Enapter AG has launched a cash capital increase with subscription rights for its shareholders, a move that could raise up to EUR 13,017,479.00 and support the company's strategic realignment toward an asset-light business model with partner-based production in China. The subscription period runs from 4 November to 18 November 2026, with shares offered at EUR 1.00 each. The subscription ratio is 2:1, meaning two existing shares entitle the holder to subscribe for one new share. Shareholders may also subscribe for additional shares through an over-subscription facility, though exchange trading of subscription rights is not planned.
The significance of the announcement lies in the backstop agreement with RS Energy Technology Limited, a Hong Kong-based company of the Runshihua Group. This strategic investor has committed to subscribe for any new shares not placed in the subscription offer, up to EUR 12 million, but not exceeding a 25% minus one share stake in the company after the capital increase. This commitment provides a substantial safety net for the transaction, reducing the risk of a failed capital raise and signaling confidence in Enapter's business model from an industrial partner with hydrogen expertise.
Enapter's CEO, Dr Jürgen Laakmann, described the measure as "a decisive building block in completing our strategic realignment towards an asset-light business model with partner-based production in China." He added that the Runshihua Group's financial commitment and hydrogen expertise make the transformation possible. The net proceeds from the capital increase will be used to a substantial extent to repay existing liabilities, with the remainder financing working capital. This deleveraging could strengthen Enapter's balance sheet and improve its financial stability as it pursues its new production strategy.
The company, listed on the Frankfurt Stock Exchange under ISIN DE000A255G02, develops and supplies AEM electrolysers for green hydrogen production. Its patented anion exchange membrane technology avoids reliance on expensive and rare raw materials such as iridium, and its modular design enables scalable production even where solar and wind power fluctuate. Thousands of Enapter's electrolysers are already in use at more than 360 customers across over 55 countries. More information about the company is available at https://www.enapter.com, and updates are shared via https://www.linkedin.com/company/enapter.
An investor call in English is scheduled for Tuesday, 10 November 2026, at 11:00 a.m. CET, with registration available through https://research-hub.de/events/registration/2026-11-10-11-00/H2O-GR. The capital increase and the backstop arrangement are central to Enapter's ability to complete its transformation and reduce debt, making the outcome of the subscription period a key event for the company and its shareholders.
