News/Press

The Matmut Group and INOCEL are entering into a collaboration aimed in particular at installing a hydrogen generator at Matmut’s headquarters. In addition to the project of acquiring a hydrogen generator from INOCEL to equip Matmut’s headquarters in Rouen, joint working groups will help advance key issues related to this sustainable energy solution, particularly for companies in the service sector. The Matmut Group announces the launch, starting this year, of a collaboration with INOCEL by initiating a project to acquire a hydrogen generator to be installed at its headquarters located at 66 rue de Sotteville, in Rouen (Seine-Maritime). This initiative aligns both with the Group’s strategic plan running until 2026, « Objective: Impact! », which is particularly focused on sustainability, and with its CSR policy, through which Matmut actively seeks cleaner energy solutions. As such, it aims to establish a strong and structured partnership with INOCEL. While the hydrogen generator project at headquarters is fully part of Matmut’s decarbonization roadmap, the Group is also taking a proactive approach in supporting INOCEL. In addition to an investment already made in the company and the planned acquisition of a hydrogen generator, Matmut intends to contribute to INOCEL’s growth by involving its employees in joint working groups. A key objective is to enable INOCEL, with insights and expertise from employees of a leading service-sector company like Matmut, to better understand the challenges faced by similar organizations—whether regulatory or technical—thereby allowing it to better tailor its current and future hydrogen generator offerings. Commenting on the newly formed partnership, Nicolas Gomart, Vice President and CEO of the Matmut Group, stated: « Matmut has always had close ties with real economy players such as startups, microbusinesses, and SMEs. We are committed, within our means, to supporting their growth and innovation efforts. National and European sovereignty issues—especially energy autonomy—are also important to us. Hydrogen fuel cells represent a forward-looking, sustainable solution, and we want to contribute, at our level, to the rise of this technology. » Jules Billiet, CEO of INOCEL, said: « This collaboration with Matmut marks a key step in the democratization of hydrogen for service-sector infrastructures. Through this project, we are demonstrating that INOCEL hydrogen generators provide decarbonized energy solutions that are both reliable and high-performing, ideally suited to companies looking for efficient responses to the challenges of the energy transition. » About the Matmut GroupWith 4.5 million members and 8.3 million insurance contracts under management, the Matmut Group is a major player in the French insurance market. It offers a comprehensive range of insurance products for individuals, professionals, businesses, and associations, covering people and property (auto, motorcycle, boat, home, liability, family protection, health, life insurance, legal protection, and assistance), as well as financial and savings services (auto and personal loans, borrower insurance, savings accounts, life insurance, retirement savings plans, etc.). The Group currently has 6,800 employees. In 2023, SGAM Matmut generated a turnover of €2.9 billion. About INOCELINOCEL is an innovative French company specializing in the design and development of high-power hydrogen fuel cell systems. Its expertise includes both fuel cell technology development and system integration for clients. Thanks to its know-how and a network of strategic partners, INOCEL provides a turnkey, integrated solution covering the full value chain of mobile and stationary electricity generation applications. INOCEL’s mission is to tackle today’s energy challenges by offering high-performance, environmentally friendly, and sustainable power and mobility solutions. The company aims to make hydrogen energy more accessible and widely adopted, especially in sectors where batteries are not sufficient. Based in France, INOCEL operates from three strategic locations: an R&D center in Grenoble, an integration site in Nice, and a production facility in Belfort with industrial capacity of several thousand units per year.  

