Enapter Ag · XETR:H2O
Enapter — Investor Presentation (June 2023)
35 slides from Enapter's investor presentation, June 2023
Slide 1: AEM Electrolysers: Efficient, Scalable, Iridium-free
AEM Electrolysers Efficient, Scalable, Iridium-free
Slide 2: Enapter at a glance
Our company Enapter at a glance Started in 2017 in Italy Builds on technology with a >15-year track record Proprietary technology and commercial leader in AEM electrolysis More than 15,000 AEM electrolyser cores ordered by 375+ customers across 50+ countries Focus towards in Industrialized high-volu
Slide 3: Enapter Pisa
Enapter Pisa 100% powered by renewable energies
Slide 4: Enapter at a glance
Our company Enapter at a glance Hardware, electronics and software Vertically integrated from Chemistry to Electrolysers HQ, Manufacturing and R&D in Italy System engineering and R&D in Germany Global network of integration partners
Slide 5: 375+ customers, 50+ countries
Applications 375+ customers 50+ countries 5,000+ AEM Electrolysers
Slide 6: Proven technology
Applications Proven technology 1,500,000 Total operational hours
Slide 7: AEM is the future
Electrolyser technology shares in 2030 Technology outlook 80% other 20% AEM technologies Assumptions: AEM captures market share from all other technologies while PEM industry will not be able to scale up quickly enough due to Iridium shortages AEM is the future The only scalable option. Source: Enap
Slide 8: The strengths of AEM
Patented AEM technology Alkaline AEM PEM ▪ No intermittent ▪ Iridium-free ▪ High performance ▪ Usage of scarce operation ▪ Dynamic response materials ▪ Intermittent (titanium, iridium) operation ▪ Top efficiency ▪ Scalable ▪ Modular The strengths of AEM
Slide 9: 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. As of April 2024, its price is 179,67 USD/g (179,670 USD per kg). ▪ It’s produced as a by-product of mining Platinum. Currently
Slide 10: 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. Iridium-free Our unique selling proposition.
Slide 11: Technology review
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 12: Our secret sauce
Patented AEM technology ▪ Combining the best of Alkaline and PEM technology ▪ Modular and scalable ▪ Iridium-free ▪ Dynamic response to intermittent renewables ▪ Simple and scalable BoP ▪ Top efficiency ▪ Leading H2 pressure and purity ▪ Strong patents granted Our secret sauce
Slide 13: Modular systems scale faster
At scale, standardised modules outcompete made-to-order plants Modular systems scale faster Computing in the past Multi-core solution today Electrolyser in the past Multi-core solution today
Slide 14: Our product platform
Enapter’s AEM scalability Our product platform
Slide 15: AEM EL 4
Enapter Electrolysers Single-core ▪ Hydrogen production: 0.5 Nm³/hr ▪ Power consumption: 2.4 kW ▪ Efficiency: 4.8 kWh/Nm³ ▪ Hydrogen Purity: 99.9% or 99.999% (with optional dryer) ▪ Output pressure: 35 barg ▪ Modular and scalable Datasheets: ▪ EL 4 AC (Air cooled / Liquid cooled) AEM EL 4
Slide 16: 1 to 6 stacks
Enapter’s AEM single-core electrolysers Merits of the AEM EL 4 1 core | 2.4 kW single-core solutions ▪ Modular and scalable ▪ Rapid reaction time to intermittent renewables ▪ Production rate ≈ 1 kg/24 h ▪ Outlet pressure up to 35 barg ▪ Available as air-cooled and liquid-cooled systems ▪ Automated &
Slide 17: Enapter Devices: Water Tank
Enapter Devices Water Tank ▪ Capacity: 38.5 L ▪ Output pressure: Up to 2.75 barg ▪ Operative power consumption: 35 W ▪ Power supply: AC 110 – 240 V, 50/60 Hz ▪ Ambient operative temperature range: 5 – 45 °C ▪ Control and monitoring: Fully automatic with Enapter’s EMS ▪ Maximum water input conductivi
Slide 18: Enapter Devices: Dryer DRY 2.1
