Gencell Ltd. — Investor Presentation 2022

Dec 13, 2022

INVESTORS CONFERENCE

December 13, 2022

From technology and product development to commercial deployment and profitable growth 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 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 disrepancy 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 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 macroeconomic 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 nonmaterialization 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.

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.

From technology and product development to commercial deployment and profitable growth

Key Figures

Revenues Q3 2022

Cash Balance as of 9.30.2022

147 employees 20% increase over 2021 as of 9.30.2022

~ 100 Trade Secrets

and 15 patents (6 pending)

1,280 R&D man-hours

Evolution of GenCell's Core Technologies

* In development

Active Markets

Utilities ~\$81 billion market with CAGR of 4%3,4

Telecom ~ \$7.7 billion market with CAGR of 11%

EV Charging \$20 billion market with CAGR of 35%1,2

1. Data as of 2021

2. Source: https://www.altenergymag.com/news/2022/09/09/ev-charging-infrastructure-market-size-to-expand-around-usd-21747-billion-by-2030/38036

3. Data as of 2020

4. Source: https://www.marketstudyreport.com/reports/global-power-transmission-market-analysis-by-components-transformer-insulator-transmission-lines-transmission-towers-othersvoltage-end-use-by-region-by-country-2021-edition-market-insights-and-forecast-with-impact-of-covid-19-2021-2026

Utilities

Utilities

Telecom

EV Charging

Utilities: Challenges

Volatility due to Influx of Renewable Energy

Distributed Energy Network

Withstanding Climate Crisis

Utilities Telecom EV Charging

Grid Limitations on Charging

There is a very real risk that EV uptake will accelerate faster than the ecosystem that will sustain it. – Ernst Young, 2020

Source: https://www.ey.com/en\_gl/energy-resources/as-emobility-accelerates-can-utilitiesmove-evs-into-the-fast-lane' Ernst Young Dec 2020

Filling the EV Charging Power Gap

(Source: Building the electric-vehicle charging infrastructure America needs – McKinsey 2022 - Philipp Kampshoff , Adi Kumar, Shannon Peloquin, Shivika Sahdev)

From Dream to Reality:

Grid-Independent Hydrogen-based EV Charging Stations

Electricity Grid in Israel

Power Generation in Israel – Current Status

The electric grid comprises 36% of Israel's energy sector, generating each year: 55 TWh

Fossil fuels for transportation comprise 44% of the annual power consumption in Israel: 70 TWh

From Dream to Reality

Telecom

Utilities

Telecom EV Charging

Telecom Market: Challenges & Trends

Commitment to Zero Emissions Energy Crisis Insufficient Availability Climate Crisis Causes Power Issues

Digitalization Requires Network Expansion and Increased Power Consumption

Dr. Martin Kurze

Director Research & Innovation Deutsche Telekom (T-Labs)

DEUTSCHE TELEKOM - COUNTERING ENERGY CHALLENGES WITH GENCELL FUEL CELLS

Deutsche Telekom AG, Technology & Innovation Martin Kurze, 13 December 2022

1

INTRODUCTION: WHO AM I AND WHO IS DEUTSCHE TELEKOM?

2020 2024E 2020 2024E Dividends: Reliability + Growth

Tim Höttges, CEO

Claudia Nemat, CTIO Martin Kurze, R&I director

What do I want you to take away today? → Reasons, Findings and Future of GenCell/DT-Collaboration

LIFE IS FOR SHARING.

ENERGY CONSUMPTION INCREASING & RELEVANT FACTS

2019 2020 Mobile +10-17% Mobile p.a. Access 33% 2019 Access 2030 44% Other 55% Other 23% Energy consumption lixed legacy Energy consumption 1000x more traffic all other technologies dge Computing

DRASTIC

increase of energy consumption & costs in the next years foreseen

5G coverage in addition to 4G f Fixed Wireless Access Additional bands Active antennas Production Cloudification Product Cloudification (Super-)Vectoring, G.fast

Sustainability Targets

(e.g. EU)

Edge Computing ↑ Small Cells ↑ Drastic traffic increase More devices Not optimized SW ↑

Availability of Green Energy

Sustainability Sensitive Customers & Stakeholders

1: GINET, NEST Tool, June 2020

Note: All data for Germany. Source: DTSE Reporting Energy consumption; 2019 values; PASM/PLASMA 2019 FC 5 values; 2030 figures incl. continuous PLASMA saving measures; Data for EU show an even higher percentage on "Mobile"

VTI, Innovation Hub, Martin Kurze / DT-GenCell findings

13 Dec. 2022

LA Productions 2020

DT CLIMATE PROTECTION / SUSTAINABILITY TARGETS AND AMBITIONS

Target: Reduction of 25% emission per customer for value chain emissions 2017-20302 (incl. supply chain and customer's usage of DT's products)

