Inocel

What Inocel does

INOCEL is a French deep-tech company that designs and manufactures high-power hydrogen PEM fuel cell systems and modular zero-emission generators. Founded in 2022 (originating from a 2020 collaboration with the CEA), the company is headquartered in Saint-Égrève, France, with a 15,000 m² gigafactory in Belfort, an R&D center in Grenoble, and a system integration center of excellence (INOCEL Advanced Technology, IAT) in Mougins. Its core products are the GEN-Z family of containerized hydrogen generators (300, 600, and 1300 kVA) and the Z-series fuel cell stacks (Z100-G at 100 kW, Z125-G at 125 kW, and Z300-S at 300 kW), built on over 25 years of CEA fuel cell research and protected by approximately 25 patents covering hardware and proprietary energy-management software. The Z300 stack delivers over 300 kW of power, up to 65% electrical efficiency, and a 1.5-second dynamic response from idle to full power — enabling the fuel cell to act as a primary energy source without a large battery buffer.

The company sells to enterprise customers across stationary power (data centers, critical infrastructure, construction sites, events, airports/ports, and industrial backup) and is preparing entry into heavy mobility and maritime through Z100-G/Z125-G systems and the 2027-planned Z100-M marine variant. Its go-to-market combines direct field sales, a 2025 strategic partnership with EQUANS for turnkey deployment, and a managed-service layer that includes installation, commissioning, fuel supply, rental, and maintenance. Revenue streams span hardware sales (generators and fuel cell systems), professional services (engineering integration via IAT, installation, and maintenance), and managed services (rental and fuel supply). Named customers are limited in disclosure, with ACCIONA documented as a port-construction pilot. As of 2024, INOCEL employs around 70 people, and the company has raised approximately €80.5M cumulatively (€16.5M in 2022 and €64M in March 2024) to fund industrialization, ramp production to 90 MW by 2027 and 3 GW by 2032 at Belfort, and expand commercial activities across Europe, including new business development hires in Norway and the Netherlands.

Name

Inocel

Legal name

INOCEL DEVELOPMENT

Website

https://inocel.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

Inocel is a French deep-tech company that designs and manufactures high-power PEM hydrogen fuel cell stacks and modular GEN-Z zero-emission generators (300–1300 kVA) for enterprise customers in data centers, construction, events, critical infrastructure, and heavy mobility/maritime markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Grenoble

HQ country

France

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Hydrogen Fuel Cell Generators (GEN-Z Series): Sale of modular zero-emission hydrogen generators including GEN-Z 300 (up to 300 kVA), GEN-Z 600, and GEN-Z 1300. These are containerized generator systems for stationary and mobile applications.
2. Hydrogen Fuel Cell Systems (Z-Series): Sale of fuel cell systems including Z100-G (100 kW), Z125-G (125 kW), and Z100-M marine variant (2027) for mobility and maritime applications.
3. Engineering & Integration Services (IAT): End-to-end engineering services for hydrogen and electric powertrains, including topology & sizing, detailed design, integration, custom systems development, and testing & technical support. Covers concept to field deployment.
4. Installation, Commissioning & Maintenance: Turnkey installation services, commissioning, preventive maintenance, advanced diagnostics, spare parts delivery, and warranty coverage for generators and fuel cell systems.
5. Generator Rental: Flexible rental model for temporary, seasonal, or project-based needs, enabling rapid access to generator systems without long-term commitment.
6. Fuel & Energy Supply: Complete energy supply solution managing sourcing to delivery of hydrogen fuel for generator operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Inocel designs, manufactures, and sells high-power hydrogen PEM fuel cell systems (Z-series) and zero-emission hydrogen generators (GEN-Z series up to 1.3 MVA) for stationary, mobility, and maritime applications. The company provides end-to-end value chain solutions including fuel supply, installation, commissioning, integration engineering (IAT), maintenance, and flexible rental of the generator products.

Product overview

INOCEL offers a modular hydrogen fuel cell generator portfolio centered on the GEN-Z series (GEN-Z 300, GEN-Z 600, GEN-Z 1300) for zero-emission stationary and mobile power generation, complemented by the Z300-S PEM fuel cell system (300 kW) for stationary applications. The company also provides hydrogen fuel cell systems (Z100-G at 100 kW, Z125-G at 125 kW) designed for mobility applications, plus the upcoming Z100-M marine variant. Beyond hardware, INOCEL delivers end-to-end value chain solutions including installation, commissioning, fuel supply, maintenance, and performance monitoring. The product line scales from 300 kVA to over 1 MW, serving critical infrastructure, construction, events, data centers, and maritime markets.

Differentiator

Problem solved

Functional benefit

Brands

• INOCEL Advanced Technology (IAT): Center of excellence for complex system integration and low-volume production, serving heavy-mobility and maritime markets. Based in Mougins, France, with expertise from automotive and motorsport sectors.

