Enapter Ag · XETR:H2O
Enapter — Technical Presentation (August 2025)
71 slides from Enapter's technical presentation, August 2025
Slide 1: AEM Electrolyzers: Technical Presentation
_AEM Electrolyzers Smart. Simple. Scalable Enapter Technical Presentation
Slide 2: Enapter at a glance
_Enapter at a glance 15-year track record in AEM technology Commercial leader in patented AEM electrolysis Industrialized high-volume production with quality focus Uniquely modular product approach Product-driven innovation with AI software
Slide 3: 15-year track record in technology R&D
1_15-year track record in technology R&D Technical Presentation, August 2025
Slide 4: Our vision, our mission, our AEM electrolyzers
_Our vision To live in a world where fossil fuels are no longer used and green hydrogen fuels power the world via renewable energy sources _Our mission To make green hydrogen affordable and accessible to all, using AEM electrolyzers _Our AEM electrolyzers Smart. Simple. Scalable
Slide 5: 15 years of AEM technology
_15 years of AEM technology Enapter’s story is closely linked with AEM 2004-2009 2017 2021 2023 2024 2025 First prototype Sebastian-Justus Enapter receives Enapter unveils Enapter starts a Enapter launches of the AEM Schmidt starts Earthshot Prize the world’s first Joint Venture the Stack T, Electro
Slide 6: Our foci: Technology, Innovation, CAPEX light
_Our foci: Technology, Innovation, CAPEX light Smart. Simple. Scalable World-class System Design Project Lighthouse R&D & Engineering Support Manufacturing
Slide 7: Commercial leader in AEM electrolysis
2_Commercial leader in AEM electrolysis Technical Presentation, August 2025
Slide 8: 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 and PFAS
Slide 9: AEM: The best of both worlds
_AEM: The best of both worlds The strength of our technology Alkaline AEM PEM ▪ High ▪ No intermittent performance operation ▪ Iridium-free ▪ Dynamic ▪ Usage of scarce ▪ Highly corrosive ▪ Robust supply response materials (iridium) electrolyte chain (up to 40% KOH) ▪ Intermittent operation ▪Modular
Slide 10: AEM is the future: Technology review
_AEM is the future: Technology review AEM’s Competitive Advantage PEM Alkaline AEM Supports intermittent renewables Iridium free Titanium free PFAS regulation ready Compact design High current density Electrochemical compression Safe-to-handle electrolyte
Slide 11: Enapter's success
_Enapter’s success 375+ customers 55+ countries 12,000+ 17 MW AEM Electrolyzer Cores in Italy’s Hydrogen Valleys
Slide 12: We optimize our electrolyzers with real-life data from our customers
_We optimize our electrolyzers with real-life data from our customers 2.700.000 Total operational hours
Slide 13: Industrialized production with strong quality focus
3_Industrialized production with strong quality focus Technical Presentation, August 2025
Slide 14: Industrial Mass Production
_Industrial Mass Production 100% of our stacks are tested multiple times before leaving our factory Electrode Stack First Pressurized System Final Manufactung Assembly Performance Leak Assembly Acceptance & Coating Lines Test Test Test (FAT)
Slide 15: Automating manufacturing with a Lead Factory concept
_We are automating our manufacturing processes with a Lead Factory concept Trays preparation for thermal treatment Unwinding Module Electrodes Quality Check Module handling Coating Module Control Panel Drying Module Rotary die Electrodes cutting weight check Calendaring and Cutting Module Automated
Slide 16: Enapter HQ Pisa
_Enapter HQ Pisa ▪ 100% renewable energies ▪ Industrialized high-volume production
Slide 17: Wolong Enapter Hydrogen Technologies Co., Ltd
_Wolong Enapter Hydrogen Technologies Co., Ltd ▪ BoP Manufacturing ▪ Shaoxing, Zhejiang, China