Ambition: Increase the share of electricity from direct Renewable Energy Sources (power purchase agreements, own production)

Ambition: Energy efficiency as equal priority technological feature and decision criteria in vendor selections

90%

Emission reduction for Scope 1+2 emissions 2017-2030

Renewable electricity for DT Group from 2021

Emission reduction per customer for value chain emissions 2017-2030

CARBON NEUTRAL

By 2050 at the latest (Scope 1+2)

DESASTER-RECOVERY - EVEN 5G MOBILE NETWORKS NEED ENERGY ...

LIFE IS FOR SHARING.

VTI, Innovation Hub, Martin Kurze / DT-GenCell findings

In 2021, a giant flood destroyed homes and infrastructure (and killed hundrets of people).

Communication and energy infrastructure were washed away.

DT was able to re-provide the mobile network (4G/5G) fast, relying on mobile gensets (based on diesel ... ). We had no alternative (at that time).

Telcos need emergency power supply that

"Keeps Running, No Matter What."

BACKGROUND: TELCO INDUSTRY NEEDS ENERGY AND INFRASTRUCTURE ...

... BUT:

The telco industry makes money from communications (e.g. voice, data, ...), not from energy (and energy supply reliability). > GenCell must be a (silently running) part of the solution, not a source of complex requirements. (hint: Gencell does an excellent job here!)

DT PURCHASED SEVERAL FUELCELL GENSETS, TESTED AND DEPLOYED THEM

Deutsche Telekom's Ammonia based fuel cell (a.k.a. FOX)

7

HOW WILL TELCOS INTEGRATE WITH (GENCELL) FUEL CELL GENSETS?

Valios communication	Datza communication	Data senvices	Media services (streaming -J)	Industrial clata services	And mona 0
Notwork Infrastructure (Harchware/Software) Software) Naturella BC1109

• Traditional telco equipment suppliers (Ericsson, Nokia, others ... ) will offer energy supply solutions / equipment.

• Energy and energy carriers as well as utilities are part of today's local machinery at cell tower sites ... ]

• Moving towards carbon-free operations implies utilization of local photovoltaics/wind AND replacement of Diesel Gensets

• New power supply, new fuel supply, new energy management, new device management

MAKING IT HAPPEN ...

13 Dec. 2022 10

STEPS TOWARDS A SUCCESSFUL AND FUTURE-PROOF BUSINESS/PARTNERSHIP

· Partner with traditional telco equipment suppliers (Ericsson, Nokia, others ;) } ~

• · Help to overcome "logistics issues": local storage and supply for fuel (H2 / NH3) ~
• · Be patient with the "old players" in the telcommunications market (like me). ...............................................................................................

And be present . on new markets (e.g. Africa) .............

LIFE IS FOR SHARING.

VTI, Innovation Hub, Martin Kurze / DT-GenCell findings

MY CONCLUSIONS AND MESSAGE FOR INVESTORS

• · DT is a very successful telco provider because it is finance-driven and innovation oriented.
• · DT chose to be one of the first adopters of GenCell's technology and products.
• · DT purchased and deployed several GenCell fuel cells in different NatCos (national corporation) .

Z GENCE I

• · GenCell is among the top fuel cell providers for hydrogen based fuel cells for telco industry & beyond.
• · GenCell is at least 3 to 5 years ahead of the competition in the area of ammonia-based fuel cells.
• · GenCell's corporate and innovation culture is unique, combining fast-pace development with sustainable corporate and staffing structures.

Your take away today:

• " GenCell helps to overcome our economic challenges
• GenCell helps to reach our carbon reduction goals
• Deutsche Telekom to jointly showcase GenCell's innovative hydrogen based gree backup power solutions.
• GenCell Energy Ltd is a reliable and super-innovative partner, propelling DI ahead along the path of green innovation

THANK YOU!

And: THANK YOU, & GENCELL , for having me

LIFE IS FOR SHARING.

Strengthening our Foundations in the Telecom Market

• ✓ Collaboration with Global Telecom Equipment / Network Providers
• ✓ Support for Hydrogen / Ammonia Fueling Supply Logistics
• ✓ Strategic Cooperation Agreements with Leading Global Telecom Providers

Evolution of GenCell's Core Technologies

* In development

Green Ammonia – 100% Clean Energy

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

Green Ammonia vs GenCell's Green Ammonia Synthesis

Developing Green Ammonia

* In development

TDK: Cooperation

• TDK strongly believes in GenCell's unique Green Ammonia synthesis process (Water to Power).
• TDK, a leader in mass production, seeks to extend its R&D cooperation with GenCell to enable mass production of the Green Ammonia generator.

