Boston, MA – June 3, 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 the signing of a Memorandum of Understanding (“MoU”) with Laskaridis Shipping Company Ltd. (“Laskaridis Shipping”), a renowned ship management company based in Athens, Greece, with a fleet of 90 vessels, which includes 55 midsized or large dry bulk vessels.
Under the terms of the MoU, Laskaridis Shipping and Advent have agreed to jointly conduct a pilot program, under which Advent will supply Laskaridis Shipping with its SereneU methanol-powered fuel cells. Laskaridis Shipping will install these systems on selected dry bulk vessels to assess their overall performance as auxiliary, back-up, or emergency power sources.
Following the successful completion of the pilot program, Laskaridis Shipping and Advent will collaborate on manufacturing and testing the next generation of Advent’s fuel cells. These collaboratively tested fuel cells are expected to be based on Advent’s next-generation Membrane Electrode Assembly (“Advent MEA”), which is currently being developed within the framework of L’Innovator, the Company’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory (LANL), Brookhaven National Laboratory (BNL), and National Renewable Energy Laboratory (NREL).
Advent is a vertically integrated manufacturer. Its portfolio includes advanced HT-PEM fuel cell systems, covering the range from 25W to 90kW. Serene methanol-powered fuel cells deliver critical and reliable power in an environmentally friendly way – reducing CO2 emissions and operating silently – while having a low impact on surroundings. Methanol as a carrier of hydrogen allows simpler storage (handling and logistics) compared to pure hydrogen and enhances the safety of operations.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said: “We are delighted to start such an exciting collaboration with Laskaridis Shipping. We are also proud that one of Greece’s leading ship management companies has chosen our innovative products for such an important roll in their operations, and we welcome this opportunity to support Laskardis Shipping’s transition to clean energy solutions. This supports Advent’s dedication to, playing our part in the faster decarbonization of the shipping industry. Serene fuel cells run on methanol, a clean alternative to fossil fuels, and their use can significantly reduce emissions in shipping, power generation and over-land transportation. Methanol is safer to handle than pure hydrogen fuel and can be easily deployed on-site. Advent looks forward to the successful execution of the joint pilot program and we anticipate that this will be the start of a long and prosperous partnership.”
Mr. George Christopoulos, Chief Operating Officer of Laskaridis Shipping, stated: “Reducing CO2 emissions has been and will continue to be a guiding principle throughout our business practices. We are very excited about this new collaboration with Advent, which will help us shape a more sustainable future for shipping. We consider Advent’s methanol-powered fuel cells as the ideal solution towards this target, and we look forward to completing our pilot program and continuing this collaboration, cementing our commitment to playing a leading role in the journey towards a zero-emission future in the maritime economy.”
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, pending and licensed for 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.
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Advent Technologies Holdings, Inc.
Michael Trontzos / Chris Kaskavelis