The first quarter of this year saw incoming orders reach €9.29m ($9.97m) compared to €1.27m ($1.36m) in Q1 2023, with 60% of orders coming from new customers and 75% being attributed to its AEM NEXUS megawatt-class electrolyser.

Enapter has said “a large portion” of the orders came from Europe, with US orders totalling around €1.5m ($1.6m) – generated through its US distributor CleanH2 Inc.

Jürgen Laakmann, CEO of Enapter, said while the firm was gaining new customers requiring larger systems, long-standing customers were also placing orders for additional projects.

Last month (March 2024), the company received an order for three 1MW AEM Nexus 1000 systems from Italy’s CFFT, with the purchase falling in the seven-figure euro range.

Read more: Enapter wins seven-figure order for three AEM electrolyser units

AEM electrolysis, while still in its infancy has been slated as the next frontier in green hydrogen production. With the ability to operate with high efficiency and low cost, using abundant, non-precious materials, AEM is hoped to provide promising scalability and integration with renewable energy sources.

Laakmann claimed many of its new customers chose the systems “because they are iridium-free.”

“This demonstrates that the market is not only growing rapidly but also that our technology fully meets customer requirements in various application areas,” he added.

In its preliminary 2023 results, Enapter reported a position EBITDA for the first time in its history, totalling €0.4m, up from -$10.58m in 2022, making it the firm’s “most successful year.”

Read more: Enapter reports first positive EBITDA in preliminary 2023 results