What Insplorion does

Insplorion AB (publ) is a Swedish clean technology company founded in 2010 as a spinoff from Chalmers University of Technology and headquartered at the Biotech Center in Gothenburg. The company commercializes NanoPlasmonic Sensing (NPS), a proprietary optical technology that exploits Localized Surface Plasmon Resonance (LSPR)—in which the optical signature of palladium alloy nanoparticles shifts upon interaction with target substances, primarily hydrogen. Insplorion operates two product lines: hydrogen sensors (P1, NPS-P2) targeted at safety and process-monitoring applications across hydrogen infrastructure, and a research instrument portfolio (S2, M8, Acoulyte, XNano, X1) sold to academic and industrial R&D laboratories. Over 100 scientific publications and 30+ research instruments sold globally attest to platform validation, and the core NPS surface-functionalization IP is patented across the EU, US, and Asia.

Commercial economics revolve around complete instrument systems priced at approximately 40–90 kEUR, complemented by recurring consumable sensor chip revenue; hydrogen sensors historically followed a partnership-driven model with industrial integrators embedding NPS in marine, aviation, and energy-system products. Non-dilutive funding has been substantial, including the Vinnova Saab project (1.7 of 3.7 MSEK), the TechForH2 competence center (total budget 161 MSEK; Swedish Energy Agency contribution ~54 MSEK), Eurostars InBAT, and Horizon 2020 3beLiEVe. Distribution combines direct sales in Sweden with an international distributor network covering 11 countries across Asia-Pacific, Europe, and Oceania. The company is listed on Nasdaq First North Growth Market under ticker INSP (ISIN SE0006994943), having previously listed on Spotlight Stock Market from 2015.

In March 2026, Insplorion entered a conditional agreement to sell its hydrogen sensor business to Mann Teknik AB for SEK 5.5 million in cash, while retaining NPS IP rights for research instrument applications. Following the transaction, the Board is evaluating strategic alternatives for remaining subsidiaries—including distribution and listing of those subsidiaries—with voluntary delisting and liquidation as a fallback. Capital has historically been raised via preferential rights issues (11.8 MSEK in 2023 at a 19.6 MSEK pre-money valuation; 34.3 MSEK in 2024 at a 19 MSEK pre-money, ~60% covered by guarantees), and the company had 78,827,699 outstanding shares and over 4,600 shareholders as disclosed at year-end 2021.

Name

Insplorion

Legal name

Insplorion AB

Website

https://insplorion.com

Company type

Public

Founded year

2010

Headcount range

1–10 employees

Short description

Insplorion AB is a Swedish clean technology company spun out of Chalmers University in 2010 that develops and sells NanoPlasmonic Sensing (NPS)-based hydrogen sensors and research instruments to academic, automotive, and industrial customers worldwide, listed on Nasdaq First North Growth Market.

Ownership category

akta.pro rank

Product category

Scientific Instruments & Hydrogen Sensors

NAICS

Analytical Laboratory Instrument Manufacturing (334516), Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables (334513), Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (33451)

SIC

Industrial Instruments For Measurement, Display, And Control (3823), Laboratory Analytical Instruments (3826)

akta.pro primary industry

Process Analytical Instrumentation (Gas analyzers, spectroscopy, pH/ORP, conductivity) (IMAGAFAE)

akta.pro secondary industry

Gas Leak Detection (Natural Gas/Propane) & Combustible Gas Alarms (HSAHAGAI)

Keywords

• Nano-plasmonic sensing
• Hydrogen gas sensors
• Scientific research instruments
• Battery sensor technology
• Surface plasmon resonance

Headquarters

HQ city

Gothenburg

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Research Instruments (NPS-based scientific instruments): Sale of NPS-based research instruments (S2, M8, Acoulyte, XNano, X1) to academic researchers and industry R&D. Complete instrument systems priced at approximately 40–90 kEUR depending on configuration. Recurring revenue from consumable sensor chips used in experiments. Over 100 scientific publications validate the technology. Sold through own organization and distributor networks.
2. Hydrogen Sensors (Asset transferred to MannTek in 2026): Hydrogen sensors (NPS-P1, NPS-P2, M8 for hydrogen applications) sold to industrial customers in marine, aviation, and energy systems sectors. The hydrogen sensor business was sold to Mann Teknik AB in March 2026 for SEK 5.5 million via an asset transfer agreement.
3. Sensor Chips and Consumables: Annual revenue from consumable sensor chips used in research instruments. Insplorion provides NPS Sensor Chips with a wide range of surface chemistries.
4. Government Grants and R&D Project Funding: Funding from Vinnova (Saab project grant of 1.7 MSEK out of 3.7 MSEK total budget), Swedish Energy Agency (TechForH2 budget of 161 MSEK), and EU programs (Eurostars InBAT, Horizon 2020 3beLiEVe). These fund development projects rather than constitute direct revenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Insplorion develops and commercializes instruments based on its proprietary NanoPlasmonic Sensing (NPS) technology. The product portfolio includes hydrogen gas sensors (Insplorion P1 and NPS-P2) for safety applications and a suite of scientific research instruments (M8, S2, Acoulyte, XNano, X1) for biomolecular, catalysis, battery, and surface science research, supported by NPS sensor chips and control/analysis software.

