Enapter Ag · XETR:H2O
Enapter — Investor Presentation (July 2024)
54 slides from Enapter's investor presentation, July 2024
Slide 1: Smart. Simple. Scalable.
Smart. Simple. Scalable. Investor Presentation, July 2024
Slide 2: Disclaimer
Enapter Disclaimer Furthermore, statements in this Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known a
Slide 3: Content
Content 1. Introduction 2. AEM Technology 3. Products 4. Enapter’s USP 5. Applications 6. Financials 7. Operations and ESG 8. Selected Customer Projects
Slide 4: Introduction
Introduction
Slide 5: Enapter at a glance
Enapter at a glance Registered office: Düsseldorf, DE Stock exchange: Frankfurt / Hamburg Revenue1 (€m) 31.5 Regulated Market Started in Nov 2017 US licensing (receivable) Bloomberg ticker: H2O GR US licensing (paid) 13.0 Shares outstanding2: 27.2m Pioneer and commercial leader in patented AEM Produ
Slide 6: Vision, Mission, Values
VISION To live in a world where fossil fuels are no longer used and green hydrogen fuels power the world via renewable energy sources. MISSION To make green hydrogen affordable and accessible to all, using AEM electrolyzers. VALUES Customer – Quality – Passion.
Slide 7: Experienced executive team
Enapter Experienced executive team Dr. Jürgen Laakmann Gerrit Kaufhold CEO (Vorstand) CFO (Vorstand) ▪ Focusing on operations, R&D, governance, Europe & North America ▪ Part of Enapter’s growth since the reverse-merger, initially as a ▪ 20+ years of management experience in strategy consulting, c
Slide 8: AEM Technology
AEM Technology
Slide 9: AEM's competitive advantage
AEM’s competitive advantage AEM is the future PEM Alkaline AEM Supports intermittent renewables Iridium free Titanium free PFAS regulation ready Compact design High current density Electrochemical compression Safe-to-handle electrolyte Technology review
Slide 10: Our secret sauce
Patented AEM technology ▪ Combining the best of Alkaline and PEM technology ▪ Iridium and titanium free ▪ Simple and scalable Balance of Plant ▪ Top efficiency ▪ Leading H2 pressure and purity ▪ Strong patents granted Our secret sauce
Slide 11: Modular systems scale faster
Modular systems scale faster Computing in the past Multi-core solution today Electrolyser in the past Multi-core solution today
Slide 12: Products
Products
Slide 13: Modular system as the basis for all product classes
Modular system as the basis for all product classes Enapter Core-Partners AEM EL 4 AEM Flex 120 Enapter AEM Core AEM Nexus
Slide 14: Business Model Core Partner
Business Model Core Partner Core Partners can build based on Enapters Blueprints, or design their own solutions, thanks to the modularity of the AEM Core Core Partner AEM Core Enapter Blueprints AEM powered electrolyzers Manufactured by Enapter provides Blueprint of its products. International netwo
Slide 15: AEM Building Blocks
Empowering Core partners BoP interfaces ▪ One-stop solution ▪ Ease of integration ▪ Scalable, ability to add more blocks Comms hub ▪ Fast deployment and commissioning Power ▪ No major iterations of the design required distribution AEM Building Blocks The ease of modularity
Slide 16: Enapter's USPs
Enapter’s USPs
Slide 17: Our strengths
Comparing electrolyzer technologies That's why Enapter's AEM is the ideal fit Iridium-free: This means we can guarantee stability of prices and supply and lower supply chain risk. Dynamic response: AEM provides a rapid start capability responsive to intermittent renewables. Efficient and cost effect
Slide 18: Iridium: PEM's competitive handicap
PEM's competitive handicap ▪ On our planet Iridium only makes up ~0.001 parts per million. It's actually about 40x rarer than gold. ▪ It's one of the most expensive metals, with the current price of ~5,000 USD per ounce (146,326 € per kg). ▪ It's produced commercially along with the other noble meta
Slide 19: Iridium-free
