Emerald Horizon AG (von NuWays AG): BUY 26.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Emerald Horizon AG - from NuWays AG



26.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Emerald Horizon AG



     Company Name:                Emerald Horizon AG
     ISIN:                        AT0000A3UZE1



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 1,300
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Jorge Gonzalez



Test Loop with VDL kicks off the next phase of ADES development



Emerald Horizon (SMRX) has announced the start of its ADES Test Loop
programme together with industrial partner VDL Groep. According to the
company, the Test Loop will represent the first integrated system test for
ADES, bringing together components that have so far largely been developed
and validated individually. The project is designed to validate the
interaction of key fluid-thermodynamic components and systems, including the
pump, molten-salt circulation, piping, heat exchanger, measurement and
instrumentation, and control systems.



The Test Loop builds on several years of component-level development and
testing across the ADES architecture. Emerald reports previous work covering
neutron and proton generation, small-scale accelerator testing and nuclear
measurement technology, alongside software-based simulation and digital-twin
capabilities for nuclear physics and multiphysics modelling. The focus is
therefore progressively shifting from individual components towards their
interaction within an integrated system as ADES advances towards prototype
development.



According to Emerald, four previous generations of the Loop have already
been tested in hardware in Graz, with the upcoming Test Loop representing
one of the final development steps before a further loop is developed for
the ADES prototype targeted for 2029 (current Test Loop expected to run for
c. 12-18 months; eNuW).



VDL partnership moves into project execution. Importantly, the Test Loop
kick-off will include the signing of a project-specific agreement with VDL
Groep under the long-term framework agreement signed by both companies in
November 2025. While the framework covers the co-development and production
of ADES and CALstore (thermal storage) technologies and components, each
individual project requires a separate project agreement. The agreement will
be signed alongside the official Test Loop kick-off at SMRX's main R&D
laboratory in Graz on 8 September.



VDL will contribute its systems-engineering, manufacturing and supply-chain
expertise to the Test Loop, incorporating the findings from its feasibility
work into the final design. Importantly, the system is already being
designed with subsequent industrial serial production and scalability in
mind, supporting the development path towards the targeted ADES prototype.



In our view, the combination of the first integrated ADES system test and
the transition of the VDL partnership into project-specific execution
represents a key technical and industrialisation milestone for ADES, the
main source of SMRX's long-term value potential. Successful execution should
progressively reduce development and industrialisation risk on the path
towards the targeted 2029 prototype and serial production from 2031 onwards.



We leave our estimates and EUR 1,300 PT unchanged. While the announcement does
not warrant changes to our ADES deployment assumptions at this stage,
successful execution would provide further support for the development
roadmap underlying our valuation.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=dac8c4e1325fc598bcb79be79d6ee14c
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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2388700 26.08.2026 CET/CEST