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 participated in 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.