Emerald Horizon AG (von NuWays AG): BUY 09.09.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Emerald Horizon AG - from NuWays AG



09.09.2026 / 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



ADES Test Loop with VDL moves into execution



First project-specific ADES agreement strengthens industrialisation path.
Emerald Horizon (SMRX) yesterday officially kicked off the Test Loop
programme for ADES, Emerald's accelerator-driven subcritical SMR, together
with industrial partner VDL Groep at its LaboraTHorium in Graz. Importantly,
the parties signed a project-specific agreement for the Test Loop under
their long-term framework covering the development of ADES and TESS, marking
the first project-specific agreement for an ADES Loop under the broader
cooperation framework. The megawatt-scale Loop will now be developed with
VDL in Eindhoven as a further step towards the fully integrated ADES
prototype targeted for 2029.



Testing and industrial design now progress in parallel. Following four
previous Loop generations developed and tested by Emerald in Graz, the new
megawatt-scale Loop represents the first Loop programme undertaken together
with industrial partner VDL. Building on the results of the previous
iterations, the programme will further validate the interaction of key
fluid-thermodynamic components and systems, including the pump, molten-salt
circulation, piping, heat exchanger, instrumentation and controls, while VDL
incorporates the resulting engineering findings into the design. The
objective is therefore not only further system validation, but also to
translate Emerald's development work into an industrially manufacturable and
scalable design.



VDL involvement extends into co-development and industrialisation. While
Emerald retains system leadership and reactor-physics development in Graz,
VDL will contribute engineering, manufacturing, assembly and supply-chain
expertise in Eindhoven. According to management, VDL will also commit its
own resources to the programme, reflecting its involvement from the
development stage. Importantly, involving VDL's manufacturing specialists
already during design should incorporate manufacturability and scalability
from the outset, while using VDL's existing industrial infrastructure
supports Emerald's asset-light industrialisation strategy.



Roadmap unchanged; execution now key. The current Test Loop is expected to
run for c. 12-18 months (eNuW), with a further Loop expected ahead of the
fully integrated ADES prototype targeted for 2029, followed by industrial
serial production from 2031. Hence, yesterday's kick-off does not change our
financial estimates or ADES deployment assumptions. However, the transition
from the broader VDL cooperation framework into project-specific execution
represents an important development and industrialisation milestone, with
successful Loop validation expected to further de-risk the development path.



We reiterate BUY with an unchanged EUR1,300 PT. ADES remains the main source
of SMRX's long-term value potential. In our view, successful execution of
the Test Loop should progressively increase confidence in the development
roadmap towards the fully integrated prototype and subsequent
industrialisation.



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https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=96430996b63802bd14007e5503b67982
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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bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2396194 09.09.2026 CET/CEST