INOCEL, an innovator in the high-power fuel cell systems sector, has succeeded in shoring up structured financing amounting to €64M. This includes equity, debt, and subsidies with notable input from long-standing shareholders.
Located in Saint-Egrève, France, INOCEL was established in May 2022. The company focuses on developing high-power solutions that challenge the performance of diesel and hydrogen combustion engine solutions. They produce a 300 kW fuel cell targeted at decreasing carbon emissions in various applications such as stationary energy generation, heavy-duty mobility, and maritime industries.
Their product is modular and user-friendly, integrating several cutting-edge technological innovations, including some from the CEA, a renowned European research center in fuel cells. The workforce at INOCEL totals over 80 members divided between their product development and testing center in Saint-Egrève and a sizable 15,000 m2 production plant in Belfort. This facility is anticipated to employ 700 staff once fully operational.
INOCEL plans to scale up industrialization and production activities throughout the year. They leverage their strong expertise in system design and related software management gained from their experienced team well-versed in industrializing and producing complex products on a large scale.
INOCEL also counts on the proficiency of its subsidiary, GEKO. This entity specializes in the integration and sizing of complex systems linked to its parent company’s fuel cell. As it stands, INOCEL operates as an independent firm backed by prominent private and industrial investors.
INOCEL confirmed a €64M financing deal in early 2024, a significant milestone for the company. This funding will facilitate the following:
– Finalize the product’s industrialization,
– Deliver pre-production runs by 2024,
– Commission the Belfort production line by the end 2024,
– Internalize its testing tools,
– Enhance production rates with a “Start of Production” series scheduled for the first half of 2025,
– Speed up sales growth.
INOCEL has evidenced the validity of its product, strategy, and offering through ongoing commercial contracts and the confidence afforded by investors and banks.
