Enapter AG is a trailblazer in the green hydrogen industry, leveraging its patented Anion Exchange Membrane (AEM) electrolyser technology to drive the global transition to sustainable energy. With a mission to decarbonize the economy and stabilize the energy sector, Enapter delivers innovative, cost-effective, and scalable hydrogen solutions. This comprehensive profile explores Enapter’s operations, products, financial performance, and strategic vision, offering an in-depth look at its role in shaping the future of clean energy.
Company Profile
Enapter AG is a German stock corporation headquartered at Glockengenservall 3, 20095 Hamburg, Germany, with significant operational facilities in Heidelberg, Germany, and Pisa, Italy. The company specializes in designing and producing hydrogen generators using its patented AEM electrolysis process, which enables decentralized green hydrogen production. By avoiding expensive and rare materials, Enapter’s technology offers a sustainable and cost-efficient solution for hydrogen generation.
Serving over 360 customers across more than 55 countries, Enapter caters to applications including energy storage, industrial processes, refueling, power-to-X, and research. Its business model emphasizes scalability, focusing on AEM stack modules for modular, multi-megawatt electrolyser systems. These modules are integrated into larger systems by a global partner network, enhancing Enapter’s reach and impact.
Enapter AG is listed on the regulated markets of the Frankfurt and Hamburg stock exchanges under ISIN DE004A255G02, WKN A255G02, and Bloomberg Ticker H2O. As of December 31, 2024, the company’s share capital is €29,072,734.30, represented by 29,072,734 no-par-value bearer shares. BlueGreen Company Ltd., based in Hong Kong, holds approximately 50% of the share capital, while Morgan Stanley & Co. International plc exceeded 5% of voting rights on April 7, 2024.
Enapter’s vision is to make green hydrogen a cornerstone of the global energy transition. Its commitment to innovation, sustainability, and scalability positions it as a leader in the hydrogen economy, addressing the growing demand for clean energy infrastructure.
Business Segments
Enapter AG operates as a single reportable segment focused on the design and production of hydrogen generators using its patented AEM electrolysis process. This segment encompasses the development, manufacturing, and distribution of AEM electrolysers and stack modules, serving diverse applications.
Comprehensive Details of Business Segment
- Segment Description: The core business involves producing AEM electrolysers, innovative devices that generate green hydrogen through electrolysis. These systems are modular and scalable, suitable for both small-scale pilot projects and large-scale industrial applications. Enapter also develops AEM stack modules, which are integrated into larger systems by partners.
- Applications:
- Energy Storage: Storing renewable energy as hydrogen for later use.
- Industrial Processes: Supplying hydrogen for manufacturing and chemical industries.
- Refueling: Providing hydrogen for fuel cell vehicles.
- Power-to-X: Converting renewable energy into hydrogen for various applications.
- Research: Supporting academic and industrial research in hydrogen technologies.
- Strategic Shift: In 2024, Enapter shifted its focus to producing AEM stack modules for multi-megawatt electrolysers, moving away from single-core electrolysers in the kilowatt range to meet growing demand for large-scale systems.
- Revenue Breakup: The single segment accounts for 100% of Enapter’s revenue, generating €21.4 million in 2024, a 32% decrease from €31.6 million in 2023 due to postponed production orders.
Revenue Breakup by Segment
| Segment | Revenue (2024, € million) | Revenue Breakup (%) |
|---|---|---|
| AEM Electrolysis (Hydrogen Generators) | 21.4 | 100% |
Products and Services Offered
Enapter AG’s product portfolio centers on its AEM electrolyser technology, designed for efficient and sustainable green hydrogen production. The flagship product, the AEM EL 4 electrolyser, is a compact system for entry-level hydrogen production, while AEM stack modules target large-scale applications. The company also provides integration and support services through its partner network.
Comprehensive Details of Products
- AEM EL 4 Electrolyser:
- Description: A compact system for pilot projects and modular expansion into larger systems. It is versatile, scalable, and suitable for various applications.
- Applications: Energy storage, industrial processes, refueling, power-to-X, and research.
- Technology: Utilizes Enapter’s patented AEM technology, which eliminates the need for costly and rare materials, reducing environmental impact and production costs.
- Revenue Contribution: While specific figures are not isolated, the AEM EL 4 is a significant contributor to single-core electrolyser sales, which remain in steady demand.
- AEM Stack Modules:
- Description: Modular components designed for integration into multi-megawatt electrolyser systems. Produced at Enapter’s Pisa facility, these stacks are central to the company’s 2024 strategic shift.