LHYFE SIGNS A 4-YEAR GREEN HYDROGEN OFFTAKE CONTRACT WITH INOCEL TO FUEL AND SUPPORT THE DEVELOPMENT AND PRODUCTION OF ITS FUEL CELL POWER GENERATION SOLUTIONS Nantes (France), 4 March 2025, 7:30 am – Lhyfe (Euronext Paris – FR0014009YQ1 – LHYFE), one of the world’s pioneers in the production of green and renewable hydrogen to decarbonize industry and mobility, announces the signing of a major contract with INOCEL covering the supply of up to 140 tonnes of green hydrogen over a period of four years for the test benches of high-power fuel cells manufactured by INOCEL. Since the beginning of 2025, Lhyfe has been supplying green hydrogen to INOCEL’s plants in Belfort (Burgundy-Franche-Comté region) and Saint-Égrève (Auvergne-Rhône-Alpes region). This green hydrogen powers the test benches of INOCEL’s fuel cells, which are the most powerful in the world (300 kW). With a 60% energy efficiency, these fuel cells offer competitive operating costs compared to diesel. By recombining hydrogen and oxygen molecules, fuel cells generate electricity without releasing CO2 – only water. High-power fuel cells such as those currently being developed by INOCEL can meet the growing need for clean mobile and stationary electricity generation. This includes hydrogen-powered generators for off-grid sites (events, construction sites, ports, etc.), industrial facilities and buildings requiring a stable power supply (data centres, hospitals, office buildings and banks) as well as for the maritime sector and heavy land mobility. This contract reinforces the joint commitment of Lhyfe and INOCEL to the energy transition. By relying on green hydrogen, the two companies intend to promote sustainable energy solutions and accelerate the decarbonization of critical industrial sectors, particularly stationary applications and mobility. Jules Billiet, Managing Director of INOCEL: “This strategic partnership with Lhyfe guarantees us a reliable supply of green and renewable hydrogen for our test benches and production tests. It reaffirms our commitment to providing zero-emission solutions for mobile and stationary power generation and mobility applications.” Matthieu Guesné, Founder and CEO of Lhyfe: “This contract marks another essential step in our mission to make green hydrogen widely available. We are proud to supply INOCEL, a pioneer in the fuel cells industry. By working with INOCEL, we are contributing to the growth of high-power fuel cells which represent a major technological and sustainable advance in the stationary power generation, marine and mobility sectors”. About Inocel INOCEL is an innovative French company specializing in the design and development of high-power hydrogen fuel cell systems. With expertise in both fuel cell technology and system integration, INOCEL ensures customized, high-performance solutions for its clients. Building on its expertise and a strong network of strategic partners, INOCEL provides a turnkey, fully integrated solution that spans the entire value chain of mobile and stationary power generation—from design and manufacturing to integration and commercialization. Its advanced fuel cell systems deliver reliable, high-performance, and emission-free energy. INOCEL’s core mission is to address today’s energy challenges by providing sustainable, high-performance, and environmentally friendly power and mobility solutions. The company aims to make hydrogen energy more accessible and widely adopted, particularly in sectors where batteries alone are insufficient. INOCEL has quickly established itself as a key player in the energy transition. Headquartered in France, INOCEL operates across three strategic sites: an R&D center in Grenoble, a dedicated integration facility in Nice, and a production plant in Belfort—a major hub in the hydrogen industry—capable of producing several thousand units per year. About Lhyfe Lhyfe is a European group dedicated to the energy transition, and a producer and supplier of green and renewable hydrogen. Its production sites and portfolio of projects aim to provide access to green and renewable hydrogen in industrial quantities, and to enter into a virtuous energy model allowing the decarbonization of entire sectors of industry and mobility. In 2021, Lhyfe inaugurated the world’s first industrial green hydrogen production site in direct connection with a wind farm. In 2022, Lhyfe inaugurated the world’s first pilot platform for green hydrogen production at sea. Since then, it has installed three new sites and currently has several sites under construction or expansion across Europe. Lhyfe is present in 12 European countries and had 201 employees at end of December 2024. The company is listed on the Euronext market in Paris (ISIN: FR0014009YQ1 – mnemonic: LHYFE). For more information go to Lhyfe.com Contacts Lhyfe Industry Press Relations: Nouvelles Graines – Clémence Rebours</p Téléphone : +33 (0)6 60 57 76 43 | c.rebours@nouvelles-graines.com Financial Press Relations: ACTUS – Manon Clairet Téléphone : +33 (0)1 53 67 36 73 | mclairet@actus.fr Investor Relations: Lhyfe – Yoann Nguyen investors@lhyfe.com INOCEL Press Relations: Sophie Pernel sophie.pernel@inocel.com  

