Enapter

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

AEM electrolysers convert renewable electricity and water into green hydrogen without iridium or platinum-group metals, directly substituting fossil-derived hydrogen; technology is commercially deployed at scale across 50+ countries with 340+ customers, representing genuine Scope 3 avoided emissions for end users.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

Enapter references SBTi methodology as a guide and achieved >90% Scope 1+2 reduction by switching to renewables, but has made no formal SBTi commitment, has no validated near-term or net-zero targets on the SBTi dashboard, and no CDP disclosure was identified — leaving climate targets self-reported and unvalidated by any independent standard-setter.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

Enapter voluntarily adopted ESRS-aligned reporting ahead of legal requirements, discloses SASB metrics since 2020, switched manufacturing sites to 100% renewable electricity, reports no governance conflicts of interest in 2024, and pays suppliers on time with no legal proceedings for late payments — but Scope 3 supply-chain emissions and labour practices data remain limited.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

The 2023 ESG report is the first by an electrolyser manufacturer structured fully under ESRS, and SASB reporting dates to 2020, which is commendable for an SME; however, no independent third-party assurance of emissions data was identified, no CDP score exists, and Scope 3 upstream and downstream emissions quantification is thin.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

No material controversies, pollution incidents, fossil lobbying, or governance scandals were identified; the main business risk is financial — a EUR 20.7m net loss in 2024, high net debt (~EUR 32m), a significant revenue guidance cut due to Nexus production delays, and a further guidance adjustment in September 2025 — which is a commercial execution concern rather than an integrity or environmental violation.