- Applications: Targeted at industrial partners for large-scale hydrogen production in the megawatt range.
- Revenue Contribution: Expected to drive future revenue growth, though specific 2024 figures are not separately reported.
- Services:
- Description: Enapter offers integration services through its partner network, which installs AEM stacks into complete systems. The company also provides maintenance and support services.
- Revenue Contribution: Included in the overall sales figure but not separately quantified.
Revenue Breakup by Product/Service
| Product/Service | Revenue (2024, € million) | Revenue Breakup (%) |
|---|---|---|
| AEM EL 4 Electrolyser | Not separately reported | ~60% (estimated) |
| AEM Stack Modules | Not separately reported | ~30% (estimated) |
| Services | Not separately reported | ~10% (estimated) |
| Total | 21.4 | 100% |
Note: Revenue breakup percentages are estimated based on the strategic emphasis on stack modules and sustained demand for single-core electrolysers.
Company History
Enapter AG has emerged as a leader in the green hydrogen sector through a series of strategic milestones and innovations.
- Founding and Early Development: Enapter AG was established to address the global demand for sustainable energy solutions, focusing on its patented AEM technology for green hydrogen production. The company’s early years were dedicated to developing and refining this technology.
- 2018/2019: Enapter became a listed entity on the Frankfurt and Hamburg stock exchanges, marking its entry into the public market. The company focused on commercializing its AEM EL 4 electrolyser.
- 2021: On May 6, 2021, the Annual General Meeting approved a variable remuneration system with a long-term incentive effect, including a share option plan authorizing up to 2.31 million options for employees and board members.
- 2022: Acquired a 30% stake in H2 Core Systems GmbH, a German stock corporation, to enhance system integration capabilities for hydrogen solutions.
- 2023: Secured €25.6 million in financing from Patrimonium Middle Market Debt Fund, including a €10 million subordinated shareholder loan from BlueGreen, to support working capital and expansion.
- 2024:
- Strategic Shift: In May 2024, Enapter announced a focus on producing AEM stack modules for multi-megawatt electrolysers, aligning with market demand for large-scale hydrogen production.
- Capital Increase: Raised €8 million to finance working capital.
- Bond Extension: Extended the repayment of a bearer bond to February 29, 2028.
- Order Intake: Achieved an order intake of ~€50 million, doubling the previous year’s figure.
- Voting Rights Notification: Morgan Stanley & Co. International plc exceeded 5% of voting rights on April 7, 2024, holding 5.04% (3.37 million voting rights).
Enapter’s history reflects a commitment to innovation, strategic partnerships, and financial strategies to scale its operations in the growing hydrogen market.
Brands
Enapter AG operates under a single brand, “Enapter,” which represents its AEM electrolyser products and services.
Comprehensive Details of Brands
- Enapter Brand:
- Description: The Enapter brand embodies the company’s patented AEM technology and its mission to decarbonize the global economy. It is associated with high-quality, cost-effective hydrogen generators.
- Products: Includes the AEM EL 4 electrolyser and AEM stack modules.
- Market Presence: Recognized globally, with products deployed in over 55 countries.
- Revenue Contribution: Accounts for 100% of the company’s revenue, as all products and services are marketed under the Enapter brand.
Revenue Breakup by Brand
| Brand | Revenue (2024, € million) | Revenue Breakup (%) |
|---|---|---|
| Enapter | 21.4 | 100% |
Geographical Presence
Enapter AG has a global presence, generating sales primarily in Germany, Italy, other European countries, Asia, and America. Its operational hubs are in Hamburg and Heidelberg, Germany, and Pisa, Italy, supported by a partner network for system integration.
Comprehensive Details of Geographical Presence
- Germany:
- Operations: Headquarters in Hamburg and operational facilities in Heidelberg. Enapter GmbH, a wholly-owned subsidiary, is based in Germany and supports production and R&D.
- Revenue Contribution: A significant portion of sales, given Germany’s role as a primary market and operational hub.
- Italy:
- Operations: Production facility in Pisa, managed by Enapter S.r.l., focusing on AEM stack modules. Handles significant trade receivables (€37.3 million in 2024).
- Revenue Contribution: A major market, driven by production and sales activities.
- Other European Countries:
- Operations: Sales through a partner network integrating AEM stacks into systems.
- Revenue Contribution: Contributes to the European market share, supported by demand for clean energy.
- Asia:
- Operations: Sales through partnerships, focusing on industrial and energy storage applications.
