“It should be here,” the taxi driver replies somewhat uncertainly, unsure about whether this really is Via Lavoria 56G. The concrete floor of the small parking lot in front of us has already heated up considerably in the sun at 10:30 a.m. According to the weather app, it is 30 degrees Celsius – in the the shade. To the right and left are fenced-in buildings in the typical yellow hue of Tuscany. We are located about 25 kilometers south of Pisa in a small industrial area. No one would guess that this is where the world market leader for AEM electrolyzers is based. A patented technology that can be used to produce “green” hydrogen relatively cheaply.

On a hot summer day at the end of June, Enapter AG from Germany, which has its research and production site near the city with the famous Leaning Tower, wants to convince people of its merits. A new growth strategy is intended to make Enapter sustainably profitable and give its shares the long-awaited boost.

Jürgen Laakmann has been at the helm of the company since July 2023. The mechanical engineer with a PhD, wearing dark glasses and a light blue shirt, first highlights the growth opportunities of the hydrogen market in the glass-walled training room on the right-hand side, before presenting Enapter's flagship product – AEM technology – in his presentation, which can be seen on the flat screen behind him.

Ideal for green hydrogen. "Our AEM electrolyzers offer tangible advantages over established electrolysis processes. They are cost-effective, their production capacity can be flexibly adjusted, and the standardized modules allow for easy combination in a modular system," explains Laakmann. They are therefore perfectly suited for producing affordable green hydrogen, according to the Enapter CEO. AEM stands for "anion exchange membrane" and is a relatively new method for hydrogen production.

According to Enapter, more than 12,000 AEM electrolyzers are now reliably serving over 375 customers in more than 55 countries. One of the first users was Sebastian-Justus Schmidt, who
took over parts of the company Acta in 2017 and renamed it Enapter. The entrepreneur, who lives in Thailand, supplies his home with completely self-sufficient energy. A solar system provides enough electricity to use the electrolyzers to produce enough green hydrogen that the installed fuel cells can generate electricity around the clock. Enapter expects that by 2030, one in five electrolyzers worldwide will use AEM technology. 

In a hall next to the main building with white walls and light-colored flooring, young employees lay brownish plates in metal frames and screw several of them together. These stacks are the heart of the AEM Electrolyzer EL 4 – a box that looks like a microwave. Each of them can produce hydrogen independently. The highlight, however, is the plug-and-play system: the modules can be combined with each other so that the system performance can be adjusted according to customer requirements. Enapter also offers its Nexus models as complete systems for the production of green hydrogen, including AI control software developed in-house.

Significantly more power. However, hopes are pinned on the newly developed, more powerful Stack T and the matching Nexus System 2500. The latter can produce more than a ton of green hydrogen within 24 hours. This would enable Enapter to also target larger industrial customers or operators of refueling stations for heavy-duty vehicles. "The Nexus 2500 can also be used to store surplus energy from solar and wind farms in the multi-megawatt range," says Laakmann. The first deliveries are expected in 2026.

In an almost empty room at the end of the hall, the CEO points to the spot where the new fully automated production facility will soon be located. Enapter intends to use this facility to achieve the necessary production volumes to realize its expansion plans. "The plant will be the blueprint for our leading-edge philosophy," explains Laakmann. The goal: highly reproducible and scalable stack production (see interview below). Analysts are confident of successful implementation and expect significantly positive results from 2026 onward. So far, Enapter is still posting losses. 

In front of the main building, preparations are underway for the summer party. There are long wooden tables, Mediterranean decorations, and large white pavilions to provide shade from the sun, which has heated the air to 35 degrees Celsius. For the employees, this is a well-deserved start to their summer vacation, says Laakmann.

“We want to remain market leaders”

Jürgen Laakmann, CEO of Enapter, on the Pisa location, the Leitwerk philosophy, the “smart, simple, scalable” principle, green hydrogen – and breaking even.

Most people associate Pisa primarily with the Leaning Tower. Why does Enapter have a research and production site there?

The traditional University of Pisa has a strong department for electrochemistry. The company Acta – now Enapter – emerged from this department. It was there that AEM technology was developed, which is very well suited to flexible and scalable water electrolysis, i.e. the production of hydrogen. Many Enapter employees come from the University of Pisa, with which we have very close ties. This has resulted in a highly experienced and high-quality team. Regardless of this, there are also cost advantages here compared to Germany. We will therefore continue to maintain our location in Pisa.

You want to continue growing. However, your company premises are limited in size. How is that supposed to work?

We are pursuing a leading-edge philosophy. This means that here in Pisa, we are creating a blueprint for automated, compact, and highly scalable stack production, designed for up to 150 megawatts of production capacity. This makes capacity expansions easier, as production at other locations only needs to be “mirrored.” The first implementation is already taking place
in the form of a joint venture with electric motor manufacturer Wolong in China. We firmly expect that further “mirroring” will follow.

What sets Enapter apart from its competitors?

We follow the principle of “smart, simple, scalable.” This includes, among other things, AI control of the electrolyzer and the energy management system. Our AI software decides, for example, when electrolysis is needed and when excess energy is fed into the power grid. Our AEM electrolyzer modules, or stacks for short, are very compact and can be controlled individually. This allows customers to draw only a few kilowatts or several megawatts of power from a single system. In addition, a photovoltaic system, for example, as a power source only has to supply as much power as the system currently needs. This allows hydrogen to be produced very efficiently.

What potential do Enapter's products offer?

On the one hand, we will also be active in the power range of several hundred megawatts or even gigawatts with hybrid solutions combining AEM technology and alkaline technology. On the other hand, we will expand the fields of application with mobile solutions. These are suitable for use on construction sites, for example, or for power supply in crisis areas. In addition, we want
to further automate production and continue to develop AEM technology.

What role do government subsidies play, and what about the supply of raw materials, for example?

The relevance of subsidies is steadily declining. We already sell 50 percent of our projects without any subsidies. Our technology also requires only simple materials, which means we are not dependent on expensive or rare raw materials such as iridium and titanium.

What is Enapter's vision?

We are currently the only commercial manufacturer of AEM technology that can also deliver. In our Vision 2030, we see this technology as a leader in the field of hydrogen production from renewable energies, i.e., in the production of green hydrogen. We want to continue our growth course in the coming years and remain the global market leader in the field of AEM technology.

The performance of Enapter shares is representative of the development of many hydrogen stocks following the exaggerated expectations in the hype year of 2020. When do you think hydrogen will become interesting for investors again?

Interest will certainly return as soon as both the industry itself and the market view the hydrogen industry as a normal industry. This means that a company will be valued based on its sales and earnings development and cash flow, but with enormous growth potential. Enapter's sales have risen steadily in recent years. In addition, we are expected to break even in terms of EBITDA this year.

Editor's Note

This article and interview are based on the original German-language version, first published in FOCUS Money, Issue No. 31/2025, pages 40-42, written by Sascha Rose.