SMRX focuses on next-generation small modular reactors (SMRs) and integrated energy storage infrastructure for scalable, low-carbon baseload energy systems.
Emerald Horizon AG’s stock has been listed on the stock exchange since June 26, 2026:
- Trading venue: Official trading on the Vienna Stock Exchange / Xetra
- Ticker symbol: SMRX
- ISIN: AT0000A3UZE1
- Corporate structure: 3 subsidiaries (Austria, Slovakia, U.S.),
, as well as minority stakes in emerging markets in Asia and the Pacific region (
) - Valuation: ~€1 billion (as of July 1, 26)
- Liquidity: Free float of ~25.1% (as of July 1, 2026: ~€250 million), 2 market makers, independent research coverage, and global investor marketing
The shares are admitted to trading pursuant to and based on the securities prospectus published on the issuer’s website (https://emerald-horizon.com/) and approved by the Financial Market Authority (FMA) on June 16, 2026. The securities prospectus contains the information required by law for investors and can be accessed free of charge via the following link:
https://emerald-horizon.com/wp-content/uploads/2026/06/Kapitalmarktprospekt-Emerald-Horizon-AG.pdf
Potential investors are strongly advised to read the prospectus before making an investment decision. Please note that the FMA’s approval of the prospectus should not be construed as an endorsement of the securities by the FMA.
Is there a structural market demand?
Finding: Yes — politically anchored and demand-driven.
The demand for CO₂-free, baseload-capable energy and storage infrastructure is no longer a matter of debate but official policy. The European Industrial Alliance for Small Modular Reactors has more than 350 members and adopted its first Strategic Action Plan 2025–2029 with ten targeted measures in September 2025 — with the goal of deploying the first SMR projects in Europe in the early 2030s. The EU Commission presented its own SMR strategy in 2026.
Who drives the demand
- AI & data centers: enormous, predictable baseload demand off the grid.
- Energy-intensive industry: high-temperature heat, hydrogen, and electricity for steel, chemicals, cement.
- Critical infrastructure & grid stability: redundant, decentralized supply.
- Renewables need storage: volatile wind/solar power only becomes baseload-capable with storage.
- Emerging markets & islands: supply even without a grid connection.
- Transport: ship propulsion, EV charging stations via electricity, and aircraft fuel via e.g. hydrogen.
Why now
Emerald Horizon addresses both sides of this demand — storage today, generation tomorrow — exactly within the window of the largest European nuclear and storage funding initiative in decades.
The energy market forces investors to choose: early liquidity or long-term scale.
What delivers returns quickly – solar, classic storage – stays small and low-margin. What truly grows large – nuclear, 40+ GW – requires years of lead time before the first euro flows.
SMRX resolves this trade-off.
Scale – without waiting out the lead time. The multi-year build-up that the nuclear path inevitably requires is already behind us. We started in 2019 – not today, amid the emerging hype.
Early returns – independent of the nuclear path. SMRX does not earn through nuclear power alone. With our own IP, CALstore, we additionally tap the thermal market: a separate, high-margin revenue source that carries today – independent of the ramp-up of the deep tech.
The result: investors no longer have to choose. SMRX delivers both.
Is the technology feasible?
Finding: Every component is physically validated — the task is integration, not invention.
The concept
ADES (Accelerator Driven Energy Source) verbindet Thorium in flüssigem Salz mit einem Teilchenbeschleuniger zu CO₂-freier Energy. Die wissenschaftliche Grundlage ist das von Carlo Rubbia (Nobelpreis Physik 1984, ehem. CERN-Generaldirektor) entwickelte Energy-Amplifier-Konzept. Vier Eigenschaften kennzeichnen den Ansatz: mini-modular (kompakter 8-m-Beschleuniger), 100 % Thorium (kein Plutonium, kein Uran-235/238), subkritisch (keine Kettenreaktion) und über den Neutroneninjektor an-/abschaltbar.
Physical distinguishing features
- No critical chain reaction → no explosion risk, no meltdown risk.
- No plutonium, no uranium-235 → no weapons-grade material, no uncontrolled transuranic waste.
- ~80% of the thorium is converted into energy; ~0% transuranic waste — only fission products with short half-lives.
- No thallium-208 production.
- Thorium energy density: 0.34 barrels of thorium deliver the same 4.4 TWh as 2.8 million barrels of oil — 20 years of operation without refueling.
ADES Physics Proof Chain — every component individually validated
The physics underlying ADES is validated; the remaining challenge is system integration and scaling – exactly what the Tier-1 partner VDL Groep delivers.
Neutron production via accelerator
High-energy proton linacs generate neutrons for subcritical systems – proven in spallation sources worldwide.
