NuWays reiterates Buy on Emerald Horizon, keeps EUR 1,300 price target

• NuWays reiterated a BUY rating on Emerald Horizon, keeping a 12-month target price of EUR 1,300.
• Research flagged the start of an ADES Test Loop program with VDL Groep, shifting the partnership into project-level execution.
• Megawatt-scale loop moves development to Eindhoven to support an industrially manufacturable design, with VDL contributing engineering and supply-chain resources.
• NuWays kept its roadmap unchanged, citing a 12-18 month test phase, a fully integrated ADES prototype targeted for 2029.
• Serial production remained penciled in from 2031, with the test loop seen as a key de-risking step.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Emerald Horizon AG published the original content used to generate this news brief via EQS News (Ref. ID: rc_26784) on September 09, 2026, and is solely responsible for the information contained therein.