Aquarius Engines Announces the Appointment of Gal Friedman as CEO and a New Investment Agreement

• Friedman is one of the company's founders, former board chairman, and chief marketing officer.
• The appointment of Gal Friedman, one of the company's founders and an experienced leader in the field, as CEO marks a strategic focus on growth and global expansion.
• At the same time, the company has signed a $1 million investment agreement with  Alexander Chernilovsky.

TEL AVIV, Israel, Dec. 5, 2024 /PRNewswire/ -- Aquarius Engines (TASE: AQUA) announced today that its Board of Directors has approved the appointment of Mr. Gal Friedman as the company's CEO, effective December 5, 2024. Friedman, one of the company's founders who previously served as Chairman of the Board and Chief Marketing Officer, brings extensive experience and deep knowledge of the company's field of operations. He will succeed Mr. Ariel Gorfung, who stepped down due to family reasons.

Friedman's appointment comes at a pivotal time for the company, as it works to complete a fundraising round critical to its ongoing operations and strategic initiatives. As part of this effort, the company has signed an investment agreement with Mr. Alexander Chernilovsky, under which the investor will invest $1 million in exchange for company shares, subject to certain conditions precedent.

Key Highlights of the Agreement:

• A $1 million investment in exchange for shares, contingent upon approvals from the stock exchange and, if needed, the company's shareholders.
• Share price determination based on the 30 days average closing prices or in the framework of an additional fundraising round of at least $6 million, if completed.
• This initiative is part of a broader fundraising effort aimed at strengthening the company's financial position and ensuring its continued operations.

As part of Aquarius's strategic plan, Friedman's terms of employment include performance-based incentives tied to key milestones such as listing the company on Nasdaq, meeting sales targets, and cumulative fundraising achievements. These incentives include options and grants, subject to milestone achievements.

Aquarius is advancing these steps to solidify its market position, ensure financial stability, and realize its corporate vision.

About Aquarius Engines

Aquarius Engines is an energy company specializing in developing and producing groundbreaking small generators for electricity production.

The company holds approximately 44 registered patents in the U.S. and other countries and around 43 additional patents currently in the registration process. Aquarius has been publicly traded on the Tel Aviv Stock Exchange since December 2020.

Aquarius's shareholders include major global players such as Tier-1 Japanese automotive companies, TPR (a leading piston manufacturer), MUSASHI (partially owned by Honda), and prominent institutional investors in Israel.

The Aquarius engine is a small, lightweight generator with only one moving part, offering exceptional power and efficiency. It stands as a highly competitive player with significant advantages in its field.

The company's initial target market is the telecommunications sector, where it collaborates with industry leaders such as Nokia to provide green backup power solutions for telecom towers. The core technology of Aquarius enables the use of a variety of fuels, including hydrogen, ethanol (E85), methanol, and LPG.

Aquarius plans to expand into additional markets, supplying its engines for truck power units, aviation, maritime, and defense propulsion solutions, as well as range extenders for the automotive industry.

Aquarius operates development and activity centers in Israel, Germany, and Poland.

Contact: [email protected] 

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SOURCE Aquarius Engines