Original-Research: Emerald Horizon AG (von NuWays AG): BUY

Classification of NuWays AG to Emerald Horizon AG

Company Name:	Emerald Horizon AG
ISIN:	AT0000A3UZE1
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 1300
Target price on sight of:	12 months
Last rating change:
Analyst:	Jorge Gonzalez

CEO reinforces commitment to accelerate commercial rollout

Emerald Horizon has announced that CEO and principal shareholder Florian Wagner has pledged 75,000 existing shares as collateral for a private Lombard loan. Importantly, the transaction does not involve any sale of shares, with beneficial ownership, voting rights and dividend rights remaining entirely with Mr. Wagner. According to Mr. Wagner, the proceeds will be used primarily to support the commercialisation of DUALstore PLUS as well as the accelerated technical implementation and industrialisation of ADES, Emerald's accelerator-driven subcritical microreactor platform. The measure forms part of a broader financing package announced by management.

In our view, the announcement is particularly relevant as Emerald enters the most important phase of its development roadmap. Following several years focused on technology development, industrial partnerships and validation of its Energy-as-a-Service model, the company is now preparing for the commercial deployment of DUALstore while simultaneously advancing ADES towards prototype development, industrialisation and future regulatory milestones. We note that Emerald's first DUALstore product, the modular 5 MWh BESS system, is expected to become available for commercial deployment from Q3-26, with the signing of first customer contracts representing one of the key near-term value drivers in the investment case. Importantly, management's strategy is to establish a contracted customer base through DUALstore deployments before attaching ADES generation modules to existing customer relationships.

The announcement also comes shortly after the recently disclosed € 20m equity funding commitment from Florian Wagner, to be provided in four € 5m tranches through 2028. Based on our estimates, the first € 5m tranche alone would be sufficient to fund the Company's current cash burn and support the initial financing requirements associated with the ADES prototype programme through year-end 2026. The second and third tranches would further contribute to Emerald's funding needs during 2027 and, in our view, could cover approximately 40% of the equity capital required under our eNuW financing scenario for that year. While additional funding will still be required to execute the full long-term growth strategy, the commitment materially improves visibility over the next stages of development and commercialisation.

As such, we expect investor focus over the coming quarters to remain centred on the signing of initial EaaS contracts, the ramp-up of DUALstore deployments and further progress on the ADES development roadmap.

Investment case unchanged. We continue to view the commercialisation of DUALstore PLUS as the primary near-term value driver, while ADES provides substantial long-term optionality. Importantly, Emerald's strategy is not centred on bringing a novel energy-generation technology directly to market. Instead, management intends to establish a contracted customer base, financing infrastructure and recurring cash flows through DUALstore deployments before introducing ADES into the same ecosystem. In our view, this phased commercialisation strategy has the potential to reduce customer-acquisition risk, improve future project bankability and create a scalable EaaS platform ahead of the eventual deployment of ADES. Consequently, the announcement remains fully consistent with the commercialisation and financing roadmap underpinning our BUY recommendation and € 1,300 PT.
 

You can download the research here: emerald-horizon-ag-2026-07-23-update-en-7fef8
For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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