Boston, MA – May xx, 2022 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that on May 10, 2022, its Chairman & CEO, Dr. Vasilis Gregoriou, participated as a guest speaker in the World Hydrogen 2022 Summit & Exhibition.
The event was organized by the Sustainable Energy Council in partnership with the Province of Zuid-Holland, the City of Rotterdam, and the Port of Rotterdam, and provided three days of hydrogen insights and high-level networking dedicated solely to hydrogen industry advancement.
Dr. Gregoriou participated in an in-depth panel session titled “Hydrogen Mobility Timescales, Economics & Opportunities: Road, Train, and Air Transportation,” along with Adamo Screnci (Deputy CEO, Hydrogen Refueling Solutions), David Holderbach (CEO, HYVIA), and David Morgan (Director of Flight Operations, easyJet). The panel was chaired by Grace Quan (President & CEO, Hydrogen in Motion Inc. (H2M), SEC Hydrogen Advisory Board Member) and covered the following areas:
- Timescales, economics and opportunities for hydrogen mobility, including planes, EVs, trucks
- Knowledge sharing and collaboration across the mobility market for the joint effort in decarbonization
- Aviation, HGVS retrofitting technologies
- Fuel cell developments and next advancements
- How hydrogen distribution and refueling infrastructure are progressing
As part of his presentation, Dr. Gregoriou provided an overview of Advent’s significant developments to date and its unique positioning in the market landscape, describing in detail the flexible “Any Fuel. Anywhere.” option that Advent offers for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. Dr. Gregoriou also discussed how the Company’s vertical supply chain of products — from sub-components development, production, and assembly to sales installations and service – has accelerated Advent’s efforts to lead the path to low-cost fuel cell systems.
Dr. Gregoriou shared updates regarding Advent’s involvement in hydrogen production through the Company’s commitment to developing the next generation of electrolyzer technology using anion exchange membrane (“AEM”) saltwater electrolysis, in an effort to address the severe energy crisis and to reduce hydrogen costs to unprecedented levels. Dr. Gregoriou also explained how the production of green hydrogen can play a crucial role alongside electricity in future low-carbon economies and how Advent has taken action to prepare for effectively responding to the growing green hydrogen demand, by collaborating, through the proposed IPCEI Green HiPo and White Dragon projects, with strategic partners to provide a modular and versatile solution that is well-suited for scale-up and serial production. Through Green HiPo and White Dragon, Advent aims to play a leading role in accelerating Greece’s shift towards a green economy by targeting an installation of a total capacity of 4.65GW in 7 years in Western Macedonia, Greece, with the ultimate goal of fully decarbonizing the country’s energy system.
Dr. Gregoriou also shared details regarding Advent’s new DIGI-TRONIC solution (currently under development), which is set to redefine the future of mobility. This net-zero solution aims to solve the key problems of EVs, such as range, refill time, flexibility, payload, and cost per mile, and addresses the global need for a resilient, multifuel fuel cell that can replace the diesel generator and the internal combustion engine. Based on Advent’s next-generation Membrane Electrode Assemblies (“MEAs”) and a unique engineering architecture, some of the competitive advantages of the DIGI-TRONIC solution include:
- Multi-fuel capability: This hydrogen-based fuel cell can use compressed green hydrogen, low-purity hydrogen (blue or LOHC), methanol (focusing on biomethanol and e-methanol as the fuels of choice), renewable natural gas, and most eFuels that will power heavy-duty transportation
- Resilience: It operates at temperatures from -38 °C to 58 °C and in extremely humid or dry conditions. The system is also resilient to input impurities, such as impurities in hydrogen and air
- Lightweight: It has superior weight advantages over other system-wide applications which include subsystems and fuel storage, and is also developed as a “skateboard” form factor to be able to “plug and play” in the EV automotive space (supplementing batteries and working as a range extender.)
- Redundancy: A patented power management and control design ensures a long lifetime and redundancy, allowing single cells to fail or underperform without impeding the whole system.
- Superior heat management: Due to the HT-PEM fuel cell’s operating temperature (80°C to 240°C), the system is inherently ideal for fast restart and superior heat management, removing the need for big radiators and complex workaround solutions required by typical PEM cells
- High voltage: High-voltage (300V per 15kW fuel cell unit) low current operation is ideal for mobility (trucks, buses) applications from a power and control point of view
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued and licensed for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
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 filed with the Securities and Exchange Commission on March 31, 2022, 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.
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