Enapter

Enapter AG is a publicly-traded company specializing in the design and production of Anion Exchange Membrane (AEM) electrolysers to generate green hydrogen. The company's business model revolves around the sale of these electrolysers and related energy management system toolkits to a diverse client base across sectors like energy storage, industrial applications, power-to-x, and refueling.

The company's origin traces back to a personal project by Sebastian-Justus Schmidt, a software entrepreneur, who sought energy independence for his family home in Thailand. This led him to discover the technology of an Italian firm, ACTA, which he acquired in 2017 after it faced insolvency. Schmidt, along with his son Jan-Justus Schmidt and Vaitea Cowan, founded Enapter in 2017, transforming the acquired technology and expanding its operations. Jan-Justus Schmidt has a background in Aerospace Engineering and an MBA, and previously led the energy system project at the Phi Suea House which served as the inspiration for Enapter. Vaitea Cowan, with a background in marketing and international business, spearheads communications. In 2020, Enapter went public on the Frankfurt and Hamburg stock exchanges through a reverse IPO.

Enapter’s core product is its patented AEM electrolyser, which produces hydrogen from water and renewable electricity. The key distinction of AEM technology is its ability to combine the benefits of traditional alkaline electrolysers and PEM electrolysers. It operates in a low-concentration alkaline environment, which allows the use of lower-cost materials like steel instead of expensive titanium and eliminates the need for noble metal catalysts like iridium, which are required for PEM systems. This approach mitigates supply chain risks and contributes to a lower-cost structure. The electrolysers are modular, allowing them to be stacked to meet hydrogen production needs from small to megawatt-scale, offering scalability for clients. For fiscal year 2023, the company reported revenues of €31.5 million and achieved a positive EBITDA for the first time.

Keywords: green hydrogen, AEM electrolysis, electrolyser manufacturing, energy storage, modular systems, renewable energy, hydrogen production, power-to-x, sustainable technology, decarbonization