Slide 18: Uniquely modular product portfolio
4_Uniquely modular product portfolio Technical Presentation, August 2025
Slide 19: Modular systems scale faster
_Modular systems scale faster Computing in the past Multi-core solution today Electrolyzer in the past Multi-core solution today
Slide 20: Our Hardware Products
_Our Hardware Products Stack 4 EL 4 AEM Flex 120 AEM Nexus 1000 2.4 kW 2.4 kW 120 kW 1 MW Stack T AEM Nexus 2500 Skid AEM solutions 25 kW 2.5 MW Up to 100 MW
Slide 21: Single-core: The AEM EL 4
_Single-core: The AEM EL 4 Enapter Electrolyzers ▪ Production rate: 0.5 Nm³/hr ▪ Power consumption: 2.4 kW ▪ Efficiency: 4.8 kWh/Nm³ - 53.3 kWh/kg ▪ 99.9% or 99.999% purity at 35 barg ▪ Fully automatic operation, AI-optimized ▪ Modular and scalable Datasheets: EL 4 AC (Air cooled / Liquid cooled
Slide 22: Single-core: The AEM EL 4 (accessories)
_Single-core: The AEM EL 4 Enapter Electrolyzers Datasheets: Dryer DRY 2.1 Water Tank WT 2.1
Slide 23: Single-core applications
_Single-core applications Enapter’s AEM single-core electrolyzers
Slide 24: Multi-core solutions
_Multi-core solutions Enapter’s AEM multi-core electrolyzers AEM Flex 120 50 cores | 120 kW ▪ Top-class efficiency ▪ Modularity ▪ Built-in redundancy ▪ Rapid reaction to intermittent renewables ▪ Fully automatic operation, AI optimized Multiple stacks, AEM Nexus 1000 One Balance-of-Plant 420 cores |
Slide 25: Multi-core: The Stack Module
_Multi-core: The Stack Module Enapter Electrolyzers ▪ Modular ▪ Standardized ▪ 20 kg ▪ Quick interfaces
Slide 26: Multi-core: The String
_Multi-core: The String Electrolyte & O2 OUT Enapter Electrolyzers ▪ 10x Stack Modules in series ▪ Dedicated PSU ▪ Controlled individually Further modules ▪ Produces 5 Nm3/h Electrolyte IN H2 OUT
Slide 27: Multi-core: The String (parallel)
_Multi-core: The String Enapter Electrolyzers ▪ Several strings in parallel ▪ Centralized components: Electrolyte tank Electrolyte cooling Electrolyte pumps
Slide 28: AEM Nexus 1000
_AEM Nexus 1000 ▪ Best-in-class efficiency ▪ Modular & redundant
Slide 29: Multi-core: AEM Nexus 1000
_Multi-core: AEM Nexus 1000 Enapter Electrolyzers ▪ 210 Nm³/h or 453 kg/d ▪ Efficiency: 51.3 kWh/kg ▪ 99.9% or 99.999% purity ▪ Operational flexibility: 1-100% ▪ Real-time reaction to renewables ▪ Fully automatic operation, AI-optimized ▪ Modular & scalable Datasheet: AEM Nexus
Slide 30: Nexus applications
_Nexus applications Enapter’s AEM multi-core electrolyzers • Industrial applications • Refueling solutions • Grid balancing & energy storage
Slide 31: Multi-core: AEM Flex 120
_Multi-core: AEM Flex 120 Enapter Electrolyzers ▪ 25 Nm³/h or 53.9 kg/d ▪ Efficiency: 53.3 kWh/kg ▪ 99.9% or 99.999% purity ▪ Operational flexibility: 12-100% ▪ Real-time reaction to renewables ▪ Fully automatic operation, AI optimized ▪ Modular & scalable Datasheet: AEM Flex 120
Slide 32: Flex applications
_Flex applications Enapter’s AEM multi-core electrolyzers Refuelling: road, maritime, air Industrial Use H2 pilot projects
Slide 33: Next Generation AEM Stack
_Next Generation AEM Stack Enapter’s consolidated AEM Technology ▪ >10x production rate ▪ Optimized current distribution ▪ Improved new Fluid Dynamics ▪ State of the Art Materials ▪ Designed for automation
Slide 34: Multi-core: AEM Nexus 2500
_Multi-core: AEM Nexus 2500 Enapter Electrolyzers ▪ 500 Nm³/h ▪ Efficiency: 51.3 kWh/kg ▪ 99.9% or 99.999% purity ▪ Operational flexibility: 1-100% ▪ Real-time reaction to renewables ▪ Fully automatic operation, AI-optimized ▪ Modular & scalable
Slide 35: Multi-core: AEM skid systems