Hydrogen: EQUANS and INOCEL Formalize a Partnership to Launch the Most Efficient Fuel Cell-Based Energy Storage and Generation Solution on the Market A modular solution that meets the energy needs of infrastructure, smart grids, buildings, data centers, and ports. EQUANS and INOCEL announce the signing of a partnership aimed at developing an energy storage and generation solution using decarbonized hydrogen. This collaboration brings together INOCEL, a leader in high-power hydrogen fuel cells, and EQUANS, a global leader in energy and services, to address the challenges of low-carbon energy production. The goal is to deliver a high-performance, environmentally friendly, turnkey energy generation solution for a wide range of use cases, including: Starting in 2025, INOCEL and EQUANS will be able to supply energy storage and generation solutions ranging from 300 kW to several megawatts, particularly suited to port infrastructure and smart grid applications. These high power levels—a major strength and differentiator of the solution—will enable companies to effectively commit to the transition to renewable energy sources. For the hydrogen generator component, INOCEL will provide the fuel cell, while EQUANS will be responsible for its containerization. If the client requires a complete hydrogen solution—including hydrogen production, storage, and energy generation—INOCEL and EQUANS will combine their expertise and leverage their networks of partners to cover the entire value chain. This collaboration will enable them to offer a fully turnkey solution tailored to the specific needs of each client. This innovative solution supports the decarbonization of energy, especially in sectors where batteries do not provide sufficient autonomy. It addresses the needs of customers seeking end-to-end control over the hydrogen value chain and meets the full range of client requirements in a rapidly growing sector. Jérôme Stubler, Chairman of EQUANS, stated:“Hydrogen must play a key role in the energy transition, and we see immense potential for its development to decarbonize industry and mobility. With INOCEL, we are delivering an innovative and high-performance solution to support this strategic shift.” Jules Billiet, CEO of INOCEL, added:“This strategic partnership reflects our commitment to deploying turnkey, innovative solutions that integrate the entire hydrogen value chain. The collaboration between INOCEL and EQUANS enables us to offer our clients energy storage and generation solutions that combine performance, cost competitiveness, and decarbonization.”

Boating: successfully completes the world’s first hydrogen refueling on a lake Milan, September 9, 2024 – NatPower H, the pioneering developer of cutting-edge green hydrogen infrastructure for there creational boating sector and part of the NatPower Group, announces its collaboration with GEKO- INOCEL and Tullio Abbate to advance the transition towards a more sustainable, low-environmental impact boating industry, while delivering high-speed performance. NatPower H has entered a strategic partnership with GEKO, a specialist in the design, integration, manufacturing, and marketing of high-performance electric propulsion systems for boats. The collaboration also includes INOCEL, a leader in the development and production of high-power modular fuel cells for fuel cell generators and powertrain systems in  heavy-duty vehicles. In addition, the historic Italian brand Tullio Abbate, renowned for its legacy in motor boat racing and offshore excellence since 1969, joins the initiative. Together, they are spearheading a revolution in sustainable recreational boating, with the world’s first hydrogen refueling of the Tullio Abbate Elite 27 H Poseidon on Lake Como—marking a pivotal moment in the transition towards eco-friendly marine propulsion. The operation, which took place in Cernobbio with the support of the municipality, local police, and Mayor Matteo Monti, and facilitated by the technical expertise of Linde Gas, marks the world’s first hydrogen refueling on a lake. The vessel involved, the Poseidon, is a prime example of how hydrogen fuel cell technology can be seamlessly integrated into the maritime sector without compromising on performance. This cutting-edge boat, designed with Tullio Abbate’s renowned nautical expertise, is powered by an advanced propulsion system developed by GEKO and driven by an INOCEL fuel cell. “This partnership is a crucial step forward in our journey towards more sustainable boating. It underscores how innovation and collaboration between industry leaders can drive meaning ful progress in the marine industry,” said Andrea Minerdo, CEO of NatPower H. “By working together, we are not only committed to reducing the environmental impact but also to raising the bar for sustainability standards across the sector. At the same time, we are determined to maintain the high-performance levels that the industry and our customers expect.”“We are very pleased to share this achievement with INOCEL, NatPower H, and Tullio Abbate,” said Pierre Lion, CEO of GEKO. “The first hydrogen refueling of a boat on Lake Como is yet another strong demonstration of the hydrogen ecosystem’s feasibility—an ecosystem that is already up and running.”“Tullio Abbate has always been a pioneer in innovation, which is why so many engine manufacturers choose to collaborate with us,” added Tullio Abbate. “I was excited by INOCEL’s request to build a boat that is both eco-friendly and capable of delivering bold performance.”

