Emerald Horizon: Europe’s only listed pure-play in advanced nuclear
EQS-Media / 21.09.2026 / 10:27 CET/CEST
Press Release
September 21, 2026
Emerald Horizon: Europe’s only listed pure-play in advanced nuclear
Pure Europe. Pure-play in advanced nuclear – Industrialisation with VDL Groep – Thorium as fuel –
Two-stage business model – Baader Helvea initiates research coverage
Graz, 21 September 2026 – Europe aims to bring its first small modular reactors into operation in
the early 2030s, as set out in the European Commission’s SMR strategy of March 2026. Emerald
Horizon holds a distinctive position in the capital market: Emerald Horizon AG (Vienna Stock
Exchange, ticker SMRX, ISIN AT0000A3UZE1) is currently the only listed company headquartered in
Europe whose business is entirely focused on advanced nuclear technology and the associated
storage technology.
What sets Emerald Horizon apart
• An industrial partner: Through VDL Groep (Eindhoven), Emerald Horizon has access to
co-development, manufacturing and an established supply chain. Many small reactor developers
are only beginning to build these structures. Emerald Horizon combines the agility of a
technology company with the structure of an established industrial group.
• Thorium as fuel: ADES, the energy source of SMRX, runs on thorium. Emerald Horizon is
therefore not affected by the supply bottleneck for HALEU, the higher-enriched uranium
required by many advanced reactor designs.
• Two steps, two pillars: The DUALstorePLUS storage system is not subject to nuclear regulation
and is marketed through Energy-as-a-Service contracts with terms of up to 20 years. The
storage business therefore develops independently of the ADES timeline.
• A different physical principle: ADES is subcritical by design and driven by a particle
accelerator. Once the neutron beam is switched off, the fission reaction stops. The thorium
loop is entirely water-free.
Baader Helvea initiates coverage
Baader Helvea Equity Research published an initiation report on Emerald Horizon on 16 September
2026. Analyst Rene Rückert rates the stock „Add“ with a target price of EUR 1,274. Following
NuWays, Baader Helvea is the second research firm to provide ongoing coverage of Emerald Horizon.
Key findings of the study:
• A distinct profile: „SMRX is not a conventional nuclear stock.“ Baader Helvea describes
DUALstorePLUS as the company’s „value foundation“.
• Integration as the unique selling point: „The uniqueness of Emerald Horizon does not come from
a single invention, but from the integration of several technologies and business models into
one platform.“
• Execution: According to the study, VDL’s involvement materially strengthens the credibility of
the execution strategy. Baader Helvea regards the start of construction of the ADES Test Loop
in Eindhoven as the first tangible step towards industrial implementation.
• Licensing: „ADES appears to have a substantially more viable licensing pathway than
conventional SMRs.“
Enquiries regarding the study „Emerald Horizon – Age of Energy“ should be directed to Baader Bank
AG: [1]corporateaccess@baaderbank.de
Engaging with experts and investors
On 14 September 2026, CEO Florian Wagner attended the Arnova Nuclear Energy Summit at the Dolder
Grand in Zurich, where he presented Emerald Horizon’s technology to an international audience of
nuclear industry experts. Emerald Horizon is represented at the Baader Investment Conference in
Munich from 21 September 2026.
Latest podcast
In the latest podcast, Florian Wagner (CEO), Dr Mario J. Müller (VP R&D) and Norbert Hofer (VP
Strategic Communications) of Emerald Horizon talk with Hans Priem (VP Business Development, VDL
Groep) and Markjan Vermeer (Managing Director, VDL ETG Technology & Development). The conversation
shows how well the entrepreneurial drive of a scale-up like Emerald Horizon fits with a
multi-billion-euro industrial group. The result is a triangle of synergy effects, established
technological contacts and VDL’s financial network, which can be fully engaged.
Listen to our podcast Energy.Everywhere.:
[2] https://www.youtube.com/watch?v=1TvUEE1cD6Q&t=8s
„The EU is placing a major emphasis on small modular reactors. Today, as a pure Europe and
pure-play nuclear company, we are the only listed company in Europe fully focused on this advanced
technology,“ says Florian Wagner, CEO of Emerald Horizon AG. „We already have what many others are
still building: an industrial partner that manufactures, a supply chain that is in place, and a
fuel that is available. With DUALstorePLUS, we are building our business today, while ADES
advances steadily towards series production. Emerald Horizon holds enormous potential. Analysts
value technology companies at our stage with discounts for probability of success and for the time
to market. Every milestone we reach reduces this uncertainty. With SMRX, energy will become far
more cost-effective than many can even imagine today. We are pursuing this path at pace and with
verifiable milestones.“
About Emerald Horizon
Emerald Horizon AG was founded in 2019 and is headquartered in Graz, Austria. The company develops
technologies for a safe, scalable and low-carbon energy supply. Emerald Horizon has been listed on
the Vienna Stock Exchange since 26 June 2026 (ticker symbol: SMRX, ISIN: AT0000A3UZE1).
[3] www.emerald-horizon.com
Note
„The information contained in this communication does not constitute an offer to sell or a
solicitation of an offer to buy or subscribe for any securities, nor is it a recommendation to buy
or sell any securities of the Company. Under no circumstances is this communication and the
information contained herein intended for publication, distribution, or disclosure, directly or
indirectly, in whole or in part, in or into the United States of America (USA), Australia, Canada,
Japan, or South Africa, or into any other jurisdiction in which such publication or disclosure
would be unlawful. Accordingly, this information is not directed, in particular, at „U.S. Persons“
(as defined in Regulation S under the U.S. Securities Act of 1933) or at persons resident or
located in the aforementioned jurisdictions.“
Press photo
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=download2_file&code_str=3b05066490a5a63b6b43fce46266801a
Image: CEO Florian Wagner, Emerald Horizon and Markjan Vermeer, Managing Director of VDL ETG T&D ©
Fuchs
Free of charge for editorial use.
Media Contact
Ing. Norbert G. Hofer, MBA
Vice President Strategic Communications,
Emerald Horizon AG
Email: [4]hofer@emerald-horizon.com
Mag. Melanie Koch, MA
Media Relations,
Emerald Horizon AG
Mobile: +43 664 54 55 324
Email: [5]koch@emerald-horizon.com
End of Media Release
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Issuer: Emerald Horizon AG
Key word(s): Energy
21.09.2026 CET/CEST This Press Release was distributed by [6]EQS Group
View original content: [7]EQS News
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Language: English
Company: Emerald Horizon AG
Karl-Huber-Gasse 15
8041 Graz
Austria
E-mail: office@emerald-horizon.com
ISIN: AT0000A3UZE1
WKN: A42CXA
Listed: Vienna Stock Exchange (Official Market)
LEI Code: 8945008L6AXTVW4PDF22
EQS News ID: 2402206
End of News EQS Media
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4. hofer@emerald-horizon.com
5. koch@emerald-horizon.com
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