Enapter Ag · XETR:H2O
Enapter — Investor Presentation (2026)
30 slides from Enapter's investor presentation, Jul 9, 2026
Slide 1: Company Presentation
Company Presentation & Enapter p— SSE ae _S
Slide 2: Enapter at a glance
_Enapter at a glance 15-year track record in AEM technology Commercial leader in patented AEM electrolysis High-volume production with quality focus Uniquely modular product approach Full hydrogen ecosystem
Slide 3: Our History
_Our History 2004-2009 2014 2017 2020 2021 First AEM Acta presents Enapter SRL is Enapter AG is Enapter wins the prototypes and first commercially founded to stock listed in inaugural patents by relevant AEM commercialize and Frankfurt Earthshot award Italian company results in industrialize AEM by
Slide 4: Manufacturing Sites
_Manufacturing Sites § Balance of Plant Manufacturing Crespina Lorenzana, Pisa, Italy § Chemistry production & stack assembly § State of the art R&D centre Shaoxing, Zhejiang, China
Slide 5: Industrial Stack Production
_Industrial Stack Production 100% of our stacks are tested multiple times before leaving our factory Electrode Stack Pressurized Final Manufacturing Assembly Leak Acceptance & Coating Lines Test Test (FAT)
Slide 6: BoP Serial Production
_BoP Serial Production FULL YEAR 2025 6 AEM Nexus delivered JAN – MAY 2026 13 AEM Nexus delivered
Slide 7: Enapter's success
_Enapter’s success 375+ customers 55+ countries 12,000+ AEM Electrolyzer Cores 3.200.000+ total operating hours
Slide 8: Enapter's success
_Enapter’s success
Slide 9: AEM Technology
AEM Technology 82 Enapter
Slide 10: How the AEM technology works
_How the AEM technology works § Dynamic operation with renewable sources § Strong patents § Electrochemical compression to 35 bar § Best-in-class efficiency § Free from Iridium
Slide 11: Why AEM?
_Why AEM? AEM Technology Review PEM Alkaline AEM Supports intermittent renewables Iridium free Titanium free Compact design High current density Electrochemical compression Safe-to-handle electrolyte
Slide 12: Product Portfolio
Product Portfolio = Enapter
Slide 13: Core Hardware Products
_Core Hardware Products AEM ALK Stack 2.4 Stack 25 Stack 250 2.4 kW 25 kW 250 kW 5MW AEM H2 Set AEM Flex & Nexus AEM RHEOS Large Scale Plants & Up to 50 kW 50 kW to 10 MW 20 MW block Hybrid Solutions
Slide 14: Complementary Hardware Products
_Complementary Hardware Products Compression Refueling BESS & Storage Solutions 241 kWh LFP technology Low- and high- Integrated solutions pressure compressors for mobility & Up to 5015 kWh and vessels tube-trailer refilling LFP technology
Slide 15: Core Services
_Core Services Bankable supply contract, covering all aspects of the project; production, installation, and after sales support Long-Term Service Project Feasibility and EPC Agreement Financing Engineering services Long term guarantees Financing solutions Customized plants Turnkey projects for & for
Slide 16: Software Solution
18 _Software Solution Built on 9 years of running energy systems. ü Local-first: software is fully operational locally with optional Cloud connection. ü Industrial-grade: OPC UA, Modbus, MQTT, HTTP, CAN. 1-second telemetry. ü Multi-vendor by design: 60+ ready-to-use device integrations, open-source
Slide 17: Above The Process - Across Every System
19 _Above The Process - Across Every System CoreKraft EMS is top layer for unifying and optimizing various processes on site. CoreKraft EMS What is the difference between Application layer. Strategic cross-process overview and optimizations. SCADA and EMS? ü SCADA is designed for the real- time, phy