Products and services

• GEN-Z 300 Zero-Emission Hydrogen Generator 300 kVA modular emission-free hydrogen generator designed for flexible deployment, covering power needs from a few kVA up to 300 kVA and easily integrated on operational sites for off-grid, backup, and mobile applications.
• GEN-Z 600 Zero-Emission Hydrogen Generator 600 kVA modular emission-free hydrogen generator built for demanding operations, delivering reliable power for continuous use and critical backup applications.
• GEN-Z 1300 Zero-Emission Hydrogen Generator 1300 kVA modular emission-free hydrogen generator engineered for high-demand power applications, delivering reliable, consistent performance for large-scale operations.
• Z300-S PEM Fuel Cell System 300 kW PEM fuel cell system designed for stationary applications, providing clean and continuous energy where reliability is essential and integrated directly into Inocel generators.
• Z100-G Hydrogen Fuel Cell System 100 kW hydrogen fuel cell delivering power in a format optimized for total cost of ownership; modular and cost-competitive, suited for mobile applications with fast dynamic response.
• Z125-G Hydrogen Fuel Cell System 125 kW hydrogen fuel cell for high-performance applications with higher power density; natural evolution of Z100-G with optimized architecture meeting demanding energy requirements while remaining cost-competitive.
• Z100-M Marine Fuel Cell Variant Marine variant scheduled for 2027 designed as auxiliary power unit (APU) for naval applications, providing power for onboard electrical systems or propulsion while reducing emissions and noise.
• INOCEL Advanced Technology (IAT) Engineering & Integration Services End-to-end engineering services for hydrogen and electric powertrains delivered by the Mougins-based IAT center of excellence, covering topology and sizing, detailed design, integration, custom systems development, and testing and technical support for heavy mobility and maritime customers.
• Installation, Commissioning & Maintenance Services Turnkey installation, commissioning, preventive maintenance, advanced diagnostics, spare parts delivery, and warranty coverage for Inocel's generators and fuel cell systems.
• Hydrogen Generator Rental Flexible rental model for Inocel generators offering temporary, seasonal, or project-based access to zero-emission power without long-term commitment, billed pay-as-you-go.
• Fuel & Energy Supply Service Complete hydrogen energy supply solution managing sourcing to delivery of fuel for Inocel generator operations, providing customers with a single accountable supplier for zero-emission power.

Quantifiable outcome

• Replaced diesel generator at Port of Valencia, avoiding approximately 80 metric tons of CO2 equivalent emissions during test period
• +4 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• EQUANScoreStrategic or Co-development Partner · 1 January 2025Partnership announced in 2025 with EQUANS to support the deployment of hydrogen solutions and offer a turnkey solution to customers. EQUANS provides installation, integration, and deployment support services for INOCEL's hydrogen generator products.
• CEA (French Alternative Energies and Atomic Energy Commission)coreTechnology or Integration · 1 January 2022INOCEL's technology is built on over 25 years of research conducted by the CEA. The CEA developed core fuel cell innovations including membrane technology, bipolar plates, and MEA components. INOCEL licenses and further develops CEA innovations for commercial products.
• Mauro Ricci (AKKA Technologies founder)minorOthers · 1 January 2022Founder of AKKA Technologies who recognized the evolving need for high-power decarbonized energy. Converged with Mike Horn's vision around the GEN Z project in collaboration with CEA.
• Mike HornminorOthers · 1 January 2020Mike Horn acted as catalyst for the GEN Z project during the Dakar Rally when he became aware of the environmental impact and wanted to demonstrate high performance without fossil fuels. He is credited with catalyzing the hydrogen fuel cell project.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Ballard Power Systems: Canadian PEM fuel cell leader with broad product portfolio in heavy-duty mobility (trucks, buses, trains) and stationary power. Comparable PEM technology base and overlapping customer segments in zero-emission transportation and backup power.
• PowerCell Sweden: Swedish manufacturer of PEM fuel cell stacks and systems for stationary and mobility applications, with comparable power outputs (100-300 kW). Most direct competitor given similar PEM technology, scale, and target use cases in heavy-duty mobility and stationary power.
• Plug Power: US-based hydrogen fuel cell systems provider focused on material handling, stationary power, and mobility. Direct competitor in the PEM fuel cell space with established commercial deployments and a broader hydrogen ecosystem offering.

Emerging players

• Advent Technologies: US/European developer of high-temperature PEM fuel cell systems for stationary power and mobility. Comparable emerging player targeting similar heavy-duty and stationary zero-emission applications with proprietary membrane technology.
• Nedstack Fuel Cell Technology: Dutch PEM fuel cell stack manufacturer focused on stationary and heavy mobility applications. Comparable mid-scale European competitor with overlapping target use cases in zero-emission power and industrial applications.

Broad incumbents

• Cummins (Accelera by Cummins): Cummins' zero-emission business unit develops hydrogen fuel cell systems for heavy-duty trucks, trains, and stationary applications. Larger incumbent with deeper OEM relationships and broader portfolio including batteries and electrolyzers.
• Bosch (Hydrogen Powertrain Systems): Bosch develops hydrogen fuel cell powertrains and stationary fuel cell systems as part of its broad mobility and industrial portfolio. Large incumbent leveraging automotive supply chain and global manufacturing scale.
• Hyundai (Hyundai Motor Group Hydrogen): Hyundai operates the world's largest fuel cell vehicle plant and sells HTWO fuel cell modules for trucks, buses, and stationary power. Strong incumbent in heavy-duty hydrogen mobility with significant R&D investment.
• Toyota (Hydrogen Fuel Cell): Toyota develops hydrogen fuel cell modules for heavy-duty trucks, buses, and stationary generators, drawing on decades of Mirai passenger car development. Major incumbent competing in fuel cell-heavy mobility segments.
• Rolls-Royce (mtu Hydrogen Solutions): Rolls-Royce's mtu brand develops hydrogen fuel cell systems for stationary power, backup power, and rail. Established European industrial player offering competing hydrogen-ready power solutions with strong brand and service network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@inocel
• Facebookfacebook.com/inocel.fr
• LinkedInlinkedin.com/company/inocel
• Instagraminstagram.com/inocel.fr/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Inocel