AEM's competitive advantage Enapter's AEM technology avoids the use of Iridium-based catalysts. This enables Enapter to achieve ▪ greater price stability ▪ lower supply chain vulnerability, ▪ without performance restrictions. Enapter avoids the use of any PFAs and titanium-based plates and porous tr
Slide 20: The most flexible MW systems in the market
Flexibility The most flexible MW systems in the market +53% +31% Operational flexibility of 3-100% due to modularity of our multicore electrolyzers Up to 53% increase1 in annual hydrogen production for 1 MW system compared to competitors AEM PEM ALK AEM PEM ALK PV asset 1.5x bigger than EL PV asset
Slide 21: Energy Monitoring and Management
Software Energy Monitoring and Management Real Time Monitoring and Control Predictive Maintenance Integration with third party systems Integrated AI for optimal efficiency Access via App (Android and iOS) and Browser
Slide 22: Applications
Applications
Slide 23: Selected clients, partners and certified partners
Customers by industry sectors Selected clients, partners and certified partners Research & Testing 35% 13% Energy storage Distribution Industrial applications of total order value 2020 - Jul 2024 in % of €m 24% Mobility 28%
Slide 24: Selected customer references for multicore class electrolyzers
Selected customers references for multicore class electrolyzers
Slide 25: Financials
Financials
Slide 26: Order intake increased fivefold
Order intake and backlog Order intake increased fivefold Order intake (MEUR) Order backlog (MEUR) Order intake has increased fivefold compared to the previous half year and reached +510% 40.80 40.80 EUR 23.7M in HY/2024 23.67 Singlecore 7.00 and stacks 12.90 For 2024 Order backlog (as of April 2024)
Slide 27: Historical & projected revenue development
Historical & projected revenue development Revenue (€m) Broker research estimates2 Enapter guidance projects product sales to approximately double from FY 2023- FY2020A FY2021A FY2022A FY2023A FY2024E FY2025E FY2026E 24 with multicore deliveries in 2024 2.1 8.4 14.7 31.61 34.03 FY2023A revenue was c
Slide 28: Historical & projected EBITDA development
Historical & projected EBITDA development EBITDA (€m) Broker research estimates2 FY2020A FY2021A FY2022A FY2023A FY2024E FY2025E FY2026E (2.9) (7.6) (10.6) 1.51 (7)-(8) 3 Economies of scale in (12.9) 23.0 production ensure better (20.0) n/a margins. (5.0) n/a Massive demand for megawatt systems (6.8
Slide 29: Operations and ESG
Operations and ESG
Slide 30: Production plants Pisa and Saerbeck
Pisa 100% Production plant powered by renewable energies Saerbeck 100% Production plant powered by renewable energies 202 employees 32% female 68% male
Slide 31: Circular Economy
Leadership 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 already developed a reverse logistics process and take back our
Slide 32: We set high ethical standards in our work
Leadership We set high ethical standards in our work ▪ We truly value our colleagues. ▪ We prioritize their well-being and development, fostering open communication and providing ample opportunities for growth. ▪ Our compensation packages ESRS and SASB Reporting Code of Conduct Whistle-blower mechan
Slide 33: Award winning company
Leadership Award winning company
Slide 34: Supported and advised by experienced entrepreneurs, investors and academics
Leadership Enapter is supported and advised by experienced entrepreneurs, investors and academics ▪ Mr. Schmidt co-founded Enapter in 2017 Supervisory Majority and led the company as CEO and co-CEO board shareholder until 2023. He continues to remain closely involved in an advisory capacity and as m
Slide 35: Investor Relations
Investor Relations ir@enapter.com https://enapterag.de/investor-relations @enapter @enapter @enapter @enapter www.enapter.com www.enapter.com
Slide 36: Selected Customer Projects
