Slide 1: Green Hydrogen Production with AEM Electrolysers
Green Hydrogen Production with AEM Electrolysers Smart. Simple. Scalable. I nve sto r Pre s e ntat i o n | M a rc h 2 0 2 4 1
Slide 2: Disclaimer
DIS C L AIMER Disclaimer This presentation (the “Presentation”) has been prepared solely for informational purposes. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise.
Slide 3: Content
Content 1. Introduction 2. Product & Technology 3. Market & Traction 4. Operations 5. Financials 6. Appendix 3
Slide 4: 1. Introduction & Vision
1. Introduction & Vision 4
Slide 5: Our vision, our mission
Our vision To live in a world where fossil fuels are no longer used and green hydrogen fuels and powers the world via renewable energy sources. Our mission To make green hydrogen affordable and accessible to all, using AEM electrolysers. 5
Slide 6: Enapter at a glance
Enapter at a glance Registered office: Heidelberg, DE Stock exchange: Frankfurt / Hamburg Created in Nov 2017, with a mission to make H2 affordable for Product sales1 (€m) Regulated Market everyone, building on a technology with a >10-year track record at that time Bloomberg ticker: H2O GR Shares ou
Slide 7: Experienced executive team
Experienced executive team DR. JÜRGEN LAAKMANN CEO (Vorstand) GERRIT KAUFHOLD CFO (Vorstand) Focusing on operations, R&D, governance, Europe & North America Part of Enapter’s growth since the reverse-merger, initially as a consultant and 20+ years of management experience in strategy consulting, the
Slide 8: Investment highlights
Investment highlights 1 2 3 4 AEM Leader No Iridium Modular & Scalable Volume Manufacturing Pioneer and commercial leader No rare or expensive materials, Flexible output range (best for Focus on high volume in AEM electrolysis, with no Iridium (with its fluctuating intermittency). Modular cores can
Slide 9: 2. Product & Technology
2. Product & Technology 9
Slide 10: Electrolysis – using electricity to split water into H2 and O2
Electrolysis – using electricity to split water into H 2 and O 2 º Green hydrogen is an emission-free gas made from renewable energy and water Anion Exchange Membrane (AEM) Electrolysis º Electrolysis is recognized today the pre-eminent method for producing green hydrogen Water º Electrolysis splits
Slide 11: AEM is a patented next-generation technology, bringing together the best of Alkaline and PEM
AEM is a patented next-generation technology, bringing together the best of Alkaline and PEM electrolysers Alkaline AEM PEM + + + ≡ Low cost ≡ Low cost ≡ Dynamic response ≡ Better efficiency ≡ Best efficiency ≡ Intermittent operation ≡ Track record and mature ≡ Dynamic response technology ≡ Intermit
Slide 12: AEM has the potential to be the most inexpensive way to produce green hydrogen
AEM has the potential to be the most inexpensive way to produce green hydrogen by 2030 Strong cost proposition Expected capital cost by electrolyser technology in 2030 (in € per kW)1 º AEM electrolysers have an inherent cost advantage over other electrolyser technologies due to the reduced cost and
Slide 13: The leading commercial player in AEM technology
The leading commercial player in AEM technology Low-temperature electrolysis: AEM Commercial º AEM is the most viable next-gen technology for cost-effective H2 TECHNOLOGY NEXT-GEN production at every scale º No Iridium or other rare materials lowers dependencies on fluctuating prices and severely li
Slide 14: Comparing electrolyser technologies
Comparing electrolyser technologies Why AEM Why Enapter Iridium-free: This means we can can guarantee stability of prices and Flexible output range: Our inherent modularity provides a wide H2 supply, whereas PEM competitors (e.g. Plug, ITM, Cummins, etc.) face output range (3-100%). Less modular sys
Slide 15: Modular systems scale faster
Modular systems scale faster Large scale industrial electrolyser Electrolyser stack module Multicore solution COMPUTING: Today In the past ELECTROLYSERS: In the past Tommorow 15
Slide 16: Modular AEM cores built into single and multicore electrolysers
Modular AEM cores built into single and multicore electrolysers Stacking cores into multicores º The iridium-free AEM core is the basic building-block of our product platform º These AEM cores can power a compact and modular single core AEM electrolyser (1 x 2.4kW core) º The same cores can also be
Slide 17: AEM multicore electrolysers
AEM multicore electrolysers Inside the AEM Nexus 1000 Product Launch of AEM Flex 120 Enapter multicore products º Enapter provides various sizes of multicore ranging from 50 to 420 cores. These include the AEM Nexus 1000 (420 cores; 1008 kW) and AEM Flex 120 (50 cores; 120kW) Advantages of Enapter m
Slide 18: Product range - existing and under development
