Update: Israel’s Refhuel, BIRAD and Decama Capital JV

Update: Israel’s Refhuel, BIRAD and Decama Capital JV

Mar 11, 2022 2 min read
  • Refhuel launched to develop reversible fuel cell technology through a licence agreement announced between Bar-Ilan University’s R&D business, BIRAD and the investor Decama Capital
  • Refhuel will focus on the commercialisation of reversible fuel cell technology developed by researchers that promises to enhance storage capacity to support the energy transition
  • New venture supports Decama Capital’s strategy in the renewable energy sector. Update: Daniel Szwarcman appointed CEO of Refhuel R&D, joins from StoreDot

Decama Capital has announced a licence agreement between its new greentech subsidiary, Refhuel and BIRAD, the research and development company of Bar-Ilan University. Based on groundbreaking research from the university, licenced through its commercial arm, Refhuel will focus on the commercialisation of reversible fuel cell technology that promises to improve storage capacity and support the energy transition.

Headquartered in the UK, Decama Capital is an Israeli investor listed on the Tel Aviv Stock Exchange. The tech will be based on pioneering research in reversible fuel cells at Bar-Ilan University led by Professor Lior Elbaz, now Co-Founder of Refhuel. According to the founders, Refhuel’s fuel cells will enable efficient storage and production of energy based on a proprietary hydrogen carrier technology.

Decama Capital says the venture supports its push into renewables, diversifying its portfolio away from real estate looking for new growth opportunities, including impact investing and greentech.  

Image credit: www.refhuel.com

Professor Lior Elbaz, Co-Founder of Refhuel:

“I am really excited to have reached this point. We have passed the proof of concept stage and, in time, the technology has the potential to revolutionize energy storage and production. The world is looking for affordable, sustainable energy and this technology promises to help deliver this.”

Dr. Tsvika Ben Porat, CEO of BIRAD:

“The signing of the agreement with Decama Capital subsidiary Refhuel represents the latest example of BIRAD’s work translating the exciting research at our university into a commercial opportunity. Professor Elbaz’s work and innovation has the potential to change the way we store energy. It’s an example of not only Bar Ilan’s excellence but Israel’s leading position as a tech nation.”

Nate Lorenzi, Co-Founder of Refhuel and CEO of Decama Capital Ltd,:

“Professor Elbaz is a world leading figure and his research will have a transformational impact. Energy supply and climate change are challenges facing every nation. As we move towards renewables, we face the problem of energy storage. The technology we are developing at Refhuel has the potential to be the solution to this.”


Refhuel has appointed Daniel Szwarcman CEO of its R&D Centre, leading the development of its reversible fuel cell technology. Szwarcman joins from StoreDot after nearly a decade with the EV pioneer. The appointment accompanies Bar Gavriel, Noam Zion and Yan Yurko joining Refheul’s research team.

Daniel Szwarcman, PhD, CEO of Refhuel’s R&D Centre:

Greentech is a fast-growing and incredibly important sector, and it gives me great professional and personal satisfaction to know that I am joining a company with a big vision to change the world for the better.”

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