{"id":2236,"date":"2020-07-09T14:41:00","date_gmt":"2020-07-09T14:41:00","guid":{"rendered":"https:\/\/gencell.preprodenv.com\/?post_type=ressources&p=2236"},"modified":"2024-02-29T10:32:29","modified_gmt":"2024-02-29T10:32:29","slug":"tdk-ventures-and-paz-oil-invest-in-gencells-ammonia-to-energy-technology","status":"publish","type":"ressources","link":"https:\/\/www.gencellenergy.com\/resources\/news\/tdk-ventures-and-paz-oil-invest-in-gencells-ammonia-to-energy-technology\/","title":{"rendered":"TDK Ventures and Paz Oil Invest in GenCell’s Ammonia-to-Energy Technology"},"content":{"rendered":"\n
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\n News<\/a>\n

\n TDK Ventures and Paz Oil Invest in GenCell’s Ammonia-to-Energy Technology <\/h1>\n\n
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<\/div> GenCell Team<\/span>\n July 9, 2020<\/span>\n <\/div>\n <\/div>\n\n
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TDK Ventures and Paz Oil Company Invest in GenCell Energy\u2019s Ammonia-To-Energy Technology<\/b><\/p>\n

On 3 September 2020,\u00a0TDK Corporation<\/a>\u00a0(TSE: 6762) announced that its subsidiary\u00a0TDK Ventures Inc.<\/a>\u00a0has added\u00a0GenCell<\/a>, a world leader in hydrogen and ammonia fuel cell technologies, to its growing investment portfolio.\u00a0Fuel cell company GenCell is TDK Ventures first investment in the renewable energy space.\u00a0 The Israel-based company develops alkaline fuel cells for\u00a0backup<\/a>\u00a0and\u00a0off-grid<\/a>\u00a0power applications. GenCell will leverage TDK Corporation\u2019s global reach and deep expertise in at-scale manufacturing and power electronics.<\/p>\n

\"Nir-Sztern_CEO_PazOil\"<\/p>\n

On 23 January 2020,\u00a0Paz Oil Company Ltd.<\/a>\u00a0(TASE:PZOL) announced that its board of directors had approved a $10 million investment in Israeli company GenCell for 4-5% of GenCell\u2019s shares. The investment is part of Paz\u2019s 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.<\/p>\n

\"TDK_Ventures_announcement\"<\/p>\n

GenCell solutions will comprise a key component of the emerging\u00a0hydrogen<\/a>\u00a0economy, poised to blossom in the next few years. GenCell\u2019s emission-free alkaline\u00a0fuel cells<\/a>\u00a0could truly power fully off-grid rural areas where electricity is not a commodity, contributing to TDK Ventures\u2019 sustainability goals and investment thesis\u00a0and offering clean fueling alternatives for Paz Oil.\u00a0 In its announcement of the investment, Paz noted that GenCell\u2019s future products may be integrated for refueling of hydrogen fuel cell electric vehicles (FCEVs) at Paz fueling stations.<\/p>\n

According to Managing Director of TDK Ventures, Nicolas Sauvage, \u201cTDK Ventures specifically scouted for fuel cell companies in the backup storage and off-grid power market and found that very few address the obstacles barring access to hydrogen fuel. GenCell invented a new fuel cell technology that uses ubiquitously-available ammonia as their fuel for the new system, which cracks ammonia into hydrogen and generates electricity.\u201d<\/p>\n

\u201cTDK is a strong technology and business partner, with extensive expertise in roll-to-roll coating, manufacturing, and power electronic supply components,\u201d said Rami Reshef, CEO of GenCell. \u201cWe deliver the most advanced fuel cell solutions that significantly reduce our customers\u2019 carbon footprint with unprecedented cost savings, efficiency, and performance. We currently operate in 18 countries and consistently look to partners to assist in the performance enhancement of our fuel cells and to increase our business footprint. TDK\u2019s knowledge in process improvement, at-scale manufacturing and power supplies will help us deliver even higher-performance green products with lower total cost of ownership.\u201d<\/p>\n

\u201cWith our expertise in fuel retail, we believe our strategic partnership with GenCell makes addressing the hydrogen economy of the future possible,\u201d said Nir Sztern, the CEO of Paz Oil, who led GenCell\u2019s investment round.<\/p>\n

Continued Reshef, \u201cGenCell\u2019s clean fueling technology will leverage our silver bullet \u2013 liquid ammonia \u2013 to overcome the cost and availability barriers to the hydrogen economy. By providing Paz Oil with economical and readily available clean refueling solutions, we will overcome the greatest barrier to FCEV adoption. We are extremely excited about the opportunity to work with the Paz team to further develop our ideas into practical solutions that can resolve the world\u2019s mobility challenges.To read the TDK Ventures press release, click\u00a0here<\/a>.<\/em><\/p>\n

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To read an article reporting on the Paz Oil investment in GenCell, click\u00a0here<\/a>.<\/em><\/p>\n <\/div>\n <\/div>\n\n\n <\/div>\n<\/section>\n\n

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