Green Hydrogen, Thought Out in a Compact Way: Seed Investment in PEM Electrolyzer Stacks with Up to 260% More Output

The company develops the core component of every electrolysis plant: the PEM stack. The focus is on two product series: • XL Stack: 4.5 MW at approximately 2.8 metric tons (620 kg/MW compared to approximately 2,240 kg/MW for the market leader), for offshore and large-scale plants • L-Stack: 2.5 MW at approx. 1.8 metric tons, roughly double the performance of the market leader What sets the stacks apart: • Cost target below 300 EUR/kW compared to today’s approx. 500 EUR/kW • 100% quality traceability and nearly 100% first-pass yield in manufacturing • 50% less maintenance and pump capacity required, improved oxygen separation • Refurbishment concept for long lifecycles, suitable for offshore use Business Model: The company sells the core stack as an OEM to plant manufacturers and system integrators, rather than on a project-by-project basis. This approach allows for capital-efficient scaling and leverages the sales capabilities of established partners.

As an OEM supplier, the company serves plant manufacturers and system integrators for electrolysis plants. They integrate the stacks into their systems and deliver them to end customers: industry, energy utilities, hydrogen project developers, and municipal operators. Validated Demand: More than 10 letters of intent (LOIs) from German integrators have already been signed, even before the prototype has been externally validated. Application areas: • Offshore and container electrolysis, where weight and installation space are critical • Large onshore plants in industry and plant engineering • Decentralized generation directly at wind and solar farms • Wastewater treatment plants: The byproduct oxygen will become even more valuable with the 4th treatment stage, which will be mandatory starting in 2030 Customer benefits: more hydrogen in the same footprint, lower investment costs per kW, less maintenance, and fully traceable quality.

Electrolyzers are becoming part of the industrial infrastructure. The market is expanding from pilot projects to large-scale facilities, with an expected growth rate of about 48% per year between 2026 and 2034. PEM technology is growing the fastest, at a CAGR of about 50%, because renewable energy sources require compact, dynamic, and decentralized systems. Drivers: • Structural change: Hydrogen is evolving from a pilot project into an integral part of industry and the energy supply • Regulatory tailwind: EU regulations promote green hydrogen and its byproduct, oxygen—for example, through the fourth treatment stage in wastewater treatment plants, which will be mandatory starting in 2030 • Cost pressure: The economic viability of green hydrogen depends crucially on stack performance, weight, and cost per kW—precisely the levers the company controls. Core DACH market: Industry and plant engineering are driving early demand. The revenue potential relevant to the company in the DACH region is approximately 36 million EUR per year through 2030; international expansion will follow with Seed II.

Today, the market for PEM stacks is dominated by a few established, internationally active manufacturers. Their systems are proven but heavy and large: The market leader has a power-to-weight ratio of about 2,240 kg/MW and costs of about 500 EUR/kW. The company is tackling the industry’s toughest challenge head-on: the balance between performance, footprint, and weight: • 620 kg/MW for the XL stack—less than one-third of the market leader’s figure • Cost target below 300 EUR/kW • 50% less maintenance and pump power This competitive edge is secured: 6 patent applications for the new stack concept, plus the expertise of a founder with over 60 patents and more than 30 years of experience in electrolysis. The OEM model turns plant manufacturers into partners rather than competitors. The detailed competitive and technology analysis is available upon signing an NDA.