CERN · CERN n_TOF · PSI SINQ
Thorium → U-233 Transmutation
Th-232 converts via neutron capture and beta decay into fissile U-233; 60–90 % FIMA achievable.
IAEA Thorium Fuel Cycle · ORNL Molten Salt Reactor Experiment
Heat generation (subcritical ADS)
Controlled thermal energy through subcritical fission, sustained by an external neutron source – exclusively subcritical.
MYRRHA / SCK CEN · GUINEVERE · Forschungszentrum Jülich
Heat transfer & energy conversion
Thermal energy transferred via HTHX, converted into electricity (Rankine or sCO₂ Brayton cycle).
Los Alamos National Lab · US DOE · DLR
System integration & industrialization
Scaling validated components into series-ready, container-sized modules – precision manufacturing at industrial scale.
VDL Groep · ASML/PALLAS/Thorizon supplier · EU Industrial Alliance on SMRs
Finding: Every ADES component has independent physical validation. The remaining challenge is integration – delivered by VDL Groep.
Sources: CERN, IAEA, Oak Ridge National Laboratory, SCK CEN/MYRRHA, PSI, Los Alamos National Laboratory, US DOE, DLR, VDL Groep (public publications). Full reference list in the Emerald Horizon validation document.
Three scaling stages — from proven technology to GW output
Stage 1 (proven): A compact accelerator ≈ 1 MW already exists as TRL-9 medical technology (AD-BNCT). Stage 2 (ADES innovation): The closed geometry of the thorium molten-salt loop enables continuous operation and subcritical neutron-flux amplification to 25 MW(th) / 10 MW(el). Stage 3 (grid scale): 100 identical modules in parallel = 1 GW — at the point of demand, without large grid infrastructure.
Why VDL Groep is the decisive partner
VDL Groep (around 14,000 employees, around €4 billion in revenue) is a Dutch industrial group that masters exactly what separates ADES from a prototype: precision manufacturing and system integration at series scale. VDL is, among other things, a supplier to ASML, a partner in the PALLAS reactor project, and a co-developer of the molten-salt reactor of Thorizon — thus already deeply rooted in high-tech and nuclear manufacturing.
The real lever lies in the model: VDL runs co-development and manufacturing simultaneously. Instead of fully developing ADES first and then looking for a manufacturing partner, series manufacturability is co-engineered from the start. This decisively shortens time-to-market — the jump from TRL-9 validation to series production happens without the otherwise typical, years-long industrialization break. For Emerald Horizon this means: no own factory build-up, no engineering risk — what remains is a replication risk, not an invention risk.
Already real today: the storage product
DUALstorePLUS is not a concept but real hardware: the E-store component (BESS) is available, and the CALstore high-temperature component (TESS, prototype cell validated, FFG-funded) is going into series production via VDL. This demonstrates industrial implementation capability before the energy source is finished.
Honest maturity level
According to our internal classification, ADES is at TRL 4.5 and is therefore technology in the prototype phase — not yet commercially available (completion expected in 2029). We deliberately communicate this distinction transparently.
Is the licensing path viable?
Finding: Structurally more favorable than any classic SMR.
Physical regulatory advantage
No critical chain reaction means a fundamentally different regulatory starting point than with classic SMRs. The 'non-criticality' classification is physically grounded, not just a marketing term: subcritical operation, no plutonium/HEU, no weapons-grade material, and no Tl-208 formation. According to IAEA INFCIRC/153, thorium corresponds to a safeguards weight of 0.00005 ekg/kg – around 20,000× lower than plutonium.
On the regulatory spectrum, ADES therefore sits between classic nuclear power (critical chain reaction, 10–20 years of licensing) and Gen-IV SMRs ('nuclear adjacent'): subcritical, exclusively thorium, an expected low safeguards level, and fast-track licensing.
Compliance partners already active
- Haskoning (NL): EU regulationspfad, bereits in Umsetzung.
- Pillsbury Winthrop Shaw Pittman LLP (US): US classification & licensing assessment.
- FFG-funded development of central components with regular audits – productive research substance instead of startup narrative.
Haskoning is no arbitrary consultant here: the Dutch engineering and consulting firm has been active in the nuclear industry for decades and knows the approval procedures of European nuclear authorities from its own project practice. For nuclear licensing this is decisive, because the value lies not in a report but in preparing the technical design from the start so that it withstands the regulatory review grid – and in conducting the dialogue with the authorities with the necessary reputation. It is precisely this technical validation along the entire regulatory process that Haskoning handles.
Doubly secured
The storage product DUALstorePLUS is not subject to any nuclear regulation – it follows standard industrial approval. The early revenue stream is therefore regulatorily decoupled from the nuclear path.
Is the financing of the prototypes secured?
Finding: DUALstorePLUS financed · ADES prototype backed by funding & shareholder commitments.
