Enapter Halves 2025 Revenue Outlook as Chinese Rollout Faces Delays
· Enapter has cut its 2025 revenue forecast nearly in half, citing certification delays in China that will push a “significant portion” of sales into 2026.
· The electrolyser maker now expects €20–22m ($23.5–$25.9m) in revenue with losses widening to -€9m to -€10m ($10.6m–$11.8m), down from earlier guidance of up to €42m ($49.4m).
German electrolyser manufacturer Enapter AG has slashed its 2025 guidance after facing hurdles in its Chinese joint venture with Wolong Group. The AEM electrolyser specialist, which had forecast revenues of €39–42m ($45.9–$49.4m) for this year, now expects just €20–22m ($23.5–$25.9m), while EBITDA losses will widen to between -€9m and -€10m ($10.6m–$11.8m). The company said that “higher complexity” in setting up production — particularly navigating varying certification rules and bespoke customer requirements — has delayed both acceptance and series rollout.
The joint venture, Wolong Enapter Hydrogen Technologies, was launched in February 2024 to target China’s vast hydrogen market. Its unveiling of a 1MW electrolyser last year had raised expectations of rapid scale-up. However, Enapter has acknowledged that a large portion of expected 2025 revenues will now slip into 2026, even as its order backlog holds steady at around €45m ($52.9m). “The higher complexity of setting up production within the JV means processes are taking longer than originally expected,” the company said.
Despite the setback, Enapter stressed that its expansion into China remains a cornerstone of its strategy. The firm recently raised €6m ($7.1m) through a share issue to bolster working capital, underscoring its determination to remain competitive in a tightening electrolyser market. With its patented AEM technology designed to eliminate reliance on scarce raw materials like iridium, Enapter remains confident of long-term demand as China accelerates hydrogen deployment — but faces a slower monetisation timeline than originally planned.
Enapter Halves 2025 Revenue Outlook Amid Chinese Rollout Delays