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INOCEL boost its growth with €64M financing

INOCEL, a pioneering player in high-power fuel cell systems for stationary energy generation, heavy duty mobility and maritime, has secured a structured financing of €64M consisting of equity, debt, and subsidies. Historical shareholders participatedin the fundraising operation.    

Saint-Egrève, France – Founded in May 2022, INOCEL is revolutionizing the fuel cell market with high-power solutions offering levels of efficiency, responsiveness and performance that compete uncompromisingly with diesel and hydrogen combustion engine solutions. The company designs, tests, and manufactures a 300 kW fuel cell to decarbonize stationary energy generation, heavy duty mobility and maritime applications. The company’s product, designed to be modular and plug & play, incorporates numerous innovations, some of which stem from CEA, Europe’s leading research center in fuel cells.  

INOCEL team is now up to over 80 people, structured around 2 strategic sites: its product development and testing center located in Saint-Egrève and its 15,000 m2 production plant in Belfort which will eventually employ 700 people. The company’s industrialization and production activities will continue to expand this year. The company has advanced expertise in the design of its systems and associated software management, as well as highly experienced teams in the industrialization and large-scale production of complex products.

INOCEL benefits from the expertise of its subsidiary GEKO, specialized in the integration and sizing of complex systems related to its fuel cell.

Today, INOCEL is an independent company structured around leading private and industrial investors.  

INOCEL is delighted to have finalized a €64M financing package in early 2024, marking a significant milestone in the company’s development. This financing will enable the company to:

 –      Finalize the industrialization of its product;
–      Deliver pre-production runs asearly as 2024;
 –      Commission the Belfort production line by the end of 2024;
–      Internalize its test tools;
–     Increase production rate, with a « Start Of Production » series in the 1st half of 2025;
–      Accelerate sales growth.

  To date, the company has validated the relevance of its strategy, product,and offering, as evidenced by the numerous commercial contracts under discussion and the confidence of investors and banks.


INOCEL announces its 300 kW High Power Z300 Fuel Cell

INOCEL 300 kw high power hydrogen fuel cell

Grenoble, November 30, 2022 – After two years of research and development, INOCEL announces its first commercial product, a 300 kW fuel cell adapted for stationary, marine, heavy ground mobility, and applications. This will be the first fuel cell of such power to be commercially available by 2024. With its technology, INOCEL promises high power, compactness, modularity, efficiency, and responsiveness.

INOCEL is accelerating the energy transition by democratizing high power and efficient fuel cell technologies with the ambition of contributing to the decarbonization of the planet. INOCEL believes it has a role to play in the hydrogen industry with a proposed solution that will rapidly make a difference in multiple segments. There are some use cases in heavy mobility and stationary applications where technical barriers still persist today. For this reason, INOCEL worked on a technology to overcome these challenges and to have a rapid and large-scale impact on the reduction of CO2 emissions.

Built on the foundation of 25 years of R&D by the CEA, a top French research institute, 30 engineers and researchers have worked for the past two years on the development of the INOCEL technology: A high power solution made for stationary, marine, and heavy ground mobility segments, which all require power, efficiency, and durability.

The four differentiating features of the Z300 Fuel Cell:
– A compactness to power ratio, i.e. power for a given weight and volume 3 times greater than the market standard. Indeed, the INOCEL fuel cell delivers a power of 300 kW for a weight of 100 kg and a volume of less than 110 liters.
– Modularity: this fuel cell can be integrated into systems with power ranging from 300 kW to 3 MW. Our 3MW system is packaged in a standard size container, which makes it a compact solution.
– A level of energy efficiency reaching up to 60% with durability to the best market standard. This allows the INOCEL module to be competitive in terms of operating costs over the entire life of the product.
– A very high responsiveness, with a rise to full power in less than 1.5 seconds. Thus, the INOCEL fuel cell can be integrated in applications requiring very low hybridization of systems, resulting in smaller batteries, limiting mass and size.

INOCEL will present its first marine demonstrator during the Paris Boat Show at the Parc des Exposants de la Porte de Versailles in Hall 1 at booth F50. With equivalent power and autonomy characteristics to its thermal counterpart, this demonstrator helps INOCEL prove that a high-powered, long-range hydrogen world is possible without any concession to thermal technologies.

