German hydrogen generators maker Enapter AG (ETR:H2O) expects a fivefold surge in its revenue this year to EUR 44.8 million (USD 49.9m) on the back of solid demand.
At the end of 2021, order backlog amounted to EUR 10.4 million with orders worth EUR 8.1 million expected to be implemented this year and the remainder in 2023, Enapter said on Wednesday.
The company is upbeat about its performance as demand increased substantially last year resulting in a pipeline of potential orders worth EUR 260 million.
The Berlin-based company's performance in 2021 was in line with its expectations with revenues rising to EUR 8.44 million from EUR 2.07 million and the loss before interest, tax, depreciation and amortisation expanding to EUR 7.54 million from EUR 2.92 million. The net loss came in at EUR 8.53 million, according to preliminary figures.
Enapter's development this year will be marked by the construction of its factory in Saerbeck, North Rhine-Westphalia, and the market launch of the next generation of the anion exchange membrane (AEM) electrolyser. The construction is running on schedule and the first two out of four construction phases of the site are set to be completed by the end of the year. The test production should take place as early as 2022 and will be gradually ramped up in several steps. The EUR-105-million Enapter Campus is expected to eventually mass-produce 10,000 AEM electrolysers a month.
In 2022, Enapter expects a loss before interest, tax, depreciation and amortisation of around EUR 7 million and a loss before interest and tax of around EUR 8.7 million.
(EUR 1 = USD 1.116)
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