#Israel #Tel Aviv #Aquarius Engines #Gal Friedman #Investment Agreement

Aquarius Engines Appoints Gal Friedman as CEO

Aquarius Engines, a notable player in the energy sector, has made headlines with the appointment of Gal Friedman as its new Chief Executive Officer, effective December 5, 2024. Friedman, being one of the innovators behind the company and having held roles such as Chairman of the Board and Chief Marketing Officer, brings a wealth of experience to this position. His leadership is expected to drive the company's focus on growth and facilitate its aspirations of global expansion, especially at a time when the company is working to secure vital funding.

This strategic move follows the resignation of Ariel Gorfung, who stepped down from his position for family-related reasons. The change in leadership is deemed critical as Aquarius Engines enters a pivotal phase, aiming to complete a vital fundraising round that is essential for its continued operations and future projects.

Strategic Investment Agreement

In addition to the leadership change, Aquarius Engines has recently signed an investment agreement worth $1 million with Alexander Chernilovsky. This agreement will bolster the company's financial resources as it works on an expansive growth strategy. The investment is contingent upon certain conditions, including necessary approvals from the stock exchange and, if required, from the shareholders.

Key Highlights of the Investment

• - Investment Amount: $1 million in exchange for shares, dependent upon regulatory approvals.
• - Share Pricing: The share price will be determined by the average closing prices over the last 30 days or based on an additional fundraising round of at least $6 million, should that occur.
• - Funding Objective: This investment is part of a more extensive initiative to strengthen the company’s financial status and support its operational continuity.

Friedman’s compensation package includes performance bonuses tied to measurable growth milestones. These milestones include the company's potential listing on the Nasdaq stock exchange, achieving specific sales figures, and reaching cumulative fundraising targets. Such performance-based incentives indicate a strong commitment to advancing the company’s market position and ensuring its long-term sustainability.

About Aquarius Engines

Aquarius Engines is renowned for its innovation in developing cutting-edge small generators for electricity production. The company holds a remarkable portfolio of approximately 44 registered patents in various countries, with an additional 43 patents currently pending. Publicly traded on the Tel Aviv Stock Exchange since December 2020, Aquarius has attracted significant investment from top-tier global entities, including major Japanese automotive firms and notable institutions within Israel.

The company’s flagship product, a small, lightweight engine with only one moving part, showcases unparalleled efficacy and efficiency, making it a competitive force in the energy sector. Currently, Aquarius targets the telecommunications sector, collaborating with industry giants like Nokia to provide eco-friendly backup power solutions for telecom towers. Their technology is adaptable and compatible with multiple fuel types, including hydrogen, ethanol (E85), methanol, and LPG.

Future plans include broadening market reach to sectors such as transportation, aviation, maritime, and defense, as well as developing range extenders for vehicles. With operational and development hubs located in Israel, Germany, and Poland, Aquarius Engines is positioned to spearhead advancements in sustainable energy solutions.

In conclusion, Gal Friedman’s appointment and the new investment agreement signal a proactive phase for Aquarius Engines. These strategic decisions are part of a larger vision to enhance operational capabilities, innovate within the industry, and ultimately contribute to a greener and more sustainable future.