Italy-based Enapter has won the £1m ($1.37m) Earthshot Prize for its groundbreaking modular anion-exchange membrane (AEM) electrolyser at a ceremony in London attended by royalty and celebrities.

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The start-up won in the “Fix Our Climate” category, one of five awards up for grabs at the new Oscars of the environmental movement, which was set up by the UK’s Prince William.

Shares in the Frankfurt-listed company immediately rose 4% in early trading on Monday morning.

The award was presented by actor Emma Watson from Alexandra Palace in London, although a mistake was made in the ceremony — broadcast live on BBC television — with Enapter being repeatedly referred to as “AEM Electrolyser”.

“Winning this prize is recognition that we are going in the right direction,” Enapter co-founder Vaitea Cowan said at the ceremony via video link.

“It will support us to go into mass production and it will boost us towards our goal of accelerating the access of green hydrogen for everyone. And it will significantly cut fossil-fuel use by 2030. There has never been a greater opportunity for positive change… together we can repair our Earth.

Enapter recently told Recharge that its AEM electrolysers would produce cheaper green hydrogen than any rival technology, due to lower capex and opex.

The company’s chief of strategy, Thomas Chrometzka, told this publication in July that the company expects its 1MW electrolyser to cost $500/kW. Enapter is so confident in its technology that it is aiming to be responsible for 10% of global H2 generation capacity by 2050.

However, the race to build ever-cheaper electrolysers is hotting up, with Stiesdal A/S recently telling Recharge last weekthat its alkaline electrolysers would cost $200/kW. Other manufacturers such as ITM Power and Nel are also working on new gigafactories that promise to massively slash costs.

For more details about Enapter and its technology, read our recent in-depth article on the company here.