- Revenue Contribution: Growing market, driven by increasing hydrogen technology investments.
- America:
- Operations: Demand from large industrial customers, particularly in the U.S., boosted by regulatory clarity.
- Revenue Contribution: Significant growth potential, though currently a smaller share.
Revenue Breakup by Geography
| Region | Revenue (2024, € million) | Revenue Breakup (%) |
|---|---|---|
| Germany | Not separately reported | ~40% (estimated) |
| Italy | Not separately reported | ~30% (estimated) |
| Other European Countries | Not separately reported | ~15% (estimated) |
| Asia | Not separately reported | ~10% (estimated) |
| America | Not separately reported | ~5% (estimated) |
| Total | 21.4 | 100% |
Note: Revenue breakup percentages are estimated based on the emphasis on Germany and Italy as primary markets and growth in Asia and America.
Financial Performance
Enapter AG’s financial performance in 2024 reflects challenges in revenue generation but strong order intake, signaling future growth potential. Below are the consolidated financial statements with rows containing no data removed.
Consolidated Income Statement (January 1 – December 31, 2024)
| Item | 2024 (€’000) | 2023 (€’000) | Change (€’000) | Change (%) |
|---|---|---|---|---|
| Sales Revenue | 21,400 | 31,600 | -10,200 | -32% |
| Other Operating Income | 3,500 | 4,100 | -600 | -15% |
| Cost of Materials | -5,880 | -1,960 | -3,920 | -200% |
| EBIT | -12,840 | -2,528 | -10,312 | -408% |
| Financial Result | -5,600 | -3,600 | -2,000 | -56% |
| Net Loss | -20,700 | -7,200 | -13,500 | -189% |
Consolidated Balance Sheet (as of December 31, 2024)
| Item | 2024 (€’000) | 2023 (€’000) | Change (€’000) | Change (%) |
|---|---|---|---|---|
| Trade Receivables | 37,298 | 23,269 | 14,029 | 60% |
| Total Assets | 142,857 | 558,036 | -415,179 | -74% |
| Current Liabilities | 39,995 | 18,745 | 21,250 | 113% |
| Current Financial Liabilities | 4,664 | 1,338 | 3,326 | 249% |
| Current Provisions | 3,000 | 4,438 | -1,438 | -32% |
| Total Liabilities | 142,857 | 558,036 | -415,179 | -74% |
Consolidated Cash Flow Statement (January 1 – December 31, 2024)
| Item | 2024 (€’000) | 2023 (€’000) | Change (€’000) | Change (%) |
|---|---|---|---|---|
| Cash Flow from Operating Activities | -4,500 | -4,100 | -400 | -10% |
| Cash Flow from Investing Activities | -4,200 | -10,400 | 6,200 | 60% |
| Cash Flow from Financing Activities | 4,500 | 34,100 | -29,600 | -87% |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Enapter AG operates through several subsidiaries and an associate to support its production, sales, and system integration efforts.
Comprehensive Details
- Enapter GmbH:
- Type: Wholly-owned subsidiary.
- Location: Germany.
- Details: Engages in operational activities related to AEM electrolyser production. Utilizes exemptions under Section 264(3) HGB for disclosure.
- Revenue Contribution: Not separately reported, but part of the consolidated €21.4 million.
- Enapter S.r.l.:
- Type: Wholly-owned subsidiary.
- Location: Pisa, Italy.
- Details: Manages production of AEM stack modules and handles trade receivables (€37.3 million in 2024). Central to the strategic shift toward large-scale electrolyser systems.
- Revenue Contribution: Not separately reported, but a key contributor to Italian sales.
- Enapter Immobilien GmbH:
- Type: Wholly-owned subsidiary.
- Location: Germany.
- Details: Holds non-current liabilities of €15 million, likely related to property management.
- Revenue Contribution: Not applicable (non-operational entity).
- H2 Core Systems GmbH:
- Type: Associate (30% stake).
- Location: Dusseldorf, Germany (business address in Heide).
- Details: Acquired on December 27, 2022, with Enapter holding 10,714 of 35,714 shares. Focuses on system integration for hydrogen solutions.
- Revenue Contribution: Not separately reported, but losses contributed €2.3 million to the 2024 financial result.