Selected Customer Projects
Slide 37: Replacing natural gas with green hydrogen for industrial ovens
Industrial solution | Roto-Art, Netherlands Replacing natural gas with green hydrogen for industrial ovens ▪ 7 × electrolyzer AEM EL 4.0 (singlecore) ▪ 7 kg/24 h of green hydrogen
Slide 38: Industrial H2 pilots at Yanmar Clean Energy Site
Industrial solution | Yanmar, Japan Industrial H2 pilots at Yanmar Clean Energy Site ▪ 14 × electrolyzer AEM EL 2.1 (singlecore) ▪ 14 × electrolyzer AEM EL 4.0 (singlecore) ▪ 28 kg/24 h of green hydrogen
Slide 39: Commercial hydrogen refuelling station in Tokyo
Mobility | Tokyo Gas, Japan Commercial hydrogen refuelling station in Tokyo ▪ 30 × electrolyzer AEM EL 2.1 (singlecore) ▪ 30 kg/24 h of green hydrogen
Slide 40: Mobile refuelling for hydrogen aircrafts
Mobility | ZeroAvia, UK Mobile refuelling for hydrogen aircrafts ▪ 10 × electrolyzer AEM EL 2.1 (singlecore) ▪ 10 kg/24 h of green hydrogen
Slide 41: Green hydrogen production for the naval sector
Mobility | Baglietto, Italy Green hydrogen production for the naval sector ▪ 10 × electrolyzer AEM EL 4.0 (singlecore) ▪ 10 kg/24 h of green hydrogen
Slide 42: Hydrogen seasonal storage in remote location
Electricity storage | PowiDian Energy, France Hydrogen seasonal storage in remote location ▪ 1 × electrolyzer AEM EL 2.1 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 43: District-wide energy storage on a Dutch island
Electricity storage | Hylife Innovations, Netherlands District-wide energy storage on a Dutch island ▪ 30 × electrolyzer AEM EL 2.1 (singlecore) ▪ 30 kg/24 h of green hydrogen
Slide 44: Autonomous energy management
Electricity storage | Creo, UK Autonomous energy management ▪ 2 × electrolyzer AEM EL 2.1 (singlecore) ▪ 2 kg/24 h of green hydrogen
Slide 45: Energy storage for buildings
Electricity storage | Hybitat, Italy Energy storage for buildings ▪ 1 × electrolyzer AEM EL 4.0 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 46: Green hydrogen generation for Japanese construction sector
Electricity storage | Obayashi, Japan Green hydrogen generation for Japanese construction sector ▪ 2 × electrolyzer AEM EL 4.0 (singlecore) ▪ 2 kg/24 h of green hydrogen
Slide 47: Residential heating with hydrogen
Power-to-heat | DNVGL, Netherlands Residential heating with hydrogen ▪ 8 × electrolyzer AEM EL 2.1 (singlecore) ▪ 8 kg/24 h of green hydrogen
Slide 48: Protein creation with gas fermentation
Research | Deep Branch, Netherlands Protein creation with gas fermentation ▪ 1 × electrolyzer AEM EL 2.1 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 49: Green H2 production for diverse uses in Florianópolis
Research | University of Santa Catarina (UFSC), Brazil Green H2 production for diverse uses in Florianópolis ▪ 9 × electrolyzer AEM EL 2.1 (singlecore) ▪ 9 kg/24 h of green hydrogen
Slide 50: H2 mobility R&D at CTU Prague
Research | Czech Technical University, Czech Republic H2 mobility R&D at CTU Prague ▪ 4 × electrolyzer AEM EL 2.1 (singlecore) ▪ 4 kg/24 h of green hydrogen
Slide 51: Mobile green hydrogen plant for research
Research | CICITEM, Chile Mobile green hydrogen plant for research ▪ 8 × electrolyzer AEM EL 2.1 (singlecore) ▪ 8 kg/24 h of green hydrogen
Slide 52: Decentralised hydrogen production for mobility research
Research | HyLab of MORE Munich Mobility Research Campus, Germany Decentralised hydrogen production for mobility research ▪ 48 × electrolyzer AEM EL 2.1 (singlecore) ▪ 48 kg/24 h of green hydrogen
Slide 53: H2POWERPLANT for backup energy & self-sufficiency
Electricity storage | Wilo, Germany H2POWERPLANT for backup energy & self- sufficiency ▪ 95 × Electrolyser AEM EL 2.1 (single-core) ▪ 95 kg/24 h of green hydrogen
Slide 54: Ammonia production
Power-to-X | Starfire Energy, USA Ammonia production ▪ 21 × Electrolyser AEM EL 2.1 (single-core) ▪ 21 kg/24 h of green hydrogen