German electrolyser maker Enapter AG has dramatically cut its 2025 revenue guidance, citing delays in its Chinese joint venture with Wolong Group. The company now expects €20-22 million in revenue, compared to earlier guidance of up to €42 million, with amplified losses in the range of –€9 to –€10 million. The move reflects the technical and regulatory challenges of scaling electrolyser production in a complex market environment. 

The Roots of the Delay & Joint Venture Complications

The Wolong Enapter Hydrogen Technologies JV—launched in early 2024—was central to Enapter’s Chinese scale-up ambitions. However, the company reports that certification hurdles and bespoke customer requirements are slowing the acceptance and deployment of the series. 

Enapter notes that higher production complexity within the joint venture structure is stretching timelines. Although the order backlog remains strong (~€45 million), a significant portion of the revenue now slated for 2025 is expected to be shifted into 2026. 

Despite this setback, Enapter states that its Chinese presence and long-term strategy remain integral to its ambitions. The company has recently raised €6 million in fresh capital to bolster its working capital and maintain competitiveness amid a tightening global electrolyser market.

• Enapter has cut its 2025 revenue forecast nearly in half, citing certification delays in China that will push a “significant portion” of sales into 2026.
• The electrolyser maker now expects €20–22m ($23.5–$25.9m) in revenue with losses widening to -€9m to -€10m ($10.6m–$11.8m), down from earlier guidance of up to €42m ($49.4m).

German electrolyser manufacturer Enapter AG has slashed its 2025 guidance after facing hurdles in its Chinese joint venture with Wolong Group. The AEM electrolyser specialist, which had forecast revenues of €39–42m ($45.9–$49.4m) for this year, now expects just €20–22m ($23.5–$25.9m), while EBITDA losses will widen to between -€9m and -€10m ($10.6m–$11.8m). The company said that “higher complexity” in setting up production, particularly navigating varying certification rules and bespoke customer requirements, has delayed both acceptance and series rollout.

The joint venture, Wolong Enapter Hydrogen Technologies, was launched in February 2024, targeting China’s vast hydrogen market. Its unveiling of a 1MW electrolyser last year had raised expectations of rapid scale-up. However, Enapter has acknowledged that a significant portion of its expected 2025 revenues will now be deferred into 2026, even as its order backlog remains steady at around €45 million ($52.9 million). “The higher complexity of setting up production within the JV means processes are taking longer than originally expected,” the company said.

Despite the setback, Enapter stressed that its expansion into China remains a cornerstone of its strategy. The firm recently raised €6m ($7.1m) through a share issue to bolster working capital, underscoring its determination to remain competitive in a tightening electrolyser market. With its patented AEM technology, designed to eliminate reliance on scarce raw materials like iridium, Enapter remains confident of long-term demand as China accelerates hydrogen deployment, but faces a slower monetization timeline than initially planned

Navigate Hydrogen Market Disruptions with Klean’s Insight

Strategic Foresight. Technical Depth. One Partner That Turns Risks into Opportunities.

In a volatile electrolyser and hydrogen deployment landscape, Klean Industries offers unmatched clarity, providing technology validation, market analysis, and project acceleration across the circular and clean energy sectors.

Klean’s Strategic Strengths:

✅ Commercial & Technical Due Diligence for Electrolyser Assets
✅ Market Intelligence & Trend Forecasting in Hydrogen Markets
✅ JV / Partnership Structuring & Risk Mitigation
✅ Project Strategy & Execution Support
✅ Carbon & Incentive Strategy Integration

With Klean’s cross-sector leadership, your hydrogen or circular-chemistry projects will be resilient—designed to lead amid uncertainty.

Ready to navigate the next wave in hydrogen disruption?

Talk to Klean Industries Expert Today » GO.