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Upon Evaluating this Breakthrough, TDK Corporation Announced its Intention to Exercise its Right to Continue to Invest
in Joint Green Ammonia Synthesis Project with GenCell Energy

Petah Tikva, Israel – February 28, 2022
GenCell Energy, (TASE: GNCL), the leading provider of hydrogen and ammonia to power solutions, announces that in continuation from the Company’s Immediate Release dated February 23, 2021 regarding the participation of the Japanese technology provider TDK Corporation  in the Company’s innovative, zero-emission green ammonia synthesis project, the Company is now proud to announce achievement of a significant scientific breakthrough which enables the production of green ammonia directly from water at very low temperature and pressure in comparison to the traditional ammonia production processes commonly carried out today around the world.

Accordingly, following their evaluation of this breakthrough, TDK has announced its intention to exercise its right to continue to invest in the green ammonia synthesis project in accordance with the terms of its agreement with GenCell so as to continue the development of the project towards the next milestone.

States Rami Reshef, co-founder and CEO, GenCell, “We are extremely proud and excited to report this important scientific breakthrough in our efforts to develop a novel approach to producing green ammonia, the fuel of the future, within the framework of the project we are carrying out together with the support of TDK. This news will certainly be of interest to the broader market seeking innovative solutions to reduce carbon emissions.”

Continues Reshef, “We believe that the new process will expand the availability of green ammonia for diverse uses, not only as fuel for the backup and off-grid solutions used by our customers, but also for a far wider range of industrial and agricultural applications. As such we understand this scientific breakthrough to signify strong business potential and to reinforce our strong interest in advancing the project and moving forward with our technology development towards the next milestone.”

In the framework of this development project, the Company is devising a clean, energy-efficient method for producing green ammonia which could ostensibly offer an emission-free alternative to some 235 million tons of ammonia being produced each year by means of traditional processes involving pollutant carbon emissions. Green ammonia may serve as a central hydrogen carrier for the energy industry, as well as be a key component of fertilizers for agriculture and a key resource for maritime, aviation, semiconductors, and many other applications. The successful completion of this project may not only help companies meet their ambitious carbon neutrality targets, but also increase the availability of green ammonia for a wide range of uses.

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