_Multi-core: AEM skid systems Enapter Electrolyzers ▪ Custom skid-based solutions ▪ Core BoP (centralized electrolyte loop) ▪ 100 MW projects range ▪ Real-time reaction to renewables ▪ Modular & scalable
Slide 36: Simplified PFD
_Simplified PFD Enapter multi-core Electrolyzers
Slide 37: Start-up sequence
_Start-up sequence Enapter multi-core Electrolyzers
Slide 38: 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 39: The most flexible MW systems in the market
_The most flexible MW systems in the market Enapter’s competitive advantage: Best flexibility Operational flexibility of 1-100% +53% +31% 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
Slide 40: Electrolyzers in hydrogen projects of any size
_Enapter’s electrolyzers in hydrogen projects of any size! Decentralized hydrogen Scaling of industrial Large-scale production Central production production systems solutions of hydrogen derivatives for global demand Stack 4 Stack T Hybrid applications 10 MW 100 MW >1 GW
Slide 41: Product-driven innovation with AI software
5_Product-driven innovation with AI software Technical Presentation, August 2025
Slide 42: 5 reasons for Enapter
_5 reasons for Enapter ▪ Best-in-class efficiency to maximize hydrogen output and minimize LCOH ▪ Redundancy as a key design principle to guarantee continuous operation ▪ No Iridium or PFAS for lower supply chain risk and conformity with future regulations ▪ Highest flexibility to perfectly capture
Slide 43: Intelligent electrolyzer
_Intelligent electrolyzer Our foundation Our electrolyzers are equipped with hardware and software which makes them smart: • Powerful Cloud Dashboards • Android and iOS Apps • Preventive Maintenance
Slide 44: Product-driven innovation with AI software
_Product-driven innovation with AI software • One Enapter Software for all devices in an energy system • Production optimization with innovative AI software • Based on 2.700.000 million total operating hours • All Enapter units constantly learning from each other in various climate zones and environ
Slide 45: Energy Monitoring
_Energy Monitoring ▪ Integrated AI for optimal efficiency ▪ Real Time Monitoring and Control ▪ Advanced Data Insights ▪ Predictive Maintenance ▪ Integration with third party systems ▪ Access via App and Browser
Slide 46: Customers can control their complete system
_Customers can control their complete system Enapter’s competitive advantage: IIoT* Software Solution Integrate any Oversee key Control devices In-App Maintenance energy device metrics remotely Instructions
Slide 47: Open-source Blueprints Marketplace
_Open-source Blueprints Marketplace What makes us different? Open-source collection of energy devices integrations. This helps our partner with rapid development of energy management systems. https://marketplace.enapter.com https://github.com/enapter/marketplace 50+ Vendors
Slide 48: Meet the new EMS Toolkit 3.0
_Meet the new EMS Toolkit 3.0 What’s new? • Industrial-ready Enapter LINK wired communication via UCM M2, industrial hardware and protocols support: OPC UA and MQTT • Cybersecurity Compliance The system complies with the EU Cyber Resilience Act • Local-first Architecture Secure and reliable energy m
Slide 49: AI software in action: battery storage and hybrid electrolysis
_Our AI software in action: Integrated battery energy storage and hybrid electrolysis systems Enapter EL + Battery Energy Storage System Enapter EL + Alkaline EL
Slide 50: Key Takeaway
_Key Takeaway Enapter – a reliable partner Commercial leader in AEM technology Design Principles: modularity and redundancy Thousands delivered, millions of operational data An AI software for all devices in your energy system Stack T and AEM Nexus 2500 – our next generation Enapter can participate
Slide 51: Smart. Simple. Scalable.