Enapter Devices Dryer ▪ Hydrogen output purity: > 99.999% in molar fraction ▪ Output pressure: Up to 35 barg ▪ Hydrogen drying rate: 2,500 NL/h ▪ Input pressure: 35 barg ▪ Average dewpoint and impurities: < -70 °C (-94 °F), compliant with ISO14687 (H₂O < 5 ppm, O₂ < 5 ppm) ▪ Operative power consumpt
Slide 19: AEM Flex 120
Enapter Electrolysers Multi-core ▪ Hydrogen production: 25 Nm³/h or 53.9 kg/d ▪ Power consumption: 120 kW ▪ System efficiency: 4.8 kWh/Nm³ ▪ Hydrogen purity: 99.95% or 99.999% ▪ Production Flexibility: 12-100% ▪ Swift reactions: <1 sec load variation ▪ Smart and fully automatic operation Datas
Slide 20: AEM Nexus
Enapter Electrolysers Multi-core ▪ Hydrogen production: 210 Nm³/h or 453 kg/d ▪ Power consumption: 1 MW ▪ System efficiency: 4.8 kWh/Nm³ ▪ Hydrogen purity: 99.95% or 99.999% ▪ Production Flexibility: 3-100% ▪ Swift reactions: <1 sec load variation ▪ Output pressure: Up to 35 barg Datasheet: A
Slide 21: 50 to 420 stacks
Enapter’s AEM multi-core electrolysers Merits of the AEM Flex 120 50 cores | 120 kW multi-core solutions ▪ High efficiency ▪ Built-in redundancy and Hot-swapping capability ▪ Rapid reaction to intermittent renewable energy supply ▪ Cheaper than similarly sized PEM electrolysers 50 to 420 stacks AEM
Slide 22: MW systems: confirmed multi-core projects
Strong market positioning AEM Nexus MW systems Confirmed multi-core projects
Slide 23: Energy Monitoring and Management
Enabling the AEM Electrolyser Energy Monitoring and Management ▪ Remote Monitoring ▪ Preventive Maintenance ▪ Integration with Renewable Power
Slide 24: Sustainability
Circular Economy Sustainability ▪ 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 o
Slide 25: 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
Slide 26: 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 27: Replacing natural gas with green hydrogen for industrial ovens
Industrial solution | Roto-Art, Netherlands Replacing natural gas with green hydrogen for industrial ovens ▪ 7 × Electrolyser AEM EL 4.0 (single-core) ▪ 7 kg/24 h of green hydrogen
Slide 28: Industrial H2 pilots at Yanmar Clean Energy Site
Industrial solution | Yanmar, Japan Industrial H2 pilots at Yanmar Clean Energy Site ▪ 14 × Electrolyser AEM EL 2.1 (single-core) ▪ 14 × Electrolyser AEM EL 4.0 (single-core) ▪ 28 kg/24 h of green hydrogen
Slide 29: Commercial hydrogen refuelling station in Tokyo
Mobility | Tokyo Gas, Japan Commercial hydrogen refuelling station in Tokyo ▪ 30 × Electrolyser AEM EL 2.1 (single-core) ▪ 30 kg/24 h of green hydrogen
Slide 30: Mobile refuelling for hydrogen aircrafts
Mobility | ZeroAvia, UK Mobile refuelling for hydrogen aircrafts ▪ 10 × Electrolyser AEM EL 2.1 (single-core) ▪ 10 kg/24 h of green hydrogen
Slide 31: Green hydrogen production for the naval sector
Mobility | Baglietto, Italy Green hydrogen production for the naval sector ▪ 10 × Electrolyser AEM EL 4.0 (single-core) ▪ 10 kg/24 h of green hydrogen
Slide 32: District-wide energy storage on a Dutch island
Electricity storage | Hylife Innovations, Netherlands District-wide energy storage on a Dutch island ▪ 30 × Electrolyser AEM EL 2.1 (single-core) ▪ 30 kg/24 h of green hydrogen
Slide 33: Residential heating with hydrogen
Power-to-heat | DNVGL, Netherlands Residential heating with hydrogen ▪ 8 × Electrolyser AEM EL 2.1 (single-core) ▪ 8 kg/24 h of green hydrogen
Slide 34: Hydrogen R&D for Taiwan's renewable energy goals
Research | Industrial Technology Research Institute, Taiwan Hydrogen R&D for Taiwan’s renewable energy goals ▪ 20 × Electrolyser AEM EL 4 (single-core) ▪ 20 kg/24 h of green hydrogen
Slide 35: @enapter www.enapter.com
@enapter @enapter youtube.com/enapter youtube.com/enapter www.enapter.com www.enapter.com