BOSTON–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”) an innovation-driven leader in the fuel cell and hydrogen technology space, today announced it has signed a Distribution and Service Agreement with Calscan Solutions (“Calscan”), an Alberta, Canada industrial service company focused in the oil field industry with a number of products, including methane emissions mitigation instrumentation & controls, as well as services including Test Data Processing, Rentals, Repair, and Data Processing.
The agreement details Calscan’s plans to market, resell, install, and service the Advent M-ZERØ™ and SereneU fuel cell products to address the demand for electric systems in the oil and gas sector. Current regulatory pressure is focused on targets which will aggressively reduce oil & gas industry methane emissions throughout Canada. Advent’s diverse family of products, including the M-ZERØ™ and SereneU fuel cell products, aim to drop wellhead methane emissions to zero, increase well productivity and safety, and decrease maintenance costs in North American well sites. Advent’s products realize a significant carbon advantage over conventional diesel remote power generation technology and can be deployed in more extreme environments than solar panels and electric battery systems. The Advent M-ZERØ™can also work with current systems to enhance their reliability and ensure that systems continue to operate, creating additional value opportunities for customers.
The Advent M-ZERØ™ products, designed specifically to generate power in remote environments, will offer the ability to drop methane emissions to effectively zero where they replace methane polluting pneumatic injection technology. The overall methane emissions related to wellheads approaches 40 million tons of carbon dioxide emissions per year, which is equivalent to the carbon footprint of more than eight million passenger cars. M-ZERØ™ will initially be featured mainly in Canada and the United States with the aim of providing remote power to up to 185,000 oil and gas wellheads.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said, “We are thrilled to be partnering with Calscan. Their industry knowledge and reach provide a huge advantage in bringing disruptive, emerging fuel cell solutions to a mature application.”
Henri Tessier, President of Calscan, added: “We are excited to have Advent Technologies as an industry partner. Calscan is committed to reducing well site GHG emissions through innovative and progressive design, and Advent’s products make this mission a reality. We look forward to bringing this solution to our customers.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles critical components for fuel cells as well as complete advanced energy systems in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in the San Francisco Bay Area and Europe. With more than 100 patents issued (or pending) worldwide for its fuel cell technology, Advent holds the IP for next-generation high-temperature proton exchange membranes (HT-PEM) that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, maritime, aviation, and power generation sectors. For more information, visit www.advent.energy.
About Calscan Solutions
Calscan Solutions is an innovative Alberta-based instrumentation and control company serving the oil and gas industry. Founded in 1995 as an instrumentation and control company, Calscan has become a leader in developing electronic downhole tools, specifically in the areas of downhole and sub-surface pressure recorders, flow computers, solar powered separator controls, and cyclone separators. To help oil and gas producers meet increasingly stringent emission regulations, Calscan has expanded its methane measurement and mitigation solutions by developing the Hawk 9000 low pressure vent gas meter and the Bear Solar Electric Control System. Calscan has been deploying its zero emission Bear Solar Electric Control System throughout Western Canada since 2010. www.calscan.net
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This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Chris Kaskavelis