Inogen

What Inogen does

Inogen is a Turkey-headquartered, privately-held engineering, procurement, and construction (EPC) and energy technology company that delivers utility-scale renewable energy projects across solar, hydrogen, fuel cells, and stationary storage. It operates under the Inogen Investment Group holding structure through a network of wholly-owned subsidiaries (InogenTR, InojenTR, Inogen Es, Inogen De, Inogenmo) plus an Academy division (Inogen Academy, Innofeed), with end-markets in Turkey, Azerbaijan, Morocco, Germany, and Spain. The company was founded in 2007 by two material science academicians and reports more than 2,500 employees and execution capacity of 1.2 GW+ per year across a 3.5 GW+ project footprint.

The company's product and technology stack spans five overlapping layers: (1) solar EPC with proprietary solar trackers and floating solar systems (FSS) that exploit water-cooling for additional yield, (2) hydrogen production via electrolysis from solar and wind inputs at scales from 1 kW to hundreds of kW, (3) fuel cell systems including membrane electrode assemblies manufactured via magnetron sputtering (with reduced platinum loading), high-temperature (~200°C) anhydrous proton-conducting membranes, lightweight graphite/metal bipolar plates, and microtube-based solid oxide fuel cells capable of running on impure hydrogen, methane, or propane, (4) lithium-ion plug-and-play storage in 10-50 kW and 300 kW/600 kW-1,000 kWh configurations, and (5) vanadium redox flow batteries co-developed with Spain's E22 in the VCUBE series (50 kW and 250-330 kW modular units) with 10,000+ cycle life at 100% depth of discharge and sub-70 ms dynamic response. One granted patent covers a hydrogen-feeding cartridge using NaBH4 aqueous solution.

The business model combines project-based EPC revenue (engineering, procurement, and construction services for utility-scale solar, hydrogen, and storage projects), hardware sales of energy storage and fuel cell systems, and a licensing/royalty-style stream from the E22 redox flow battery management system with remote diagnostics. Go-to-market is enterprise field sales: Inogen wins mandates through competitive tenders such as Turkey's YEKA solar auctions (notable wins with Kalyon on Karapınar YEKA-1 and Bor YEKA-4, Limak on Erzin YEKA-4, and Eksim Enerji on Viranşehir YEKA-4) and is delivered through strategic partnerships with GE Vernova, PVH, GRS, Integnia, Kokam, Siemens, and the University of Birmingham. Pricing is not publicly disclosed and is structured on a project-by-project basis.

Name

Inogen

Legal name

Inogen

Website

https://inogen.com.tr

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Inogen is a Turkey-based private EPC and energy technology company that delivers utility-scale solar, hydrogen, fuel cell, and stationary storage projects to utilities and energy developers across Turkey, Europe, and North Africa through a network of regional subsidiaries and technology partnerships.

Ownership category

akta.pro rank

Product category

Renewable Energy EPC and Clean Energy Equipment

NAICS

Electric Power Generation (22111), Turbine and Turbine Generator Set Units Manufacturing (333611), Electrical Equipment Manufacturing (3353)

SIC

Cogeneration Services & Small Power Producers (4991), Electrical Industrial Apparatus (3620), Engines & Turbines (3510)

akta.pro primary industry

Biogas/RNG Plant Development, EPC & Project Delivery (EUAAAEAH)

akta.pro secondary industries

Power Electronics & Grid-Tie Equipment Manufacturing (Converters, Transformers, Switchgear) (EUAMAHAH), Energy Systems & Power Engineering Consulting (BPAHAIAG), Biofuel Plant EPC, O&M & Process Technology Providers (EUAAAHAK)

Keywords

• Renewable energy EPC
• Fuel cell technologies
• Hydrogen production systems
• Energy storage solutions
• Solar power plants

