A leader in the green energy space, GenCell Energy has announced a substantial investment in the company of around $14.3m to accelerate its hydrogen applications.
The funding has come from a group of investors led by one of the world’s leading banking groups BNP Paribas through its investment arm BNP Paribas Energy Transition Fund.
GenCell Energy is working around the clock to develop innovative alkaline fuel cell solutions that offer affordable, clean back-up and off-grid power for humanity to render diesel generators obsolete with the investment set to support this aim.
The investment group has been led by Tennison Securities with TDK Ventures and BNP Paribas Energy Transition Fund each contributing to the total investment sum.
Rami Reshef, co-founder and CEO of GenCell, said, “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.”
GenCell fuel cells powering mission-critical projects in the Middle East
In a world suffering from the increasingly grave impact of climate change caused by greenhouse gas emissions, much of which result from the combustion of fossil fuels, GenCell Energy is working around the clock to develop innovative alkaline fuel cell solutions that offer affordable, clean back-up and off-grid power for humanity to render diesel generators obsolete.
Leveraging ultra-reliable technology that powers spacecrafts, but with patented innovations that have dramatically reduced their costs to make them affordable for mainstream applications, GenCell’s fuel cell offering delivers long-duration, minimal maintenance back-up power for mission-critical applications at utilities, homeland security, healthcare and automated industry facilities.
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