First Berlin Equity Research has published a research update on H2APEX Group SCA (ISIN: LU0472835155). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 9.00 price target.

Abstract
H2APEX has received the long-awaited grant notification for the construction of a 100 MW electrolyser in Rostock-Laage. As expected, the subsidy amounts to €167m, which is almost 80% of the estimated investment sum of €213m. The company plans to construct the 100 MW electrolyser by the end of 2027 and then operate it itself. H2APEX is one of the few medium-sized companies to receive funding as part of the "Hy2Infra" wave. For us, this is clear evidence of the high quality of the company. With the grant notification, H2APEX has reached an important milestone and now has a very good chance of obtaining financing for the remaining amount and interim financing. We confirm our Buy recommendation with an unchanged price target of €9.