What Inray does

Inray Oy Ltd, founded in 2009 and headquartered in Mikkeli, Finland, develops real-time measurement systems based on X-ray transmission technology for energy producers, sawmills, and biorefineries. The company's product platform centers on the FUELCONTROL Scanner (continuous moisture, energy content, volumetric flow, and foreign-object measurement on conveyors), the patented FUELCONTROL Storage model (real-time silo inventory modeling and dispatch optimization), the INRAY Scanner and INRAY Camera (machine-vision-based quality classification of biomass and recycled material streams), and the INRAY Seeker (automated detection of metals, stones, concrete, and hard plastics). The company differentiates by measuring total material flow on the conveyor rather than relying on surface scans or sampled laboratory analysis, with the FUELCONTROL method independently verified under the European Commission's Environmental Technology Verification program at Turun Seudun Energiantuotanto's Naantali power plant.

Inray sells project-priced, turnkey measurement installations (hardware plus installation, commissioning, and integration with plant automation) directly to enterprise customers via a field-sales motion led by the CEO and a Sales Director, with multi-year maintenance and support contracts layered on top. FUELCONTROL Storage is positioned as a recurring software/storage-management add-on. The customer base includes major Nordic energy and forestry operators — Fortum, Helen, Loimua, Nevel, DIN Forsyning, Kaukaan Voima, Turun Seudun Energiantuotanto, UPM Kymmene, Stora Enso, and Etelä-Savon Energia — with over 20 systems delivered in Finland, Denmark, the UK, and Spain. A wholly-owned subsidiary, Inray Technologies S.L., operates from Malaga, Spain, serving Southern Europe and Spanish-speaking markets. The company is privately held under purely entrepreneur-driven ownership (CEO Janne Kovanen as majority owner after a 2020 minority buyout), has maintained an AAA Suomen Vahvimmat credit rating, and has supplemented organic growth with non-dilutive EU grants including a ~EUR 1.2M Horizon 2020 OPTIFUEL award and a EUR 154K grant for recycled-materials quality measurement.

Name

Inray

Legal name

Inray Oy Ltd

Website

https://inray.fi

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Inray Oy Ltd develops X-ray-based real-time measurement systems for moisture, energy content, and foreign-object detection on conveyor flows, serving power plants, sawmills, and biorefineries across the Nordics and Southern Europe via direct enterprise sales.

Ownership category

akta.pro rank

Product category

Industrial Process Measurement Equipment

NAICS

Other Measuring and Controlling Device Manufacturing (334519), Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables (334513), Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (3345)

SIC

X-Ray Apparatus & Tubes & Related Irradiation Apparatus (3844), Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

Inspection, Checkweighing & Detection Systems (Vision, Metal, X-ray) (IMALAOAH)

akta.pro secondary industries

Process Analytical Instrumentation (Gas analyzers, spectroscopy, pH/ORP, conductivity) (IMAGAFAE), Advanced/Optical Sorting & Quality Control Services (NIR, AI, Robotics) (BPALADAH), Non-Destructive Testing (NDT) & Advanced Inspection (Phased Array, TOFD, Guided Wave) (EUAEAKAF)

Keywords

• X-ray measurement systems
• Fuel quality monitoring
• Biomass moisture measurement
• Foreign object detection
• Real-time industrial scanning

Headquarters

HQ city

Mikkeli

HQ country

Finland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Measurement Systems (Hardware + Software): Sale of X-ray-based measurement systems including FUELCONTROL Scanner, INRAY Scanner, INRAY Seeker, and INRAY Camera. Systems are delivered installed and commissioned with necessary auxiliary equipment. Pricing is project-based depending on customer requirements and conveyor specifications.
2. FUELCONTROL Storage (Storage Management / Optimization): Patented real-time storage model for fuel inventory management. Sold as an add-on to the base measurement system or as a standalone optimization tool for power plant fuel handling.
3. Maintenance and Support Services: Ongoing maintenance and support services for the full lifecycle of installed systems. Includes regular calibration, radiation measurements, reference sampling, and performance verification.
4. EU Research and Demonstration Projects: Horizon 2020 OPTIFUEL project funding (~1.2M EUR) for demonstration of bioenergy production optimization systems. Also EU-funded quality measurement station for recycled raw materials project (EUR 153,829).