Revenue Breakup by Subsidiary/Associate
| Entity | Revenue (2024, € million) | Revenue Breakup (%) |
|---|---|---|
| Enapter GmbH | Not separately reported | ~40% (estimated) |
| Enapter S.r.l. | Not separately reported | ~50% (estimated) |
| Enapter Immobilien GmbH | 0 | 0% |
| H2 Core Systems GmbH | Not separately reported | ~10% (estimated) |
| Total | 21.4 | 100% |
Note: Revenue contributions are estimated based on the operational roles of subsidiaries and the associate.
Physical Properties
Enapter AG operates key facilities to support its production and administrative functions.
Comprehensive Details
- Hamburg Headquarters:
- Location: Glockengenservall 3, 20095 Hamburg, Germany.
- Purpose: Corporate headquarters for administrative and management functions.
- Details: Central hub for strategic decision-making and investor relations.
- Heidelberg Facility:
- Location: Heidelberg, Germany.
- Purpose: Operational facility supporting R&D and production activities.
- Details: Likely houses Enapter GmbH’s operations and AEM electrolyser development.
- Pisa Production Facility:
- Location: Pisa, Italy.
- Purpose: Primary production site for AEM stack modules.
- Details: Managed by Enapter S.r.l., critical to the strategic shift toward multi-megawatt systems.
- Leased Assets:
- Details: Enapter leases buildings and company vehicles with average terms of 3–9 years for buildings and 3 years for vehicles, supporting operations in Germany and Italy.
Board of Directors
Enapter AG’s Management Board and Supervisory Board oversee its strategic and operational activities.
Management Board
- Composition: Three members, as determined by the Supervisory Board.
- Details:
- Dr. Jürgen Laakmann (CEO):
- Role: Leads strategic vision and operations.
- Details: Drives Enapter’s growth and international expansion.
- Gerrit Kaufhold (CFO):
- Role: Manages financial strategy and capital raising.
- Details: Oversaw the €8 million capital increase and bond extension to 2028.
- Ivan Gruber (CTO/COO):
- Role: Oversees technology development and operations.
- Details: Leads innovation in AEM stack modules and production.
- Dr. Jürgen Laakmann (CEO):
Supervisory Board
- Composition: Chaired by Armin Steiner, with additional members from Zinvest AG and Heidelberg/Betelligungsholding AG.
- Details:
- Armin Steiner (Chairman):
- Role: Leads the Supervisory Board, ensuring governance.
- Details: Signed the Supervisory Board report on April 24, 2025.
- Zinvest AG Representative (Deputy Chairwoman):
- Details: Based in Heidelberg, provides strategic oversight.
- Heidelberg/Betelligungsholding AG Representative (Chairwoman):
- Details: Offers governance and strategic input.
- Armin Steiner (Chairman):
Investment Details
Enapter AG has made strategic investments to support its growth and system integration.
Comprehensive Details
- H2 Core Systems GmbH:
- Stake: 30% (10,714 of 35,714 shares).
- Details: Acquired on December 27, 2022, for system integration. Recognized at cost, adjusted for profit/loss changes.
- Investment Value: Losses contributed €2.3 million to the 2024 financial result.
- Other Non-Current Financial Assets:
- Details: Includes a smaller investment in a partnership, recognized at cost. Specific details are not provided.
Investment Breakup
| Investment | Value (€’000) | Percentage of Total Investments |
|---|---|---|
| H2 Core Systems GmbH | Not reported | ~90% (estimated) |
| Other Non-Current Assets | Not reported | ~10% (estimated) |
Note: Percentages are estimated based on the significance of the H2 Core investment.
Future Investment Plan
Enapter AG’s future investment plans aim to scale production and enhance its AEM technology to meet rising hydrogen demand. Key initiatives include:
- Pisa Facility Expansion: Increased investment in the Pisa site to ramp up AEM stack module production for multi-megawatt electrolysers, including next-generation stacks.
- R&D Investments: Continued focus on improving AEM technology and extending patent protections beyond 2030.
- Financing Strategy: Reliance on external financing, including potential capital increases and debt instruments, to achieve a balanced EBITDA of €2 million to break-even in 2025.
- Global Market Expansion: Investments in marketing and partnerships to grow sales in Asia, America, and Europe.
- Risk Mitigation: Investments in cybersecurity and supply chain resilience to ensure production continuity.
Conclusion
Enapter AG is a leader in the green hydrogen sector, driven by its innovative AEM technology and strategic focus on scalability. Despite a 32% revenue decline to €21.4 million and a €20.7 million net loss in 2024, the company’s €50 million order intake signals strong market demand. With a global presence, robust governance, and ambitious investment plans, Enapter is poised to shape the future of clean energy.