Product overview

Insplorion offers a portfolio of products based on its proprietary NanoPlasmonic Sensing (NPS) technology platform. The product lineup consists of two main categories: hydrogen sensors (Insplorion P1 and NPS-P2) enabling fast and specific hydrogen detection for safety applications, and research instruments (Insplorion S2, M8, Acoulyte, XNano, X1) for scientific applications in biomolecular research, battery research, and surface science. Supporting products include NPS Sensor Chips with various surface chemistries and control/analysis software. The hydrogen sensor business is pending sale to Mann Teknik AB (transaction expected March 2026), while the company retains its research instrument business.

Differentiator

Problem solved

Functional benefit

Products and services

• Insplorion P1 (NPS-P1 H2 sensor) Hydrogen sensor based on NanoPlasmonic Sensing (NPS) technology offering a unique combination of optical read-out and specific H2 detection, providing real-time H2 concentration data for a broad range of applications areas. For industrial customers integrating H2 sensing into hydrogen value chain applications.
• Insplorion NPS-P2 (H2 Detector) Fast and specific hydrogen gas detector for the most demanding safety applications, utilizing Insplorion NPS technology. Offers ultrafast detection and is applicable for operation in low oxygen environments.
• Insplorion M8 8-Channel Analyser displaying an eight-channel readout for in situ studies of materials and processes occurring inside batteries. Enables researchers to create a more complete picture of what causes aging and degradation in battery cells.
• Insplorion S2 Versatile, elegant, and robust instrument positioned for biomolecular research. Part of the scientific instrument lineup for NanoPlasmonic Sensing experiments in controlled gas or liquid flow chambers.
• Insplorion Acoulyte Combines optical spectroscopy with QCM-D. Enables simultaneous real-time measurements with Nanoplasmonic Spectroscopy (NPS) and Quartz Crystal Microbalance with Dissipation monitoring.
• Insplorion XNano Features a flexible measurement cell enabling real-time refractive index change measurements in both gas- and liquid flow measurements.
• Insplorion X1 Custom-made instrument developed to study gas adsorption/absorption processes or phase transitions (e.g., Tg) in thin polymer films and materials relevant to catalysis in situ and in real-time from ambient up to 600°C.
• Remote Optical Detection (Insplorion M8 fiber optic capability) Multipoint fibre optic sensing capability. The NPS technology is capable of addressing critical applications where remote optical detection is desirable.
• NPS Sensor Chips Nanoplasmonic sensors that enable ultrasensitive measurements of refractive index changes close to (< 30 nm from) the sensor surface. Available with a wide range of surface chemistries. Sold as consumable items providing recurring revenue.

Quantifiable outcome

• Over 100 scientific publications using NPS technology, validating the technology platform across diverse applications
• +3 more outcomes

Named customers5 records

Segments4 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

Twelve partnerships are on record, tiered core and minor.