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Inray develops and manufactures real-time X-ray based measurement systems for industrial fuel and biomass quality analysis. The systems measure moisture content, energy content, volumetric flow, and detect foreign objects on conveyor lines at power plants, sawmills, and biorefineries. Core products include FUELCONTROL Scanner, FUELCONTROL Storage, INRAY Scanner, INRAY Camera, and INRAY Seeker, delivered as turnkey installations with commissioning and ongoing maintenance support.

Product overview

Inray offers a modular measurement platform-based suite of products for real-time fuel quality measurement and raw material management in energy production. The core product FUELCONTROL Scanner provides comprehensive fuel quality measurement including moisture analysis, volumetric flow detection, and foreign object identification. FUELCONTROL Storage is a patented inventory management system that models silo contents and optimizes fuel dispatch. INRAY Camera delivers machine vision for automatic material classification and quality assessment. INRAY Seeker provides automatic detection of foreign objects such as metals and stones. INRAY Scanner offers real-time quality measurement for recyclable and biomaterials. These products share a common X-ray technology platform and integrate with weighing, raw material management, and automation systems.

Differentiator

Problem solved

Functional benefit

Brands

• FUELCONTROL Scanner: Fully automated real-time fuel quality measurement system analyzing moisture, volumetric flow, foreign objects and oversized particles
• FUELCONTROL Storage
• INRAY Scanner
• INRAY Camera
• INRAY Seeker

Products and services

• FUELCONTROL Scanner A fully automated X-ray based fuel quality measurement system that analyzes fuel moisture, volumetric flow, detects foreign objects and oversized particles in real time on conveyors. Widely used in biomass fuel pricing at power plants.
• FUELCONTROL Storage An intelligent, patented storage model that utilizes process data and real-time fuel data, allowing detailed monitoring of silo contents by moisture, MWh, foreign materials, fuel type, or raw material composition. Enables pre-emptive response to fuel quality variations before combustion.
• INRAY Camera

Quantifiable outcome

• Additional costs from fuel quality problems at a 180 MWth bio power plant can exceed 1 million EUR annually
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Turun Seudun Energiantuotanto OycoreStrategic or Co-development Partner · 1 January 2016Customer and co-development partner for FUELCONTROL system demonstration and EU ETV verification testing. The OPTIFUEL system was demonstrated at their Naantali power plant. Testing was conducted with real biomass fuel deliveries, making it the first real power plant winter testing of biofuel quality measurement methods.
• Fortum Power & HeatcoreStrategic or Co-development PartnerConsortium partner in Business Finland's SmartFlex project. Inray demonstrates its patented fuel control method at Fortum's Järvenpää multi-fuel power plant (76 MW fuel power). Fortum is also a customer receiving FUELCONTROL systems for their facilities.
• VTT (Technical Research Centre of Finland)coreStrategic or Co-development PartnerLead coordinator of the SmartFlex project (Business Finland Smart Energy Finland program). Also commissioned Inray for X-ray scanning of log batches at Koskisen Oy's sawmill as part of VTT-coordinated smart terminal concept project.
• Protacon GroupminorStrategic or Co-development PartnerBecame co-owner of Inray in May 2018, providing additional resources for expanding to new international markets. Also part of SmartFlex consortium.
• Sumitomo (SHI FW Energia Oy)minorStrategic or Co-development PartnerPart of SmartFlex project consortium alongside Inray, VTT, Fortum, and Pinja Oy for smart energy research.
• Pinja OyminorStrategic or Co-development PartnerPart of SmartFlex project consortium for power plant optimization research alongside Inray, VTT, Fortum, and Sumitomo.
• Lachenmeier MonsunminorChannel Partner/ Reseller/ DistributorAgreement signed between Inray and Lachenmeier Monsun to supply the FUELCONTROL system to DIN Forsyning's new bioheat plant in Esbjerg, Denmark.
• Danish Technological Institute (DTI)coreStrategic or Co-development PartnerConducted independent verification testing of Inray's FUELCONTROL method under the EU ETV program. Testing performed at Naantali power plant with real biomass fuel deliveries.
• ETA-DanmarkcoreStrategic or Co-development PartnerDanish Technological Institute's unit accredited by DANAK, responsible for laboratory testing as part of ETV verification of FUELCONTROL method.
• Ramboll Finland OyminorStrategic or Co-development PartnerConducted a study on optimized supply chains for forest energy in the Cleantech Finland Bioenergy project. Study found that fuel quality problems at a 180 MWth plant can cause over 1 million EUR in additional annual costs.
• Fixteri OyminorStrategic or Co-development PartnerEnergy wood baling solutions provider, part of the Cleantech Finland Bioenergy project consortium with Inray.
• MHG SystemsminorStrategic or Co-development PartnerOperations management system provider, part of Cleantech Finland Bioenergy project consortium.
• Saimatec EngineeringminorStrategic or Co-development PartnerDrying solution provider, part of Cleantech Finland Bioenergy project consortium with Inray.
• Miktech OyminorStrategic or Co-development PartnerAdministered the Cleantech Finland Bioenergy project that included Inray's online quality measurement system along with Fixteri, MHG Systems, and Saimatec Engineering.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Emerging players