The central question is not how much the end product could be worth, but whether the two prototypes are fully financed through to market readiness. Here the answer splits into two clear strands.
DUALstorePLUS — fully financed
The prototype of the storage product is financed. The first, regulatorily decoupled revenue stream is therefore not dependent on further capital rounds – it forms the cash-flow basis that supports the ramp-up of the energy source.
ADES — the path to series maturity requires less capital than the scale of the vision suggests
The path of the SMRX system – consisting of ADES and CALstore – to a market-ready overall product still requires a total of around EUR 225 million: around EUR 75 million for the prototype and around EUR 150 million for the subsequent transfer to series production. This is significantly less capital than the scale of the vision suggests, because three of the most expensive cost blocks of classic nuclear projects are systematically eliminated: No large power plant – container-sized modules instead of a billion-euro mega-project. Hardly any grid expansion – decentralized generation at the point of demand makes expensive high-voltage infrastructure unnecessary. No own factory – manufacturing, supply chain, and quality assurance are handled by our Tier-1 partner VDL Groep. We work through the regulatory requirements together with our partner Haskoning.
After this de-risking, the immediate next step is the development and construction of the prototype, with a capital requirement of around EUR 75 million. Diesen decken wir über einen Finanzierungsmix aus Eigenkapital der Hauptaktionäre und öffentlicher Förderung. Bereits in die Entwicklung zentraler Komponenten sind Fördermittel der Austriaischen Forschungsförderungsgesellschaft (FFG) geflossen. Für die weiteren Entwicklungsschritte ist beabsichtigt, specifically draw on additional funding programs at national and European level and thus further leverage the effect of the equity injection.
On June 30, 2026, Executive Board member and majority shareholder Florian Wagner, as lead investor, committed at the official Supervisory Board meeting to provide the company, in addition to the EUR 5 million equity financing already completed in June 2026, further equity of EUR 20 million in four tranches over a period of two years – with co-investments from the second-largest shareholder MMag. Philipp Pölzl and the new investor Carl Page (for a total of EUR 25 million). The funds will flow in particular into the collaboration with Tier-1 partner VDL Groep on the co- development of the ADES prototype and into deepening the regulatory cooperation with Haskoning DHV.
De-Risking:
- No large power plant: container-sized modules instead of a billion-euro mega-project – this eliminates the largest single cost block and its risk.
- Hardly any grid expansion: decentralized generation at the point of demand makes expensive high-voltage infrastructure unnecessary.
- No own factory: manufacturing, supply chain, and QA are handled by the Tier-1 partner VDL Groep (asset-light) – no greenfield CAPEX.
What remains as the actual capital requirement for the prototype after this de-risking is manageable – and is covered from two sources: a state funding program and commitments from the main shareholders.
Prototype financing and transfer to series production in detail
The equity injection by the majority shareholder already realized in June 2026 (EUR 5 million), together with the additional equity financing committed in the ad-hoc announcement of June 30, 2026 (EUR 20 million in four tranches over four half-year periods) – a total of EUR 25 million – results, together with the planned funding programs, in an X-multiplier leverage effect. Taken together, this alone yields a robust, predominant coverage of the ADES prototype (CAPEX requirement approx. EUR 75 million).
The remaining capital requirement for the transfer to series production is expected to become relevant in the period from late 2028 to 2029 and, according to current planning, is estimated at around EUR 150 million. By that time, we expect to be very close to having a functional prototype or to be able to present one in full. We therefore anticipate a capital measure with a comparatively low dilution effect for existing shareholders – a significantly higher valuation at that point would keep the number of newly issued shares correspondingly low.
Series production itself will be financed through long-term power purchase agreements (PPA) under the Energy-as-a-Service model. These create a credit-checked, recurring payment stream and thus enable predominantly debt-based financing at the project level – analogous to the model that will by then already be established for DUALstorePLUS.
EaaS — bankable instead of equity-hungry
The Energy-as-a-Service model is designed so that scaling runs not primarily on equity but on debt financing: every installation is underpinned by bankable contracts of up to 20 years. Three factors increase the probability of success:
- Complete EaaS financial prototype already run through: the entire cycle – contract, bank financing, delivery, ongoing revenue – has been tested end-to-end. The model is therefore not theoretical but practically validated. (Raiffeisenbank St. Pölten, PV contracting)
- Easier access to debt capital: a listed company gains significantly easier and cheaper access to bank loans, investment-grade debt, and project financing – exactly the financing backbone that carries EaaS scaling.
- Institutional enabler: Prof. Dr. Robert Holzmann (with, among other things, a former central-bank background) strengthens access to EaaS financing, green-bond eligibility, and institutional capital.
Roadmap — from development to series production
The time-intensive groundwork is complete. Now comes the implementation.