• Saab AB (Vinnova Project)coreStrategic or Co-development Partner · 1 January 2024Vinnova-funded project with Saab to demonstrate leak detection in hydrogen-powered aircraft. Insplorion's hydrogen sensors and fiber optic readout will be adapted to combine with Saab's existing readout unit. Total project budget of 3.7 MSEK with Insplorion receiving a total grant of 1.7 MSEK. Project started autumn 2024 and expected to last about 18 months.
• TechForH2 (Technologies and Innovations for a Future Green Hydrogen Economy)coreStrategic or Co-development Partner · 1 January 2022Competence center for multidisciplinary hydrogen research with overall aim of developing new technology in hydrogen propulsion for heavier vehicles as an important step in the transition to fossil-free transport. Budget of 161 MSEK over 5 years (2022–2027), financed with nearly SEK 54 million by the Swedish Energy Agency. Partners include Chalmers, Rise, Volvo, Scania, Siemens Energy, GKN Aerospace, PowerCell, Oxeon, Insplorion, Johnson Matthew, and Stena.
• PowerCell Sweden ABcoreStrategic or Co-development Partner · 1 January 2020Joint development project 'Nano-Plasmonic ultrafast H2 sensor for a safe hydrogen economy' initiated in 2020 with PowerCell and Chalmers. The project aims to develop a hydrogen sensor for faster transition to hydrogen as an alternative to fossil fuels by increasing safety and optimizing operation of fuel cells.
• Eurostars InBAT ProjectminorStrategic or Co-development Partner · 1 January 2019Eurostars programme InBAT (In-Battery Sensor Technology) to make sensor-controlled battery packs. Part of EU-funded development of battery sensors.
• Horizon 2020 3beLiEVe ProjectminorStrategic or Co-development Partner · 1 January 2019EU Horizon 2020 project 3beLiEVe focused on developing next generation of battery cells for electrified vehicles. Insplorion contributed battery sensor technology within this multi-partner programme.
• Urban Flows Observatory (UK/Sheffield)minorStrategic or Co-development Partner · 1 January 2019First international step for the air quality sensor with UK and Sheffield as new ground. Urban Flows Observatory project.
• Chalmers University of TechnologycoreStrategic or Co-development PartnerInsplorion was founded as a spinoff from Chalmers University of Technology in 2010. The proprietary NPS technology originated from research at Chalmers, including work by Bengt Kasemo, Igor Zoric, Christoph Langhammer, and Elin Larsson Langhammer. All IP was transferred to Insplorion at founding. Ongoing research collaborations with Chalmers including PowerCell hydrogen sensor project.
• Consilium Safety GroupminorStrategic or Co-development PartnerConsilium Safety Group featured as a partner/case customer on Insplorion's about page.
• RISE Research Institutes of SwedenminorStrategic or Co-development PartnerRISE is listed as a project partner on the TechForH2 competence center and case studies page. Rise has been involved in hydrogen research collaborations.
• Mann Teknik AB (MannTek)coreOEM/ Whitelabel/ Licensing PartnerMannTek is acquiring Insplorion's hydrogen sensor business in March 2026 for SEK 5.5 million. MannTek is a leading Swedish manufacturer of advanced coupling solutions and hydrogen sector pioneer with 30 years of experience in fuel handling and cryogenic technology. Key role in world's first refueling station for subcooled liquid hydrogen (sLH2) with Daimler Truck. Insplorion licenses back certain IP for research instrument operations on a royalty-free, perpetual, exclusive basis.
• Academic Research Partners (Chalmers, University of Sheffield, Rice University, Nanyang Technological University, Sorbonne, KIT, Beihang, SKKU, Johns Hopkins, University of Catania, Ben-Gurion University, CAS)minorStrategic or Co-development PartnerInsplorion maintains collaboration partnerships with numerous international academic institutions including Chalmers, University of Sheffield, Rice University, Nanyang Technological University, Sorbonne, KIT, Beihang University, SKKU, Johns Hopkins University, University of Catania, Ben-Gurion University of the Negev, and CAS. These collaborations provide research validation and early technology adoption.
• Fredersen AdvokatbyråminorImplementation/ SI/ Consulting PartnerLegal advisor to Insplorion in connection with the Mann Teknik AB transaction and rights issues.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Anton Paar: Austrian manufacturer of high-precision laboratory and process measurement instruments including surface and materials characterization tools. Comparable in serving analytical research customers with premium instruments at similar price points.
• Mettler-Toledo: Global leader in precision instruments including process analytical instrumentation for industrial and laboratory use. Comparable at the level of sensor and measurement technology serving process monitoring and laboratory customers.
• Bruker Corporation: US-listed manufacturer of scientific instruments including the acquired Biolin Scientific LSPR/QCM-D line. Closest large incumbent to Insplorion's NPS platform and a potential consolidator given the 2026 strategic review.
• Renishaw: UK-listed manufacturer of precision measurement and spectroscopy instruments including Raman systems for materials research. Broader incumbent with overlapping analytical research instrument customers but a much larger portfolio.
• Malvern Panalytical: Manufacturer of analytical laboratory instruments for materials characterization (particle sizing, spectroscopy, X-ray). Comparable as a supplier of bench-top analytical instruments used in materials and battery research.
• HORIBA Scientific: Subsidiary of HORIBA providing spectroscopic and analytical instruments for research, with deep overlap into surface and materials science — the same customer base as Insplorion's research instrument portfolio.

Direct peers

• Gamry Instruments: US manufacturer of electrochemical and surface-science research instruments. Similar profile of selling precision analytical tools to academic and industrial research customers in materials science and energy research.
• Nanosurf: Swiss manufacturer of scanning probe and atomic force microscopes for nanotechnology research. Comparable as a small, science-driven vendor of high-end nanoplasmonic-adjacent research instruments sold to academic and industrial R&D labs.
• Hiden Analytical: UK-based maker of gas and vapor analysis instruments for catalysis, materials, and surface science research. Closely comparable to Insplorion's X1 high-temperature gas adsorption/phase transition instrument for research customers.
• Biolin Scientific (part of Bruker): Biolin Scientific (acquired by Bruker) manufactures QCM-D and LSPR-based analytical instruments (e.g., Q-Sense, Attana) for surface and biomolecular interaction research — directly comparable to Insplorion's Acoulyte (combined NPS + QCM-D) and S2 platforms.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/InsplorionAB

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

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M&A

Investments

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

Frequently asked questions about Insplorion