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 hydrogen fuel cell-powered G5RX, which supplies back-up energy for utility customers.

Electronics manufacturer TDK invested an undisclosed amount in the company in September this year through corporate venturing vehicle TDK Ventures, eight months after petroleum supplier Paz Oil Company agreed to pay 10% for a stake sized between 4% and 5%.

The company’s earlier investors include Landa Ventures, the investment arm of nanographic printing technology provider Landa Group. Benny Landa, founder of Landa Group, told the Times of Israel in February 2019 the fund generally takes stakes between 25% and 50% in startups.