• MoistTech: US-based specialist in real-time NIR moisture and coating measurement for industrial processes, including biomass, wood, and sawmill applications. Comparable as a focused emerging challenger serving overlapping sawmill/bioenergy customers with real-time measurement on conveyors.

Broad incumbents

• TOMRA: Global leader in sensor-based sorting and recycling equipment. Applies X-ray, NIR and laser sorting to waste-to-energy and recycling streams and serves as a broader incumbent competing for the same biorefining/recycling quality control budgets as Inray.
• Thermo Fisher Scientific: Diversified analytical instrument and process measurement supplier. Comparable to Inray in providing measurement hardware to industrial/energy customers, although Inray's niche (bulk-material fuel quality on conveyors) is narrower than Thermo Fisher's laboratory/process portfolio.
• Endress+Hauser: Global process instrumentation supplier (moisture, flow, analytical). Comparable as a broad incumbent in power-plant process measurement, with relevant analytical instrumentation overlap for the bioenergy and process-industry buyers Inray serves.
• SICK AG: Major industrial sensor and X-ray inspection supplier with offerings in conveyor-based quality and contaminant detection. Comparable in X-ray inspection and conveyor analytics for industrial customers, though spanning many industries beyond biomass.

Regional players

• Wipotec-OCS: German manufacturer of industrial inspection, checkweighing and X-ray systems (formerly part of Wipotec). Comparable X-ray-based inline quality inspection capability, though concentrated in food and packaging logistics rather than bioenergy, illustrating a regional/different-vertical parallel business model.

Direct peers

• SOPAT: Berlin-based developer of optical NIR-based online measurement systems for biomass, coal, and alternative fuels on conveyors. Directly comparable to Inray's FUELCONTROL Scanner in use case (real-time moisture and quality measurement of solid fuels on conveyors), differing mainly in sensor technology (NIR vs X-ray).
• Sesotec: Provider of foreign-object detection and sorting systems for plastics, wood and recycled materials. Directly comparable to INRAY Seeker's metal/stone/contaminant detection in pulp lines, wood-chip flows, and recycling facilities (Nevel SRF line).
• NDC Technologies: Manufacturer of online process gauges (NIR, X-ray, RF) for moisture, composition, and coating measurement in industrial web and bulk-material processes. Highly comparable sensor-platform approach to Inray, with overlapping customers in pulp, paper, wood-products and biomass.
• STEINERT: Sensor-based sorting specialist for recycling and waste streams using X-ray, NIR and induction sensors. Comparable for the Bale Scanning Station and INRAY Scanner use cases in biorefineries and recycling facilities.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/inray-oy-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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 Inray