Gencell Ltd. — Investor Presentation 2021

May 19, 2021

This is an English translation of a Hebrew Immediate Report that was published on May 19, 2021 (reference no.: 2021-01-027709) (hereafter: the "Hebrew Version"). This English version is only for convenience purposes. This is not an official translation and has no binding force. Whilst reasonable care and skill have been exercised in the preparation hereof, no translation can ever perfectly reflect the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

19 May, 2021

To To Israel Securities Authority Tel Aviv Stock Exchange www.isa.gov.il www.tase.co.il

Re: Investors Conference

Further to the Company's Immediate Report dated May 16, 2021¹ , regarding an Investor Conference of the Company, which will be held on Thursday, May 20, 2021, at 12:00 PM ISR via the ZOOM app in the Hebrew language , in the following link – https://zoom.us/j/7491866864?pwd=aTJTUkl4ZnYxZFNOVHZpdmFsdWc0QT09

the presentation that will accompany the Investors Conference is attached to this immediate report.

The Company also intends to hold an English language Investor Conference, which will be held on Monday, May 24 th . 2021, at 18:00 PM ISR via the ZOOM app to be held in English language in the following link –

https://us02web.zoom.us/j/4553442793?pwd=cTg0VkZkbEdrOUZRQjFYZjZRSXJTUT09

The Investors Conference does not replace the need to review the Company's immediate and periodic reports, which also include forward-looking information as defined in the Securities Law, 5728-1968.

this immediate report does not constitute an offer to buy or sell or an invitation to accept offers to purchase any securities of the Company.

Sincerely, Gencell Ltd. Signed by: Yossi Salomon, CFO

¹ Ref No. 2021-01-026566 (the above-mentioned is hereby incorporated by reference).

DELIVERING AFFORDABLE 100% CLEAN ENERGY WITH PROVEN HYDROGEN TECHNOLOGY

May 2021

inaccurate and the forward-looking statements based on these assumptions could be incorrect.

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

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 revisions to 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, (TASE: GNCL) 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 extract hydrogen-on-demand from anhydrous ammonia (NH3), enabling our fuel cells to provide a primary power solution for off-grid and poor-grid sites as well as for rural electrification
• The company employs approximately 95 persons. The company is headquartered in Israel with a worldwide distribution and support network
• GenCell holds unique intellectual property including patents, trade secrets and know-how

ALKALINE FUEL CELLS FOR BROAD USES

3

DEMAND FOR H2 & FUEL CELLS SOARS

Benefits

4

Updates & Developments: Jan - May 2021

• ✓ G5.5 outdoors unit successfully completed validation stage and will launch as planned Q4 2021
• ✓ G5.5 offers lower cost and smaller footprint than G5
• ✓ A5 beta sites promising field test results (details in slide 8)
• ✓ Green NH3 program newly-formed R&D unit initiates green ammonia synthesis activities
• ✓ CFE (state-owned utility in Mexico) project- completed on time (details in slide 7)
• ✓ Partnership development with leading UPS company in progress
• ✓ Strategic agreement with leading telecom operator in progress

✓ New orders and pilots with:

• USA - Power utility in state of Washington
• USA – Power device system integrator
• Canada National gas and electric company
• Spain A large-scale distributor in Spain and Portugal
• Slovakia- Energy system integrator serving diverse industry segments in Central & Eastern Europe

Operation

SAY NO TO DIESEL COPYRIGHT©2021 GENCELL

Updates & Developments: Jan - May 2021

• ✓ Strategic partnership with TDK in progress
• ✓ Deals in progress with several global mobile network operators to deploy Company's backup solutions in place of diesel generators
• ✓ In the last 6 months, company recruited 20 new employees
  • R&D & Production 15
  • S&M 5
• ✓ Experienced COO recruited to join GenCell June 2021
• ✓ Space +2,000 sqm added to support growth
• ✓ Corporate ESG Program launched
• ✓ \$14.3m second IPO on TASE completed 14 April 2021
• ✓ Lead investor BNPP BNP PARIBAS CAPITAL, one of Europe's leading investment funds in the sustainability arena

CFE PROJECT GENCELL DELIVERED IN APRIL 2021 37 LONG-DURATION HYDROGEN-BASED BACKUP POWER UNITS TO THE FEDERAL ELECTRIC COMPANY (CFE) IN MEXICO

Phase One – completed ON TIME

• ✓ Phase One included :
  • ✓ Shipment of 37 full systems
  • ✓ Sites review
  • ✓ Deployment plans
  • ✓ Customer Inspection
• ✓ Revenue recognition ~ \$3.5m
• ✓ Successful completion of Phase One was a prerequisite to initiate discussions of Phase Two, for which we expect additional revenues of \$3.5m.
• ✓ The Company believes that the successful completion of this flagship project will result in similar projects with other utilities with whom we are in contact

MAJOR MILESTONE ACHIEVED: GENCELL DEPLOYS A5 OFF-GRID SOLUTION AT 'NEYÐARLÍNAN OHF' EMERGENCY COMMUNICATIONS STATION OUTSIDE REYKJAVIK, ICELAND

• ✓ From April 19 to date, the GenCell A5 has been providing primary power in challenging climate and weather conditions to a telecom station located at the outskirts of Reykjavik.
• ✓ The A5 ensures uninterrupted power by extracting hydrogen from ammonia.
• ✓ In alignment with Company plans, this product is being deployed at customer and potential partner sites during 2021, with the intention to announce its commercial launch in 2022.
• ✓ At present the Company is in talks with several global telecom operators regarding GenCell A5 pilot deployments.

DURING Q1 2021 GENCELL SIGNS STRATEGIC AGREEMENT WITH JAPANESE CORPORATION TDK ON JOINT DEVELOPMENT OF GREEN AMMONIA

• ✓ Entering the arena of green ammonia synthesis – the fuel of the future – and reinforcing the cooperation with TDK are important steps forward in our advancement towards our objective of zero-carbon emissions and a move that will be a major business opportunity both for TDK and for GenCell
• ✓ Today's ammonia market size is some \$70B
• ✓ The Company has initiated the development of electrochemical cell components for green ammonia synthesis, including catalysts, and expects to carry out the first synthesis in the coming quarter.

KEEP RUNNING. WITH FUEL CELL POWER SOLUTIONS.