objectives we set for ourselves in terms of establishing cooperation with important international bodies and reinforcing the positioning of GenCell in our target markets.”