Classification of NuWays AG to Emerald Horizon AG

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

Accelerating the future of clean energy; INITIATE with BUY

Emerald Horizon is an Austrian deep-tech energy infrastructure company developing a dual-track platform designed to address the growing need for reliable, carbon-free and dispatchable energy. The company combines two complementary technologies: DUALstore PLUS, a modular hybrid energy storage platform integrating battery and thermal storage, and ADES (Accelerator Driven Energy Source), a subcritical thorium-based energy system intended to provide heat, while also enabling carbon-free electricity generation and hydrogen production through downstream conversion technologies. Both platforms are designed to be deployed under long-term Energy-as-a-Service (EaaS) contracts, allowing customers to access energy infrastructure without upfront capital expenditure while providing Emerald with recurring contractual cash flows.

The investment case sits at the intersection of two powerful structural themes: the rapid expansion of energy storage and the emerging market for next-generation nuclear technologies. While the Small Modular Reactor (SMR) industry has attracted substantial investor interest as governments and industry seek scalable carbon-free baseload power, most developers remain focused on electricity generation alone. Emerald's strategy is broader, combining energy storage, industrial heat and power generation within a single commercial platform. Through the integration of DUALstore PLUS and ADES, management aims to address multiple energy-transition challenges, including grid flexibility, industrial decarbonisation, data-centre demand and long-term energy security.

A key differentiator is ADES's proposed subcritical accelerator-driven design. If successfully validated, the architecture could offer several advantages over conventional SMRs, including enhanced safety characteristics, minimal long-lived transuranic waste, lower-cost and more abundant thorium fuel, and a potentially more favourable regulatory and financing profile. Taken together, these features could support a differentiated positioning within the advanced-nuclear landscape, particularly for applications requiring modular or micro-modular, dispatchable and carbon-free energy, while leveraging a subcritical architecture that differs from most conventional SMR designs.

Emerald is entering the most important phase of its development roadmap. Following years focused on technology development, industrial partnerships and validation of its EaaS model, the company is preparing for commercial deployment of DUALstore while advancing ADES toward prototype completion. The public listing represents an important milestone in this process, potentially expanding access to capital while increasing visibility among customers, financing partners and institutional investors. Management's strategy is to establish a contracted customer base through storage deployments before attaching ADES generation modules to existing customer relationships, thereby reducing customer-acquisition risk and improving future project bankability.

We initiate coverage with a BUY and a PT of € 1,300 based on DCF. While execution, financing and regulatory risks remain material, we believe the current valuation primarily reflects expectations surrounding the commercialisation of DUALstore PLUS and only partially captures the longer-term optionality associated with ADES. As a result, successful execution against upcoming technical, commercial and regulatory milestones could support a progressive re-rating of the shares over time. In our view, the current valuation does not fully reflect the long-term earnings potential of Emerald's integrated energy platform.

You can download the research here: emerald-horizon-ag-2026-07-08-fullnoteinitiation-en-b3a97
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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