Gencell Ltd.

Investor Presentation • Aug 31, 2023

Investors Presentation August 2023

Review of H1 2023

Legal Disclaimer

The information included in this presentation (the "Information"), and any other information which is conveyed by means of this presentation, is presented for convenience purposes only, and does not constitute an exhaustive description of all data regarding GenCell Ltd. and/or its subsidiaries (the "Company") and its activity, and does not constitute a substitute for a review of the company's periodic and immediate reports, as reported to the Israel Securities Authority and to the Tel Aviv Stock Exchange Ltd. This presentation does not constitute an offer to buy or sell, or a request for offers to purchase securities, and is intended exclusively for the presentation of information. The information cannot serve as the basis for reaching any investment decision, and does not constitute any recommendation or opinion, nor any substitute for the potential investor's independent judgment. This presentation does not include all of the company's results, financial information and accompanying notes, and/or the company's business plans or a description of its entire activity and/or of the company's risk factors. It therefore cannot serve as a substitute for independent evaluation and personally tailored advice, in accordance with the particulars of each investor, and also does not constitute a survey or comprehensive presentation of all of the information which may be relevant for the purpose of reaching investment decisions. The company is not responsible for the completeness or accuracy of the information and will not bear any liability for any damages and/or losses which may be incurred due to the use of the information. Insofar as there is any discrepancy between the contents of this presentation and the contents of the company's reports, the contents of the company's reports will take precedence. This presentation includes forward looking information, as defined in the Securities Law, 5728-1968, which includes forecasts, targets, estimates, approximations, and other information pertaining to future events and/or matters, which includes information provided by Deutsche Telekom, TDK and EV Motors, which are uncertain to materialize, and which are not under the company's control. Forward-looking information does not constitute proven fact, and is based only on the company's subjective assessments, which, although the company considers them likely, are inherently uncertain. The main facts and figures which served as the basis for this information are facts and figures pertaining to the current situation of the company and of its business affairs, as well as macro-economic facts and figures, to the best of the company's knowledge as of the preparation date of this presentation. The forward-looking information which is included in this presentation is based, in addition to the information which is available to the company, on the company's current forecasts and estimates regarding future developments in the company, and on the mutual effects that those developments could have on one another. It is emphasized that this presentation may include information which was not provided in the company's past reports and/or which was provided differently, in terms of perspective, presentation, editing, processing, or segmentation, than the way in which said information is provided in the presentation. The materialization or non-materialization of forward-looking information will be affected, inter alia, by the risk factors which are characteristic of the company's activity, and by developments in the general environment and in external factors which affect the company's activity, which are unpredictable, and are not under the company's control. Additionally, as of the date of this presentation, it is not possible to predict the full effects which the Russia-Ukraine war could have on the company's operating result, the level of inflation and interest rates and the economic/political/security situation in Israel. The company has no certainty that its forecasts and assessments, including those regarding its plans, will materialize in practice, and the company's operating results may differ significantly from the results which are estimated or implied based on the above, inter alia, due to changes in any of the above factors. The company also has no certainty that its basic assumptions, which depend on third parties, will materialize. The readers of this presentation are therefore hereby warned that the company's future results, and actual performance may differ significantly from those which are presented as part of the forward-looking information in this presentation.

It is hereby clarified that the forecasts and forward-looking projections are based on the figures and data which were available to the company as of the date of preparing this presentation, and the company does not undertake to update and/or change any such forecast and/or assessment, in order to reflect events and/or circumstances which may occur after the preparation date of this presentation.

This presentation includes trademarks and logos of third parties, which are owned by the companies in whose names those trademarks and registered, and which are unaffiliated with the company.

Active Markets

EV Charging Utilities Telecom

Telecom

Key Figures

Revenues 2022 Revenues 2023

K, D S U

Dummy Text

Key Points from June 30, 2023 Report

Sales Pipeline in Active Markets

EV Charging Utilities Telecom

PIPELINE PIPELINE PIPELINE \$14 million \$16 million \$5 million

Progress in the EV Market in Israel and the U.S.

• Primary sales focus on the U.S. market, where the product is eligible for a 30% IRA tax credit as well as other grants and subsidies of up to 70%
• GenCell Inc. initiated its operations on July 1, 2023
• EVOX solution adapted to U.S. UL standards
• Cooperation agreements signed with 4 companies for EVOX distribution and deployments
• Sales opportunities pipeline in the U.S. reaches some \$14 million
• First deployment expected during H2/2023
• Company participated in EV charging tender by a New York utility; pilot planned for H2/2024
• Prior to H2 results publication, company received an LOI for purchase of two EVOX systems in 2023 from a university in the state of Hawaii

Progress in Communications Segment

• The company participated in a tender for procurement of emergency power backup units to a major European telecom provider
• The connection with this customer came about due to the cooperation with and deployments by Deutsche Telekom
• The value of the deal amounts to some \$4-5 million. GenCell was designated as a preferred vendor to deliver its products against the tender within this year
• The European telecom provider sent a Letter of Intent to submit an order within this year

Progress in the Utilities Sector

• 74 GenCell BOX™ units were successfully deployed in accordance with CFE's requirements
• In 2022-2023 the company upgraded the systems' capabilities to fully comply with CFE's infrastructure, including designation as Tier 1 Backup
• Recently GenCell was invited to participate in another tender to supply additional backup units in 2023-2024
• Following the success at CFE, GenCell Inc. is proactively working to deepen penetration of the utilities sector in the U.S.

Efforts to Achieve Profitability

Product cost reductions of 36% achieved during 2023

• During H1/2023 the company succeeded to reduce product costs by some 20%
• A decrease of an additional ~20% in cost reductions is being executed in H2/2023; the reduction is due to:
  • Activation of new, automated electrode production machinery
  • Reduction of R&D costs through simplification of the technology and the product BOM
  • Opening of assembly line in a low-cost country

Technological Developments | Update

• Advanced development of the GenCell OX™ 10kW fuel cell towards market launch during H1/2024
• Software for EVOX monitoring and optimization, to reduce OpEx and to upgrade user experience is in advanced development. First version will be launched during Q4 this year.
• GenCell FOX™ continued development, completion of processes of standards certification and testing to start at customers' sites in H1/2024
• Green ammonia project significant R&D progress; Low-scale Alpha Prototype running in the laboratories

Low-scale alpha prototype testing of Green Ammonia

Inaugural ESG Report

• Deployment of an ESG (Environment, Social & Government) program to set targets and execute product lifecycle assessment (LCA) towards measuring carbon dioxide CO2 emissions
• Inaugural publication of GenCell's ESG Report for 2022 under the auspices of Deloitte Israel

Thank you !