INOCEL is a company based in the Grenoble region that designs, manufactures, and markets high power, modular fuel cells for the stationary, marine and heavy ground mobility sectors. Its expertise includes the development of fuel cell technologies as well as the integration and dimensioning of a complete energy chain. INOCEL also supports its customers with predictive maintenance, monitoring and advanced control services.

INOCEL masters the entire value chain of the fuel cell system, from the bipolar plate to the auxiliary components, which gives it a detailed knowledge of the components and allows it to control its quality and cost chain.

INOCEL also participates in the development of future industry standards to stay ahead of the development of tomorrow’s products and services.
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INOCEL selected for the first edition of the French Tech 2030

French Tech 2030

INOCEL has been selected as part of the inaugural cohort of the French Tech 2030 program. This ambitious program is led by the Secrétariat Général à l’Investissement, in collaboration with Mission French Tech and Bpifrance. Over the course of a year, INOCEL will be supported by Mission French Tech in developing innovative solutions to societal and sovereignty challenges.

The cohort brings together 125 emerging players aligned with the strategic verticals of France 2030. These verticals are ecological transition, healthcare, digital, agrifood, new technological frontiers, and education. Among the winners, 38% are involved in the ecological transition, highlighting INOCEL’s crucial role in building a sustainable future.

The participating companies were selected from 844 applications following a rigorous process led by representatives of the Directorate General for Enterprise, the Directorate General for Research and Innovation, the Defense Innovation Agency, the Health Innovation Agency, and the General Commissariat for Sustainable Development. The selection criteria were based on the companies’ contribution to the specific objectives of France 2030 and to the consolidation of France’s industrial and technological sovereignty.

INOCEL is proud to be one of this year’s winners, which proves the company’s economic and technological maturity. This recognition strengthens our position as a technological leader and will enable us to seize new economic, social, and employment opportunities.

As a winner of French Tech 2030, INOCEL will receive full support from Mission French Tech. The company will be accompanied by a start-up manager and will be in contact with the 60 « French Tech Correspondents. » INOCEL will also benefit from support on regulatory, normative, commercial, and industrial aspects, as well as increased visibility in France and internationally.

Bpifrance’s reinforced support will give INOCEL access to public funding under France 2030, as well as opportunities to meet public and private buyers.

INOCEL, lauréate du programme French Tech 2030 !

INOCEL a été sélectionnée pour faire partie de la première promotion du programme French Tech 2030. Ce programme ambitieux est piloté par le Secrétariat Général à l’Investissement, en collaboration avec la Mission French Tech et Bpifrance. Pendant une année, INOCEL sera accompagné par la Mission French Tech dans le développement de solutions innovantes pour répondre à des enjeux sociétaux et de souveraineté.

Cette promotion rassemble 125 acteurs émergents alignés sur les verticales stratégiques de France 2030. Ces verticales sont la transition écologique, la santé, le numérique, l’agroalimentaire, les nouvelles frontières technologiques et l’éducation. Parmi les lauréats, 38% sont impliqués dans la transition écologique, soulignant le rôle crucial d’INOCEL dans la construction d’un avenir durable.

Les entreprises participantes ont été sélectionnées parmi 844 candidatures, à l’issue d’un processus rigoureux mené par des représentants de la Direction Générale des Entreprises, de la Direction Générale de la Recherche et de l’Innovation, de l’Agence de l’Innovation de Défense, de l’Agence de l’Innovation en Santé et du Commissariat Général au Développement Durable. Les critères de sélection étaient basés sur la contribution des entreprises aux objectifs spécifiques de France 2030 et à la consolidation de notre souveraineté industrielle et technologique.

INOCEL est fière de faire partie des lauréats de cette année, témoignant de la maturité économique et technologique de la société. Cette reconnaissance renforce sa position en tant que leader technologique et permettra de saisir de nouvelles opportunités économiques, sociales et d’emploi.

En tant que lauréate de la French Tech 2030, INOCEL bénéficiera de tout le soutien de la Mission French Tech. La société sera accompagné par un manager de start-up et en contact avec les 60  » Correspondants French Tech  » et bénéficera d’un appui sur les aspects réglementaires, normatifs, commerciaux et industriels, ainsi que d’une visibilité accrue en France et à l’international.

Un accompagnement renforcé de la Bpifrance permettra à INOCEL un accès aux financements publics dans le cadre de France 2030, ainsi que d’opportunités de rencontres avec des acheteurs publics et privés.

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