INOCEL boost its growth with €64M financing INOCEL, a pioneering player in high-power fuel cell systems for stationary energy generation, heavy duty mobility and maritime, has secured a structured financing of €64M consisting of equity, debt, and subsidies. Historical shareholders participated in the fundraising operation. Saint-Egrève, France – Founded in May 2022, INOCEL is revolutionizing the fuel cell market with high-power solutions offering levels of efficiency, responsiveness and performance that compete uncompromisingly with diesel and hydrogen combustion engine solutions. The company designs, tests, and manufactures a 300 kW fuel cell to decarbonize stationary energy generation, heavy duty mobility and maritime applications. The company’s product, designed to be modular and plug & play, incorporates numerous innovations, some of which stem from CEA, Europe’s leading research center in fuel cells. INOCEL team is now up to over 80 people, structured around 2 strategic sites: its product development and testing center located in Saint-Egrève and its 15,000 m2 production plant in Belfort which will eventually employ 700 people. The company’s industrialization and production activities will continue to expand this year. The company has advanced expertise in the design of its systems and associated software management, as well as highly experienced teams in the industrialization and large-scale production of complex products. INOCEL benefits from the expertise of its subsidiary GEKO, specialized in the integration and sizing of complex systems related to its fuel cell. Today, INOCEL is an independent company structured around leading private and industrial investors. INOCEL is delighted to have finalized a €64M financing package in early 2024, marking a significant milestone in the company’s development. This financing will enable the company to: –       Finalize the industrialization of its product; –       Deliver pre-production runs asearly as 2024;  –       Commission the Belfort production line by the end of 2024; –       Internalize its test tools; –       Increase production rate, with a “Start Of Production” series in the 1st half of 2025; –       Accelerate sales growth. To date, the company has validated the relevance of its strategy, product,and offering, as evidenced by the numerous commercial contracts under discussion and the confidence of investors and banks.

INOCEL WINS FRANCE 2030 CALL FOR PROJECT “FIRST FACTORY” INOCEL is proud to announce its selection as the winner of the 4th wave of the call of projects 1st Plant scheme! We express our gratitude to the Secrétariat général pour l’investissement and Bpifrance for their invaluable support . This success marks a significant milestone in the industrialization of INOCEL’s high-power fuel cells. Project objective:This project aims to support the construction of the first plant 4.0, with a surface area of over 15,000 m², on the Belfort territory in the Bourgogne-Franche-Comté Region. The aim of this site is to produce in pre-series at the end of 2024, then in large volume in 2025, the most powerful, compact and efficient low-temperature fuel cell on the world market (300 kW). This fuel cell will be used to generate decarbonized energy for stationary applications.From 2026, this site will support fuel cell production for the land-based heavy mobility market , then in 2027 for the maritime sector. INOCEL is positioned at the heart of the strategic challenges of decarbonized energy generation for a greener, more sustainable future, meeting the challenge of sovereignty and the historic agreements reached at theCOP28 on a transition away from fossil fuels. INOCEL WINS FRANCE 2030 CALL FOR PROJECT “FIRST FACTORY” INOCEL is proud to announce its selection as the winner of the 4th wave of the call of projects 1st Plant scheme! We express our gratitude to the Secrétariat général pour l’investissement and Bpifrance for their invaluable support . This success marks a significant milestone in the industrialization of INOCEL’s high-power fuel cells. Project objective:This project aims to support the construction of the first plant 4.0, with a surface area of over 15,000 m², on the Belfort territory in the Bourgogne-Franche-Comté Region. The aim of this site is to produce in pre-series at the end of 2024, then in large volume in 2025, the most powerful, compact and efficient low-temperature fuel cell on the world market (300 kW). This fuel cell will be used to generate decarbonized energy for stationary applications.From 2026, this site will support fuel cell production for the land-based heavy mobility market , then in 2027 for the maritime sector. INOCEL is positioned at the heart of the strategic challenges of decarbonized energy generation for a greener, more sustainable future, meeting the challenge of sovereignty and the historic agreements reached at the COP28 on a transition away from fossil fuels.

Energy Transition: ENEDIS and INOCEL Join Forces to Decarbonize ENEDIS Operations ENEDIS and INOCEL have entered into a partnership aimed at decarbonizing ENEDIS operations. This initiative, officially announced during the Hydrogen Business For Climate forum in Belfort, has the primary objective of reducing the carbon footprint of ENEDIS activities, with a specific focus on zero-emission power generators. This will enable an efficient response to the high-power electricity backup and emergency needs of ENEDIS network customers. Johann Lejosne, Director of Sales and Partnerships at INOCEL, stated, “INOCEL is proud to collaborate with the electric distribution network manager, ENEDIS, using our innovative and high-performing solutions to address ENEDIS’ long-term decarbonization challenges.” INOCEL, with its gigafactory located in Belfort, is well-equipped to meet these specific needs. The company is renowned for its expertise in developing high-power fuel cells, perfectly suited for stationary energy generation and mobility, thereby offering a reliable and environmentally-friendly source of energy. This collaboration aims to design customized solutions to tackle ENEDIS’ large-scale decarbonization challenges. By partnering with INOCEL, a major player in the energy industry in France, ENEDIS strengthens its commitment to reducing its carbon footprint and plays a key role in the energy transition in France. This promising collaboration underscores the purpose of ENEDIS: “To act for an innovative, efficient, and solidarity-based public electricity distribution service. To connect society to the collective challenge of a sustainable world,” all while showcasing INOCEL’s expertise in providing high-power energy solutions.