Product range - existing and under development º Enapter is focused on ramping up the commercialization of existing products using the Stack Model 4.0, while continually making quality improvements º Meanwhile, the company is investing in R&D to develop a larger AEM electrolyser core, under project
Slide 19: 3. Market & Traction
3. Market & Traction 19
Slide 20: Enapter's four focus segments
Enapter’s four focus segments Energy Electricity can be converted into hydrogen in order to be stored over extended time periods. Our clients use our electrolysers to bring power to remote communities, stabilise the electricity grid, or make their Storage businesses or homes energy independent Indus
Slide 21: Customers by industry sector
Customers by industry sector Our partners act as customers, as they pay upfront for our devices and then integrate them into end-user applications Research 9% Industrial l Applications 18% Distribution of total Energy order value 51% etc. Storage (2020-23, in % of €m) Mobility 22% etc. …and many mor
Slide 22: References for MW class systems ordered
References for MW class systems ordered Delivered (as of end Feb 24) º Braunschweig Research Airport (Steinbeis): First AEM Multicore delivered. In commissioning as of Feb 2024, to deliver sustainable on-site fuel for heating and mobility at a leading European mobility competence centre Ordered and
Slide 23: Strong market traction leveraging partners to go to market and scale
Strong market traction leveraging partners to go to market and scale º 15,000+ electrolyser cores ordered by 375+ customers across 50+ countries North America º Over 120 integration partners selling into different verticals, application and geographies, of which 55+ Europe are Certified Partners (ha
Slide 24: More information on key go-to-market partners
More information on key go-to-market partners Partner name Country Footprint Sectors Comment Long-standing partner who started with single cores and has now added multicores for Europe Mobility HRS in NL to their portfolio Heating, Mobility, Canadian partner who ordered 2 AEM Nexus 1000 in 2023 to i
Slide 25: 4. Operations - ESG
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Slide 26: A company powered by renewable energies
INTRODUCTION LEADERSHIP GO TO MARKET MARKET GROWTH UNIT ECONOMICS ESG FINANCIALS A company powered by renewable energies Saerbeck 100% Production plant powered by renewable energies Pisa Production plant 100% powered by renewable energies 26
Slide 27: Circular Economy
INTRODUCTION LEADERSHIP GO TO MARKET MARKET GROWTH UNIT ECONOMICS ESG FINANCIALS Circular Economy As a product manufacturer, the biggest positive impact we can have on the environment is to handle natural resources carefully. This is why we aim to make our production as circular as possible. We have
Slide 28: Fully committed to our Code of Conduct
INTRODUCTION LEADERSHIP GO TO MARKET MARKET GROWTH UNIT ECONOMICS ESG FINANCIALS We are fully committed to our Code of Conduct to set high ethical standards in working with our partners. We truly value our colleagues. We prioritize their well-being and development, fostering open communication and p
Slide 29: 5. Financials
5. Financials 29
Slide 30: Historical & projected revenue development
Historical & projected revenue development Revenue (€m) Broker research estimates3 FY2020A FY2021A FY2022A FY2023A FY2024E FY2025E FY2026E Enapter guidance projects product sales to 2,1 8,4 14,7 31,51 342 approximately double from FY 2023-24 with multicore deliveries in 2024 84 179,8 FY2023A revenue
Slide 31: Historical & projected EBITDA development
Historical & projected EBITDA development EBITDA (€m) Broker research estimates3 FY2020A FY2021A FY2022A FY2023A FY2024E FY2025E FY2026E (2,9) (7,6) (10,6) 0,41 (8) 2 Economies of scale in production ensure better margins. (7,7) 23 (20,0) n/a 7,0 n/a Massive demand for megawatt systems underpins gro
Slide 32: 6. Appendix
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Slide 33: Award winning for its sustainable approach
Award winning for its sustainable approach Winner of the Earthshot Prize I am honoured to introduce the Selected by Fast Company The world’s most innovative in the Category “Fix Our Climate” innovators, leaders, and visionaries Magazine as One of the World’s companies play an essential role who are
Slide 34: Enapter is supported and advised by experienced entrepreneurs, investors, and academics
Enapter is supported and advised by experienced entrepreneurs, investors, and academics Majority Shareholder Supervisory board Mr. Schmidt co-founded Enapter in 2017 and led the company as CEO and co-CEO until 2023. He continues to remain closely involved in an advisory capacity and as majority shar
Slide 35: Investor Relations
Investor Relations ir@enapter.com https://enapterag.de/investor-relations @enapter @enapter youtube.com/enapter @enapterenergystorage @enapter @enapter 35 www.enapter.com