Delivering Affordable 100% Clean Energy with Proven Hydrogen Technology

December 2020

GenCell Company Confidential

DISCLAIMER

The information included in this presentation (the "Information") and any other information provided in the presentation is presented for convenience only and does not exhaust all of the data about GenCell Ltd. (the "Company") and the Company's activities, and does not substitute the review of the more detailed information contained in the Company's Periodic Report and its immediate reports, as reported via the Magna distribution site to the Israeli Authority Securities (the "ISA") and the Tel Aviv Stock Exchange Ltd. (the "TASE"), including the prospectus published by the Company in November 2020. This presentation does not constitute an offer to buy or sell or an invitation to accept offers to purchase any securities of the Company and is intended to the be informational only. Such an offer shall be made only in subject to the Israeli law, after receiving the necessary permits from the ISA and the TASE. The information does not constitute a basis for making an investment decision, nor does it constitute a recommendation or opinion or substitute for the discretion of a potential investor. This presentation does not include the full results and financial information of the Company and the notes to them, and / or the Company's business plans or the description of all of the Company's activities and / or risk factors. Therefore, each investor must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. The presentation does not constitute a substitute for investment advice or investment marketing advice that takes into account the data and special needs of each person and / or investor and the data included in this presentation does not constitute a substitute for individual discretion and judgment of each potential investor. The company is not responsible for the entirety or accuracy of the information, and will not be held liable for any damages and / or losses that may be caused as a result of any use of the information included in this presentation.

To the extent that there is a discrepancy between the information included in this presentation to the information included in the company's reports, the Company's public reports shall prevail.

This presentation includes forward-looking information, as defined in the Securities Law, 5728-1968, including forecasts, goals, assessments, estimates and other information pertaining to future events and / or matters, the occurrence of which is uncertain and beyond the Company's control. Any forward-looking information contained in this presentation is based, in addition to existing information of the Company, on current Company expectations and assessments. Although the Company believe the assumptions upon which any forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect.

The main facts and data that used as the basis for this information are facts and data regarding the current status of the company and its business and economic macro facts and data, all as known to the company at the time of preparation of this presentation. Any forward-looking information contained in this presentation is based, in addition to the existing information of the company, on the Company's current expectations and assessments regarding future developments in the Company, and on the integration of such developments with each other. It should be emphasized that the presentation may include information that has not been included in the Company's reports and reports in the past and / or has been presented in a manner, characterization, editing, processing, or segmentation different from the way this information is presented in the presentation. The realization or non-realization of the forward-looking information will be affected, inter alia, by risk factors that characterize the Company's operations, as well as by developments in the general environment and external factors affecting the Company's operations, which are unpredictable and does not under the Company's control.

Also, as of the date of this presentation it is not possible to estimate the full effect of the Corona virus (COVID-19) on the economy and the results of the company's operations. The Company has no certainty that its expectations and assessments, including in respect of its plans, will be materialized, and the results of the Company's operations may differ materially from the results estimated or implied by the foregoing, inter alia due to a change in any of the above factors. The Company also has no certainty that its basic assumptions conditional on third parties will be realized. Thus, readers of this presentation are warned that the actual results and achievements of the Company in the future may be materially different from those presented in the forward-looking information presented in this presentation.

It is clarified that the forward-looking statements and estimates are based on data and information that available only as of the time of preparation of this presentation and the Company does not undertake any obligation to publicly release any revisionsto these forward-looking statements to reflect events or circumstances after the date of this Presentation.

The following English translation of the Company's presentation should not be regarded as a substitute for reading the full original Hebrew version of the Presentation. This translation was neither prepared nor checked by the Company. Accordingly, the Company does not warrant that the translation fully, correctly or accurately reflects the Presentation and its contents.

The binding version of the Presentation for all intents and purposes is the original Hebrew version, filed by the Company with the ISA through the MAGNA website. Nothing in this translation constitutes a representation of any kind in connection with the Presentation, nor should it be regarded as a source for interpretation of the Presentation or the Company's reports or statements. In any event of contradiction or discrepancy between this translation and the Hebrew version of the Presentation, the Hebrew version shall prevail.

About GenCell

GenCell develops unique fuel cell solutions that offer clean power for humanity
Using innovative and reliable fuel cell technology, GenCell provides affordable, clean backup power for telecom, homeland security, healthcare and automated industries in 18 countries around the world
GenCell has developed a revolutionary process that allows us to create hydrogen-on-demand from anhydrous ammonia (NH3), enabling our fuel cells to provide a primary power solution for offgrid and poor-grid sites as well as for rural electrification
The company employs 80 persons including fuel cell specialists from space and submarine programs. The company is headquartered in Israel with a worldwide distribution and support network
GenCell has unique intellectual property including patents, trade secrets and know-how

Key Shareholders

Highly Dedicated and Experienced Management Team

Chairman of the Board

Mr. Levy served as CEO of Orbotech from 2013 to 2019, where he oversaw its acquisition by KLA-Tencor for \$3.4B. Prior to that, Mr. Levy held positions at Dun & Bradstreet, Apple and DEC. Holding a Bachelor's degree in Industrial Engineering and Management from Ben-Gurion University and an MBA from Tel Aviv University, Mr. Levy is also a graduate of the Advanced Management Program at Harvard Business School. Mr. Levy serves as Active Chairman of Asher Levy Landa Digital Printing and NSO.