From technology and product development to commercial deployment and profitable growth

	Gencell Ltd. Condensed Consolidated Statements of Comprehensive Loss
	For the mine month period ended September 30		For the three month period ended September 30		For the year emded December 31
	2002	2021	200202	2002-01	2021
	USD in thousand:		USD in thousand:		Just in thousands
		(Unaudited)		(Unsudited)
Sales Cost of sales	4,327 6,751	3.194 4.834	3,092 3,330	303 1,074	5,542 8,507
Gross 1053	2,424	1,690	238	681	2,965
Research and development expenses, net	6,672	3,784	2355	1 263	5,704
Selling and marketing expenses General and	3,985	3,159	1,104	892	4,780
administrative expenses	4,255	3,749	1,321	1 352	6,973
Operating loss	17,366	12385	2,018	4,188	20,422
Finance income Finance expenses	1,782 2,145	146 ત્ત્વન	103 ಕಿರಿ	52 હિર	482 1 (185
Finance income (expenses), net	(363)	(458)	13	(14)	(603)
Total loss before other income Other income, net	17.699 23	12,840	5,005 11	4,202	21,025
Total pre-tax loss	17.676	12,840	ਕ ਰੇਚੇ ਕੇ	4,202	21,025
Taxes on income	103	61	4	રેરે	હર
Total loss for the period	17,779	12,901	4.998	4,257	21,090
Amounts which will be classified in the future under profit or loss, met of tax: Profit (loss) in respect of cash flow hedge, net of tax	(2,009)	52	(9)	(3)	72
Total comprehensive loss for the period	19.788	12.849	5,007	4,260	21,018
Loss per cedinary share with a par value of NIS (1.1, basic and diluted	0.166	0.14	0.05	004	022
Weighted average of share capital used to compute basic and diluted loss per share	107.320.989	94,131,015	108.168.503	95,622,682	94,578,864

4

Green
Energy
Reinvented

\$ 393 \$ )681( \$ 3,092 \$ )238( Q3 2021 Q3 2022 \$ 3,500 \$ 3,000 \$ 2,500 \$ 2,000 \$ 1,500 \$ 1,000 \$ 500 \$ \$ )500( \$ )1,000( Comparing Q3 Revenues YoY

Increased Revenues and Reduced Gross Losses

Balance of Cash

	As of Saptember 30 2022 2021 USD in thousands (Unsudited)	As of Dacamber 31 2021 USD in thousands (Audited)
Assets
Current assets Cash and cash equivalents Short term deposits Trade receivables Other receivables Inventory Total current assets	3,249 7.030 51,486 63,708 2,946 3.000 2,855 3.000 3,257 2,482 67,604 76,015	11,881 42,611 2,347 2,144 1,514 60,497
Non-current assets Restricted deposit Right-of-use assets, net Fixed assets, net Other intangible assets, net Total non-current assets	1,820 1,782 8,248 7,067 6,602 5,231 9,556 3,984 26.191 19 011	1,927 7,687 5,411 5,126 20,151
Total assets	102,206 86 615	80 648
Liabilities and equity
Current lisbilities Current maturities of lease liabilities Trade payables Derivative financial instruments Other payables Total current liabilities	1,291 1,217 1,408 I 356 1 080 3,141 4,352 9,040 5.714	1,273 1,826 3,247 6.346
Non-current liabilities Lease liabilities Liabilities in respect of employee benefits Liabilities in respect of grants Total non-current liabilities	7.126 7,390 ರಿತ રોને 622 7,918 8,012	7,444 10 621 8,081
Equity Share capital and premium Other capital reserves Accumulated losses Total equity	286.124 322,803 24,074 22.426 (261,629) (235,661) 85,248 72.889	287,165 22.906 (243,850) 00,221
Total liabilities and equity	102,206 86 615	80,648

Conference Summary Questions and Answers

From technology and product development to commercial deployment and profitable growth

Thanks for your participation. Questions? team@gencellenergy.com

Tour of GenCell's Laboratories for a Sneak Peek of the Unique Direct Green Ammonia Synthesis Technology

• Group Safety Briefing before the start of the tour:
  • o Follow the guide!
  • o Stay as a group
  • o Do not enter working areas without permission
  • o Do not touch any material/equipment without permission
• Groups are escorted by the guides and area supervisors (lab/manufacturing) are responsible for and attentive to the group participants.
• During the visits to the designated labs & production locations – use or transport of hazardous chemicals & loads will be temporarily stopped.
  • o Please don't take pictures without approval