The lengthy, riskiest phase is behind the company: seven years of development, validated components, secured partners and regulatory paths – completed with exceptional capital efficiency. What begins now is no longer fundamental work but realization – step by step.
2019 – 2025 · completed
Development & de-risking. Founding in Graz, technology development, component validation, Tier-1 partners and regulatory paths secured – led capital-efficiently to realization readiness.
Second half of 2026 · Phase 1
Storage roll-out (DUALstorePLUS). Start of commercial delivery of the electrical part (E-store/BESS), thermal part (CALstore/TESS) in 2028. Risk reduction through purchasing finished components or through outsourced series production to VDL Groep (NL). Goal: optimize the existing energy generation at the customer. Bankable 20-year EaaS contracts.
from 2029 · Phase 2
ADES connection = upgrade to SMRX. The ADES module is connected to the already installed DUALstore – pure storage becomes CO₂-free self-generation. Earlier or later depending on the country; the customer base from Phase 1 is gradually upgraded to the finished SMRX. Series production then ramps up step by step.
Customer build-up in two phases
The decisive advantage of this sequence: Phase 1 already builds a paying customer base and installed base before ADES is finished. Phase 2 is then not a new sale but an upgrade into an existing, contractually bound installation – this significantly reduces sales risk and sales costs.
Two types of income
Phase 1 · DUALstorePLUS: Steady, predictable revenue from storage leasing (DUALstorePLUS) via bankable 20-year contracts. Begins early, is regulatorily decoupled, and forms the cash-flow foundation.
Phase 2 · ADES: The significantly higher earnings potential from ADES energy generation. Sets in with the upgrade of the installed base and scales with every connected module.
Invest in the energy of the future – Business Plan SMRX
Lower energy costs for customers. Long-term recurring cash flows for investors.
Energy-as-a-Service (EaaS)
The core principle is consistent: customers pay for delivered energy – not for capital goods. Across all five fields of application, long-term, contractually secured, and recurring revenues arise. This combines predictable energy costs for the customer with stable cash flows for the investor.
| For the customer | For the investor |
|---|---|
| No capital expenditure (CAPEX = 0) | Long-term secured revenue streams |
| Predictable, reduced energy costs | Contractually fixed margin per kWh |
| Maintenance by Emerald Horizon | Stable cash flows independent of the spot market |
| Fixed terms, scalable | Five fields of application with multiplier effect (MW x term) |
Financing structure: Debt & PPA
Behind every project stands a long-term power offtake agreement – a so-called Power Purchase Agreement (PPA). This contract secures the future revenues and creates the basis for efficient debt financing at the project level.
The leverage effect at a glance
- PPA as collateral: the lender receives a long-term, credit-checked payment stream as collateral.
- Low-cost debt financing: the project risk falls – and so does the cost of debt.
- Little dilution effect: growth is financed mainly through project loans, not through capital increases.
- The model creates three winners at once: the bank/green bond earns from the project financing, Emerald Horizon AG generates recurring income from the energy supply contract — and the customer saves energy costs from day one, without investing a single euro.
X-Multiplier — from fixed profit to present value
We answer the valuation question not with a wishful figure but with a single, hard metric: the profit that SMRX earns as a fixed amount per kilowatt-hour delivered. Every valuation statement derives from this — nothing beyond it.
The central metric
3.8 ct/kWh fixed profit × 250 SMRX = €790 million profit p. a.
Customer target price
8,5 ct/kWh
SMRX fixed profit
3,8 ct/kWh
Profit p. a. · 250 SMRX
790 Mio. €
The target price of 8.5 ct/kWh is well below the industrial market price — the customer saves, SMRX earns a fixed margin. It is precisely this two-sided logic that makes the model viable.
How the contract price is composed
The delivered Energy-as-a-Service price of 8.5 ct/kWh noticeably undercuts the market price and still contains a fixed profit share of 3.8 ct/kWh — the foundation of every calculation.
① Market price vs. SMRX contract price
The flex margin works in both directions
- Downside: any overruns of own costs above 2.2 ct/kWh are buffered first from the flex margin — the fixed profit of 3.8 ct/kWh remains untouched.
- Upside: if own costs fall below 2.2 ct/kWh through economies of scale, the flex margin grows — creating negotiating power on price and terms without touching the fixed profit.
② What 3.8 ct of fixed profit means for the company
The static 250-SMRX path serves as a reference package (reference example).
Strong political tailwind
In March 2026, the European Commission adopted its formal SMR strategy with the aim of commissioning the first Small Modular Reactors in the early 2030s.
Market potential
ADES addresses a market in the multi-billion euro range across three segments: industrial heat supply, decentralized power generation and energy-as-a-service contracting for state and institutional energy buyers. Customers pay for the energy supplied – not for capital goods. This generates long-term, recurring revenue.