Original-Research: Emerald Horizon AG (von NuWays AG): BUY
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Original-Research: Emerald Horizon AG - from NuWays AG
08.07.2026 / 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: 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 EUR 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:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=7acdbac0b487b7305df190606dd9f7d6
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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2362128 08.07.2026 CET/CEST
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