Landa venture could float in London

By Jo Francis, Monday 11 March 2019

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Benny Landa’s fuel cell venture could float on London’s AIM market, raising tens of millions of pounds in the process according to reports.

benny-landa-gencell-team

Landa (centre) celebrated with GenCell and Flex teams last month

Landa is best known in the printing industry as the founder of digital printing pioneer Indigo, and since then of Landa Digital Printing.

He is also the chairman and majority shareholder at GenCell Energy, an Israel-headquartered green energy provider which develops emission-free fuel cells inspired by the fuel technology used in space programmes.

Israeli business newspaper Calcalist reported that GenCell was looking at various financing options, including a possible IPO that could value the business at $200m-$250m (£154m-£192m).

The Times reported that the flotation could raise up to $70m.

GenCell Energy was founded eight years ago and now employs more than 80 staff, including people who worked on the Mir and Apollo space projects.  

The firm targets off-grid and backup power applications, and claims its patented technology provides “the first viable green primary power solution for off-grid and poor-grid telecom as well as rural electrification” while costing less than diesel solutions.

It uses hydrogen and ammonia as fuel.

GenCell said it had shipped its first units to selected customers and expected to ramp up production and start commercial shipments in the second half of 2019.

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