Slide 18: Software Solution
_Software Solution BESS Local-first architecture safety protocols in compliance with EU Cyber Security Act
Slide 19: Advanced Monitoring
_Advanced Monitoring
Slide 20: AEM Single-core
_AEM Single-core Cooling Integrated modular solution Remote controllable 1x AEM stack2.4 Plug and play Electronic box From 0.5 to 2.5 Nm³/h 35 barg Up to 99.999% 4.8 kWh/Nm³H₂ - 53.3 kWh/kgH₂ 60% – 100 % for each EL4 Indoor or outdoor EL4 Water treatment optional H2 Dryer Water Tank Datasheets: EL 4
Slide 21: Turnkey Refueling 5 kg/day
_TURNKEY REFUELING 5 kg/day Compact size and up to 5 kg/day Modular architecture H2 bottle swapping system H₂ production rate Up to 2.5 Nm³/h (5 kg/24h) H₂ delivery pressure 350 bar(g) H₂ purity 99.999% Specific power 56 kWh/kg H₂ consumption 6 kWh/Nm³ H₂O nominal 3 L/h consumption Dimensions 2,7 ×
Slide 22: AEM Flex 120 kW
_AEM FLEX 120 120 kW Integrated modular solution Built-in redundancy Air Cooler High-efficiency Water Treatment Process Module 5x AEM stack25 24,1 Nm³/h (2,16 kg/h) Dryer 31 barg Up to 99.999% 4.61 kWh/Nm³H₂ - 51.3 kWh/kgH₂ 12% – 100% 0 – 100% in 225 seconds 5,5 m 1,2 m
Slide 23: AEM Nexus 2500 2.5 MW
_AEM NEXUS 2500 2.5 MW Air Cooler Process Container Integrated modular solution Built-in redundancy AC Distribution High-efficiency & PLC 492 Nm³/h (44.2 kg/h) 31 barg Up to 99.999% 2.4 18,5 m 4.61 kWh/Nm³H₂ - 51.3 kWh/kgH₂ m 3.5% – 100% 0 – 100% in 225 seconds
Slide 24: AEM Nexus 1000 1 MW
_AEM NEXUS 1000 1 MW Air Cooler Process Container Integrated modular solution Built-in redundancy AC Distribution High-efficiency & PLC 202 Nm³/h (18.2 kg/h) 31 barg Up to 99.999% 2.4 18,5 m 4.61 kWh/Nm³H₂ - 51.3 kWh/kgH₂ m 9% – 100% 0 – 100% in 225 seconds
Slide 25: AEM Nexus 500 0.5 MW
_AEM NEXUS 500 0.5 MW Air Cooler Process Container Integrated modular solution Built-in redundancy AC Distribution High-efficiency & PLC 101 Nm³/h (9 kg/h) 31 barg Up to 99.999% 2.4 18,5 m 4.61 kWh/Nm³H₂ - 51.3 kWh/kgH₂ m 18% – 100% 0 – 100% in 225 seconds
Slide 26: AEM Rheos 20 MW
_AEM RHEOS 20 20 MW Full-scope modular solution Water Treatment Built-in redundancy H2 Dryer High-efficiency Air Coolers Electrolyte loop skid DCS 4,023 Nm³/h Nm³/h (362 kg/h) AC/DC and stacks skid MV/LV trafos 31 barg Up to 99.999% 4.62 kWh/Nm³H₂ - 51.4 kWh/kgH₂ 1% – 100% 0 – 100% in 225 seconds 50
Slide 27: ALK Baseload Solution 20 MW
_ALK Baseload Solution 20 MW Large scale Lowest CAPEX Integratable into hybrid plants 4,000 Nm³/h (360 kg/h) 14 barg Up to 99.999% 4.73 kWh/Nm³H₂ - 52.7 kWh/kgH₂ 10% – 100% 0 – 100% in 30 min
Slide 28: Minimal Downtime – Optimized OPEX
_Minimal Downtime – Optimized OPEX Modularity for maximum ROI X00,000 EUR 1 cell for stack replacement fails and site services ALK / PEM Months of downtime - No H2 produced Weeks of complex replacement Plug & Play 1 cell replacement in days fails at a fraction of the cost 99% production continues
Slide 29: Key Takeaway
_Key Takeaway Enapter – a reliable partner Commercial leader in AEM technology Design Principles: modularity and redundancy Thousands delivered, millions of operational data AI software for energy system optimization Stack 25 and AEM Nexus 2500 – the state-of-the-art Stack 250, skid-based, hybrid so
Slide 30: Smart. Simple. Scalable.
Smart. Simple. Scalable. @enapter youtube.com/enapter www.enapter.com