Rami Reshef CEO

Mr. Reshef has a proven executive management track record with over 25 years experience driving sales growth in the technology industry. He has founded a number of startups with solutions for mobile, social networking and virtual reality, which include Moked Or Ltd, Virtual One and Clip in Touch Int.

80 employees including fuel cell experts from Space and Submarine programs

A fuel cell runs an extremely reliable electrochemical process that combines two gases - hydrogen and oxygen -to generate 100% green energy.

A Brief History of Fuel Cells:

1839	1889	1932	1958	1969-2020	2011
Invention of the first fuel cell by William Grove	The term "Fuel Cell" set by Ludwig Mond and Carl Langer	The first fuel cell to operate using alkaline electrolyte and low-cost nickel electrodes	Improvements and inventions in the field of fuel cells by Pratt & Whitney and others	First commercial use in space programs to provide electricity, heat and water to astronauts, and today, also transportation	GenCell founded to make fuel cell technology accessible to the general public

Innovative Patented Technology

Patents across key technologies & wide trade secret portfolio create high barriers to entry

GenCell's Alkaline Fuel Cell Technology Advantages

Highest electrochemical efficiencies among the known fuel cell types
Resistance to extreme weather conditions
Non-noble catalyst
Regenerative CO² scrubber technology
Use of ammonia as a low-cost source of hydrogen
Ammonia cracking and catalyst technologies
Eliminates the logistics issues of hydrogen by using ammonia as a renewable energy production source

GenCell Technical Expertise

Full in-house R&D and engineering team
Fuel cell module assembly technologies
Catalysts for the anode and cathode technologies
Electrode production of roll-to-roll technologies
Ammonia cracking technology development

GenCell's Core Product Portfolio

Backup Power

G5 Long-Duration UPS (Uninterrupted Power Supply)

G5rx Utility Utility Backup Power Solution

Primary Power

A5 Off-Grid Power Solution

Key Points
5kW instant power with extended run-time and capacity to handle dynamic loads
Designed for extreme climates

Markets HLS, Data Centers, Healthcare & Automated Industries

4 to 40 hours and more

• Extends battery backup time from

• Meets substation energy profiles & safety standards

• IEEE 693 seismic compliance for substations

Designed to replace diesel generators
"Virtual nano-power plant" that operates fully independently of the grid
Clean, reliable, weather-independent and more affordable than diesel

Utilities' substations Primary power for Rural Electrification

GenCell IoT Remote Manager

Remote management, monitoring and analysis of hundreds of units
Remote maintenance reduces the total cost of ownership

Worldwide Backup Installations

Unique alkaline fuel cell solutions already proven and leveraging our patented IP
Our products have been successfully deployed at customer sites in the field over the past 3 years

Key customers and partners:

GenCell A5 TM Off-Grid Power Solution

GenCell A5 TM Off Grid Power Product - Background

The Problem:

Population

• 1 billion** people lack electricity for lighting, telecom, cooking, clean water & economic development

A5 Solution:

The GenCell A5 off-grid power solution provides the benefits of green fuel cell energy with an inexpensive and easily accessible liquid fuel - anhydrous ammonia
A single 12–15-ton tank of ammonia provides enough fuel for a year of 24/7 operation
This makes the GenCell A5 solution ideal for use in remote locations that lack grid access or where the grid is not stable and independent power generation is frequently required

*Source: IDTechEx **Source: www.iea.org

Telecom Market

A5 Off-Grid Power Solution

Designed to replace diesel generators
"Nano-power plant" that operates fully independently of the grid

Why Telecom Towers

\$20B yearly expense* on diesel fuel

The GSMA estimates that 1,200,000* telecom towers are in off-grid and poor-grid locations

Powering these towers is a complex and expensive challenge met today by diesel generators, batteries and solar
In addition, governmental and environmental regulations are increasingly restrictive on the use of diesel
GenCell A5 is a greener, cheaper and more reliable solution compared to other power solutions

\$12bn Market*

* Source: Green Power for Mobile, GSMA.

Industry Highlights

Our Market Landscape Market Opportunity

Future Product Roadmap

SAY NO TO DIESEL GenCell Company Confidential

GenCell T30 Transportation Power Solution

\$35bn

Challenge Solution Markets

Diesel buses and trucks belch smoke
Li-Ion buses have limited range and long recharging time
H2 infrastructure will cost billions (\$)

Crack ammonia to create H2
Bypass the H2 infrastructure

• Pump H2 into buses and trucks

** The combination of electric battery and fuel cell vehicles will drive an irreversible transformation of the mobility sector, to the extent we've not seen since Henry Ford pushed the 'Model T' upon the horse and carriage market in 1908.

Source : Bekryl Market Analysts, 2018
**Source: Rethink Energy , 2020

Ammonia to H² for Fuel Cell Buses

15% * of solar (PV) energy produced is not stored. GenCell plans to store this energy chemically, as a source for green ammonia production, within a market of \$70 billion ** .