Gencell Ltd.

Investor Presentation • Mar 28, 2023

Key Trends from 2022 A Glimpse into 2023

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Investors Conference March 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. (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 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 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 results. 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.

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Significant improvement in KPIs over the last two years

Decrease in operating loss margin

2020 2021 2022 -381% -318% -5,881% +95%

*in thousands

Revenue growth over time

How was 2022?

3202

Improvement in the KPIs in 2022

Fundraising from institutions

Revenue growth of 34% in 2022

Decrease in gross loss in 2022

Change in the product mix

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Sales of wide range of A great leap forward in Reduction in services implementation of the labor costs ONE STOP SHOP COST REDUCTION plan

• More sales of more Planning Breakthrough developments Streamlining of the
• profitable GenCell Management Selection of suppliers work process and
• EVOX™ systems Execution addition of Efficient supply chain Integration automation Software

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Decrease in operating loss in 2022

Streamlining of acquisition and production processes

Revenue growth of 34% vs increase in operating expenses of only 10% 2022 vs 2021

Increase in sales without increasing workforce or operational area

Acceleration of development projects

Focus on Business

Focus on 3 markets

ENERGY TELECOM EV CHARGING

Market value: ~\$81B Annual growth rate: +4% Market value: ~\$7.7B Market value: ~\$20B Annual growth rate: +11% Annual growth rate: +35%

Source: Aletrenergymag.com 2021 Source: Market Study Report 2020

Partnerships around the globe

Government programs promote and fund the hydrogen economy and EV charging U.S. market penetration strategy

Funding of \$750M for hydrogen Funding of up to 80% for An investment of \$900M technologies and R&D in 2022 EV charging stations to build 500,000 EV and again in 2023 charging stations in 35

The goal: \$1 per kg of clean hydrogen within 10 years The goal: 500K stations by

DOE funding NEVI Formula Program IRA Plan

for clean hydrogen for EV charging allocation for EV charging station technologies of \$5B over next five years construction

states

2030, when 50% of the vehicles sold are expected to be electric

Source: https://www.reuters.com/business/autos-transportation/biden-announce-approval-900-million-us-ev-charging-funding-2022-09-14/ Source: https://www.fhwa.dot.gov/environment/alternative_fuel_corridors/nominations/90d_nevi_formula_program_guidance.pdf Source: https://www.tdworld.com/renewables/article/21262265/doe-backs-hydrogen-economy-with-new-750-million-investment

US market penetration strategy

Leveraging GenCell's strengths

A proven Eligible to integrated incentives solution

green qualify for

• 4 new local partners in EV charging:
• Red E Charge Inc.
• Western Pump,Inc.
• Pacific Lighting & Energy Both in hydrogen-based Management Company (PLEMCo) fast charging Instant ON Energy (IO) and in renewable energy
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Activating our affiliate in the U.S.

Specialization Focus on specific Main

Demand Infrastructure Incentives maximum with

• Reinforcement of team
• in EV charging states based on: goals • Recruitment of an experienced CCO with Liaison with background in the U.S. federal & market state
  • government Recruitment of local CEO (in agencies process)

Achieve Connect impact in thought-2023 leaders

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Commercial launch of new products

GenCell FOX™ GenCell OX™

Uses ammonia as fuel

Enables a faster ROI compared to competitors

Primary power for telecom, temporary power, EV charging

Fuel cell technology for More powerful fuel cell poor grid/off-grid (10kw) for backup power and EV charging

Uses hydrogen as fuel Reduced size and cost per kW Base for future use of 10kW ammonia solution Backup for telecom, utilities and EV charging

Launch of new unique software and services

SOFTWARE DEVELOPMENT

One platform to manage

GEMS	NEW SERVICES
SOFTWARE
all products	Optimization Software Remote control customization and monitoring
	for clients
	Building Engineering infrastructures planning

Cost-reduction plan to improve gross profitability

Transition to Moving to outsourced production automated production

Increase of production capacity Reduction in production costs

Increasing

Software sale alongside every unit Project management offering Extended warranty offering Expanded SLA offering including remote monitoring, training and long-term maintenance

Cost reduction Automation of fuel cell manufacturing process Increased yield

services sales Change in the product mix

Focus on more profitable products: GenCell FOX™ ,OX™, EVOX™, GEMS

Potential growth of Green Ammonia

Source: https://www.fortunebusinessinsights.com/industry-reports/ammonia-market-101716

The traditional process to produce Green Ammonia

By Gencell Haber-Bosch process consumes extensive

Am

energy

GenCell's Green Ammonia Shift to Renewable 14% X2 more expensive Energy reduces energy efficiency Electro

Cell

Chemical than traditional Green emissions but een

Ammonia Breaks NH₃ to H₂ + N

Gencell's innovative process to produce Green Ammonia

Green Ammonia

Water-to-Power

PROTOTYPE initiation of collaborations for

market development

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Summary

Revenue growth of 34%

Decrease in gross loss (10%) and operating loss margin (20%)

Large-scale projects and strategic partners in 3 markets

products and services