TDK Ventures and Paz Oil Invest in GenCell Energy’s Technology
TDK Corporation (TSE: 6762) announced that its subsidiary TDK Ventures Inc. has added GenCell, a world leader in hydrogen and ammonia fuel cell technologies, to its growing investment portfolio. Fuel cell company GenCell is TDK Ventures first investment in the renewable energy space. The Israel-based company develops alkaline fuel cells for backup and off-grid power applications. GenCell will leverage TDK Corporation’s global reach and deep expertise in at-scale manufacturing and power electronics.
On 23 January 2020, Paz Oil Company Ltd. (TASE:PZOL) announced that its board of directors had approved a $10 million investment in Israeli company GenCell for 4-5% of GenCell’s shares. The investment is part of Paz’s policy investing in sectors tangential to its activity, mainly in alternative and environmentally friendly energy and in energy innovation projects. As part of the investment transaction, Paz will be entitled to appoint a director at GenCell.
GenCell solutions will comprise a key component of the emerging hydrogen economy, poised to blossom in the next few years. GenCell’s emission-free alkaline fuel cells could truly power fully off-grid rural areas where electricity is not a commodity, contributing to TDK Ventures’ sustainability goals and investment thesis and offering clean fueling alternatives for Paz Oil. In its announcement of the investment, Paz noted that GenCell’s future products may be integrated for refueling of hydrogen fuel cell electric vehicles (FCEVs) at Paz fueling stations.
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