Expand North Star: INOCEL wins the Supernova Challenge at the in the Mobility & Smart Cities category INOCEL had an extraordinary experience at the Expand North Star exhibition, marked by groundbreaking discoveries, invaluable exchanges, and crowned by a resounding victory in the Mobility and Smart Cities category of the Supernova Challenge. Organized by GITEX, Expand North Star offered INOCEL a unique opportunity to showcase its commitment to innovation and sustainability in the field of mobility and smart cities. This event brought together visionary minds and cutting-edge technologies, all united by a common goal. One of the most exciting moments of the event was INOCEL’s triumph in the Mobility and Smart Cities category of the Supernova Challenge. This achievement is a testament to our team’s dedication to pushing the boundaries of innovation in this constantly evolving field. It highlights the hard work, devotion, and ingenuity of our talented team here at INOCEL. INOCEL would like to express its sincere gratitude to International Boost for their warm welcome at the French Pavilion during Expand North Star. Their support and hospitality added a special touch to our participation, making the experience even more memorable and shining a light on the innovation and technologies created in France.

INOCEL Fuel Cell: INOCEL Partners with IFPEN for its Test Campaign INOCEL, specialized in the development of high-power fuel cells, and IFP Energies Nouvelles (IFPEN), a major player in research and training in the fields of energy, transport and environment, have signed a strategic collaboration agreement to conduct a testing campaign for the development of the INOCEL Z300 fuel cell system. High-power facilities for an innovative product This collaboration represents a crucial milestone in the product’s development and industrialization. INOCEL will benefit from IFPEN’s expertise in guiding technological advancements related to ecological and energy transitions in mobility, accelerating the development of the INOCEL fuel cell. The partnership will leverage both companies’ skills, expertise, and resources to carry out all necessary tests and studies on the INOCEL Z300 product.  INOCEL will benefit from in-depth expertise on the entire system, from the stack to the DC/DC. IFPEN’s high-performance analysis tools will enable INOCEL to optimize its product’s performance for use on board vehicles. taking on a technological challenge together “We are determined to tackle all challenges that will maximize the performance and reliability of our fuel cell,” stated Marie-Laure Michaux, Technical Director at INOCEL. Pierre Leduc, in charge of fuel cell developments for mobility at IFPEN, added, “Collaborating with INOCEL is an excellent opportunity to deploy our testing methods, modelling capabilities, and expertise in control and electronics for a highly promising technology. We aim to adapt INOCEL’s innovative product to the constraints of heavy-duty vehicle fuel cell usage, promoting the transition to electric motorization for energy-intensive machinery, less suited for exclusive battery operation.” This collaboration aligns with a long-term partnership vision, enabling INOCEL and IFPEN to actively contribute to the promotion of clean energies for a more sustainable energy future.

INOCEL selected for the first edition of the French Tech 2030 INOCEL has been selected as part of the inaugural cohort of the French Tech 2030 program. This ambitious program is led by the Secrétariat Général à l’Investissement, in collaboration with Mission French Tech and Bpifrance. Over the course of a year, INOCEL will be supported by Mission French Tech in developing innovative solutions to societal and sovereignty challenges. The cohort brings together 125 emerging players aligned with the strategic verticals of France 2030. These verticals are ecological transition, healthcare, digital, agrifood, new technological frontiers, and education. Among the winners, 38% are involved in the ecological transition, highlighting INOCEL’s crucial role in building a sustainable future. The participating companies were selected from 844 applications following a rigorous process led by representatives of the Directorate General for Enterprise, the Directorate General for Research and Innovation, the Defense Innovation Agency, the Health Innovation Agency, and the General Commissariat for Sustainable Development. The selection criteria were based on the companies’ contribution to the specific objectives of France 2030 and to the consolidation of France’s industrial and technological sovereignty. INOCEL is proud to be one of this year’s winners, which proves the company’s economic and technological maturity. This recognition strengthens our position as a technological leader and will enable us to seize new economic, social, and employment opportunities. As a winner of French Tech 2030, INOCEL will receive full support from Mission French Tech. The company will be accompanied by a start-up manager and will be in contact with the 60 “French Tech Correspondents.” INOCEL will also benefit from support on regulatory, normative, commercial, and industrial aspects, as well as increased visibility in France and internationally. Bpifrance’s reinforced support will give INOCEL access to public funding under France 2030, as well as opportunities to meet public and private buyers.