Presentation

Enapter produces and sells patented AEM (anion exchange membrane) electrolysers. Core technology of its electrolysers is based on its patented AEM technology, which is claimed to have significant advantages compared to other electrolysers, as it does not require expensive materials such as titanium and has a simple construction structure. The handling of an Enapter AEM Electrolyser is easier and safer compared to its rivals, as it uses a mild alkaline solution, which is less corrosive. Since February 2020, Enapter’s shares are listed in the regulated market of the Frankfurt and Hamburg stock exchange.

Enapter offers standardized electrolysers of smaller scale (<5 kW). However, due to its modularity, the electrolysers can be built up like Lego modules to a very large power plant in MW size. This scalability is very crucial for Enapter’s business model. Unlike very large individual systems, the modular design allows the advantages of mass production to be achieved. Further, the electrolyser is less vulnerable and can continue to operate, even if single modules are to fail. The large number of stacks gives the operator of the electrolyser also the flexibility to operate only the number of stacks.

Enapter plans a massive expansion of its electrolyser production capacity from currently around 100 units/month to 10,000 units/months. For this purpose, a new production facility will be built in Saerbeck, Germany until the end of 2022. This is going to be the only production plant for electrolysers of this size on the market. Of the expected EUR 100m investment, Enapter intends to finance around EUR 30m via a new capital increase in 2021. Backed by the significant ramp-up in production rates, Enapter targets to bring down costs for its electrolysers to EUR 500 per kW by 2025.

In view of the still very immature hydrogen market, Enapter’s operating figures are at a low level. Current order backlog of the company amounts to around EUR 12m.