Headquarters

HQ city

Istanbul

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. EPC Services: Engineering, Procurement, and Construction services for large-scale renewable energy projects including solar power plants, hydrogen production facilities, and energy storage systems
2. Energy Storage Systems: Sale of lithium-ion and vanadium redox flow battery systems for industrial and utility-scale applications
3. Fuel Cell Systems: Customized fuel cell systems including MEA, bipolar plates, and complete stacks for UAVs, defense applications, and commercial power generation
4. Battery Management Systems: VRFB Battery Management System (BMS) with remote diagnostics, continuous monitoring, and preventive maintenance capabilities

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Inogen is an engineering and technology-based project company that delivers integrated renewable energy solutions through EPC (Engineering, Procurement, Construction) contracts, including fuel cell technologies (MEA, bipolar plates, stacks, and high-temperature solid oxide fuel cells), hydrogen production via water electrolysis, lithium-ion and vanadium redox flow battery energy storage systems, and solar energy solutions such as solar tracking and floating PV systems. The company serves utility-scale and industrial customers with projects across Turkey, Azerbaijan, Morocco, Germany, and Spain, and operates a research and training arm called Inogen Academy.

Product overview

Inogen is an engineering and technology-based project company offering integrated solutions in emerging energy technologies. The product portfolio includes Fuel Cell Technologies (membrane electrode assembly, bipolar plates, stack development, and high-temperature solid oxide fuel cells), Hydrogen Technologies (production via water electrolysis using renewable sources), and Energy Storage Solutions (Lithium-Ion Batteries in 10-50kW and 300kW/600kW-1000kWh configurations, and Redox Flow Batteries in partnership with E22 offering 50kW-250kW+ systems). Additionally, Inogen provides Solar Energy solutions including Solar Tracking Systems and Floating Solar Systems (FSS). The company operates across EPC divisions and Academy divisions with subsidiaries focused on energy and sustainable living technologies.

Differentiator

Problem solved

Functional benefit

Brands

• InogenTR: EPC Division subsidiary for Turkey operations
• InojenTR
• Inogen Es
• Inogen De
• Inogenmo
• Inogen Academy
• Innofeed

Products and services

• Fuel Cell Technologies Electrochemical energy conversion devices that are more efficient than internal combustion engines and produce no greenhouse gases. Includes membrane electrode assembly (MEA), bipolar plate manufacturing, fuel cell stack development, and high-temperature solid oxide fuel cells. Targeted at UAVs, defense applications, and commercial power generation.
• Hydrogen Technologies Hydrogen production from electrolysis of water using solar, wind, and renewable electricity sources, with the produced hydrogen used in fuel cells to generate electricity for energy storage and continuous base load operation. Targeted at utility-scale and industrial renewable energy projects.
• Lithium-Ion Batteries Plug-and-play lithium-ion storage solutions in 10-50kW and 300kW/600kW-1000kWh configurations for renewable energy integration, demand charge management, peak shaving, and microgrid applications. Targeted at industrial and commercial energy storage buyers.
• Redox Flow Batteries (E22 VCUBE Series) V-based vanadium redox flow battery systems developed in partnership with E22, including the 50kW P50 (4 hours of storage in a 20' container) and 250-330kW modular systems. Features remote diagnostics, continuous monitoring, 10,000+ cycle life at 100% depth of discharge, and <70ms dynamic response. Targeted at industrial and commercial storage applications.
• Solar Tracking Systems Sun tracking systems for utility-scale solar power plants that enable efficient solar radiation utilization, with planned small and medium scale variants for rooftop and building integrated PV (BIPV) systems. Targeted at utility-scale solar EPC projects.
• Floating Solar Systems (FSS) On-water floating PV systems for reservoirs that reduce evaporation, avoid land use conflicts, suppress algae formation, and can offer 10% or more extra efficiency due to water-cooling effect. Targeted at utilities and water reservoir operators.

Quantifiable outcome

• Europe could contribute approximately 200 GW to generation if only 10% of freshwater reservoirs accommodate floating-PV
• +3 more outcomes

Named customers4 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

Feature9 records

Partnerships

Eleven partnerships are on record, tiered core, major and minor.