Smart. Simple. Scalable. @enapter @enapter youtube.com/enapter youtube.com/enapter www.enapter.com www.enapter.com
Slide 52: Decarbonizing brick production
Industrial solution | ABC Klinker, Germany Decarbonizing brick production ▪ 1 × AEM Flex 120 (multicore) ▪ 50 kg/24 h of green hydrogen
Slide 53: Clean mobility research hub at megawatt scale
Mobility | Steinbeis Innovation Center, Germany Clean mobility research hub at megawatt scale ▪ 1 x AEM Nexus 1000 (multicore) ▪ 453 kg/24 h of green hydrogen
Slide 54: Commercial H2 refuelling station in Tokyo
Mobility | Tokyo Gas, Japan Commercial H2 refuelling station in Tokyo ▪ 30 × electrolyzer AEM EL 2.1 (singlecore) ▪ 30 kg/24 h of green hydrogen
Slide 55: 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 56: H2 for backup energy and self-sufficiency
Electricity storage | Wilo, Germany H2 for backup energy and self-sufficiency ▪ 95 × electrolyzer AEM EL 2.1 (single-core) ▪ 95 kg/24 h of green hydrogen
Slide 57: Replacement of natural gas in industrial ovens
Industrial solution | Roto-Art, Netherlands Replacement of natural gas in industrial ovens ▪ 7 × Electrolyzer AEM EL 4.0 (single-core) ▪ 7 kg/24 h of green hydrogen
Slide 58: 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 (single-core) ▪ 14 × Electrolyzer AEM EL 4.0 (single-core) ▪ 28 kg/24 h of green hydrogen
Slide 59: Green hydrogen production for the naval sector
Mobility | Baglietto, Italy Green hydrogen production for the naval sector ▪ 10 × Electrolyzer AEM EL 4.0 (single-core) ▪ 10 kg/24 h of green hydrogen
Slide 60: 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 (single-core) ▪ 30 kg/24 h of green hydrogen
Slide 61: Autonomous energy management
Electricity storage | Creo, UK Autonomous energy management ▪ 2 × Electrolyzer AEM EL 2.1 (single-core) ▪ 2 kg/24 h of green hydrogen
Slide 62: Green hydrogen generation for Japanese construction sector
Electricity storage | Obayashi, Japan Green hydrogen generation for Japanese construction sector ▪ 2 × Electrolyzer AEM EL 4.0 (single-core) ▪ 2 kg/24 h of green hydrogen
Slide 63: Residential heating with hydrogen
Power-to-heat | DNVGL, Netherlands Residential heating with hydrogen ▪ 8 × Electrolyzer AEM EL 2.1 (single-core) ▪ 8 kg/24 h of green hydrogen
Slide 64: Protein creation with gas fermentation
Research | Deep Branch, Netherlands Protein creation with gas fermentation ▪ 1 × Electrolyzer AEM EL 2.1 (single-core) ▪ 1 kg/24 h of green hydrogen
Slide 65: 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 (single-core) ▪ 9 kg/24 h of green hydrogen
Slide 66: 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 (single-core) ▪ 4 kg/24 h of green hydrogen
Slide 67: Mobile green hydrogen plant for research
Research | CICITEM, Chile Mobile green hydrogen plant for research ▪ 8 × Electrolyzer AEM EL 2.1 (single-core) ▪ 8 kg/24 h of green hydrogen
Slide 68: Decentralized H2 production for mobility research
Research | HyLab of MORE Munich Mobility Research Campus, Germany Decentralized H2 production for mobility research ▪ 48 × Electrolyzer AEM EL 2.1 (single-core) ▪ 48 kg/24 h of green hydrogen
Slide 69: H2 R&D for Taiwan's renewable energy goals
Research | Industrial Technology Research Institute, Taiwan H2 R&D for Taiwan’s renewable energy goals ▪ 20 × Electrolyzer AEM EL 4 (single-core) ▪ 20 kg/24 h of green hydrogen
Slide 70: H2 seasonal storage in remote location
Electricity storage | PowiDian Energy, France H2 seasonal storage in remote location ▪ 1 × Electrolyzer AEM EL 2.1 (single-core) ▪ 1 kg/24 h of green hydrogen
Slide 71: Energy storage for buildings
Electricity storage | Hybitat, Italy Energy storage for buildings ▪ 1 × Electrolyzer AEM EL 4.0 (single-core) ▪ 1 kg/24 h of green hydrogen