The German anion exchange membrane (AEM) electrolyser maker now expects revenues of €20–€22m ($23.5–$25.9m) for FY 2025 down from previous estimates of €39–€42m ($45.9–$49.4m), with EBITDA losses widening to -€9m to -€10m (-$10.6m to -$11.8m)
The company said a “significant portion” of sales will be pushed into 2026 due to “higher complexity” in establishing production in China.
Enapter launched its Wolong Enapter Hydrogen Technologies JV in February 2024 to produce its technology for China’s fast-growing domestic green hydrogen market.
Last year, the JV unveiled its first 1MW electrolyser, signalling the start of series production. However, varying certification requirements and “customer-specific designs” have since slowed acceptance and rollout.
The announcement came after Enapter raised €6m ($7.1m) for working capital spend by issuing over two million new shares. The company framed its Chinese expansions as a route into one of the world’s largest future hydrogen markets, but now faces a delayed timeline to monetise that opportunity.
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