• GE VernovacoreStrategic or Co-development PartnerInogen collaborates with GE Vernova to enhance project delivery and innovation in solar energy projects. This partnership is vital for achieving ambitious goals and driving sustainability.
• PVHcoreStrategic or Co-development PartnerPartnership with PVH to enhance project delivery and innovation capabilities in the renewable energy sector.
• GRScoreStrategic or Co-development PartnerCollaboration with GRS to strengthen project delivery and innovation in solar energy projects.
• IntegniacoreStrategic or Co-development PartnerPartnership with Integnia to drive innovation and enhance project delivery in the renewable energy sector.
• E22coreTechnology or IntegrationJoint development of V-based Redox flow batteries (VCUBE series - P50 50kW and 250kW systems) with E22, a Spanish battery company. E22 provides BMS with remote diagnostics and continuous monitoring capabilities.
• KalyonmajorStrategic or Co-development PartnerKalyon is a major project partner for YEKA solar projects including Karapınar YEKA-1 GES and Bor YEKA-4.
• Eksim EnerjimajorStrategic or Co-development PartnerEksim Enerji is a partner in the Viranşehir YEKA-4 solar project.
• LimakmajorStrategic or Co-development PartnerLimak is a partner in the Erzin YEKA-4 solar project.
• AdelanminorStrategic or Co-development PartnerBritish company collaborating with Inogen and University of Birmingham on a 4-year EU framework project in microtubular fuel cell approach.
• University of BirminghamminorStrategic or Co-development PartnerAcademic partner in 4-year EU framework project for microtubular solid oxide fuel cell development.
• GrandSolar GroupminorChannel Partner/ Reseller/ DistributorSolution partner for solar projects.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Bloom Energy: US-listed solid oxide fuel cell manufacturer serving commercial and utility customers. Directly comparable technology category (SOFC) to Inogen's high-temperature microtubular SOFC program and competing for similar stationary power applications.
• Iberdrola Renovables: Global tier-1 renewable developer and operator with utility-scale solar, storage, and green hydrogen programs. Represents the broader competitive context Inogen faces as mega-tenders increasingly attract global capital-rich developers.

Direct peers

• Kalyon Enerji: Turkish utility-scale solar EPC and project developer, anchor counterparty on Inogen's Karapınar YEKA-1 and Bor YEKA-4 wins. Same project scale, same customer pool, and same YEKA tender pipeline make it the closest head-to-head peer.
• Enerjisa Üretim: Listed Turkish independent power producer with a growing renewable portfolio. Comparable in combining renewable generation with storage and operating at utility scale in the same regulatory and customer environment.
• Scatec ASA: Norwegian renewable power developer and EPC focused on emerging markets. Closely comparable in solar-plus-storage project delivery, geographic focus on Africa and MENA, and project-based revenue model.
• Calik Enerji: Turkish energy and construction group active in renewable EPC across MENA and Central Asia. Comparable geographic footprint, project scale, and integrated EPC-plus-energy-storage positioning.
• Akuo Energy: French independent renewable power producer and EPC with strong presence in emerging markets (MENA, Africa, Caribbean). Similar integrated solar-plus-storage project model and comparable geographic ambition.
• Kolin Construction: Turkish EPC with growing solar and renewable energy capabilities. Competes for YEKA-style tenders with Inogen and shares the same project-based EPC business model in the home market.
• Limak Construction: Major Turkish EPC contractor with a renewable energy division active in YEKA tenders. Partnered with Inogen on Erzin YEKA-4 and competes for the same mega-solar projects, sharing customer type, geography, and delivery model.

Emerging players

• Ciel & Terre: French floating-PV specialist and pioneer of large-scale FPV deployments. Inogen's floating solar roadmap overlaps directly with Ciel & Terre's core business and serves the same hot-climate, land-constrained markets.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/EnerjiInojen

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries7 records

Funding overview

Funding rounds

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 Inogen