Germany's Enapter plans EUR-8m capital increase

German electrolyser manufacturer Enapter AG (FRA:H2O) has decided to carry out a capital increase worth up to EUR 8 million (USD 8.81m), while also extending an existing financing agreement.

Enapter said on Thursday that it will issue up to 1.88 million new shares at EUR 4.26 each. The price represents a discount of about 5% on the weighted XETRA average price over the last ten trading days.

Do you know we have a daily hydrogen newsletter? Subscribe here for free!

The electrolyser manufacturer plans to use the proceeds from the offering to fund working capital for operations, general and administrative expenses and for other general corporate purposes.

Enapters’ main shareholder Blugreen Company Limited, which controls 55.7% of the firm, has committed to taking part in the capital increase, securing shares worth EUR 1.5 million. Enapter has also received commitments worth EUR 5.5 million from other investors, including the Wolong Group.

The electrolyser maker further said that it has reached an agreement in principle with Patrimonium Middle Market Debt Fund to extend an existing financing of EUR 25 million until February 29, 2028.

Enapter reported earlier in September a net loss of EUR 8 million for the first half of 2024 after a loss of EUR 9.95 million a year earlier. The company, however, saw a five-fold rise in order intake, reaching EUR 23.4 million in the first six months of the year.

Most recently, the firm revealed that it has attracted orders to deliver a combined 5 MW of electrolysers for two Hydrogen Valleys developed in Italy. One of the deals, for electrolysers totalling 4 MW, marks the company’s largest transaction in Europe to date.

(EUR 1 = USD 1.102)