Senior representatives from the Ministry of Energy of Saudi Arabia, and, Hydrogen Systems, Inc. visited Advent’s corporate headquarters and new Hood Park manufacturing facility in Boston, MA.
From left to right: John Speranza (Advisory Board Member, Hydrogen Systems), Warren Brower (Vice President of Business Development, Advent Technologies), Rich Nelson (Facilities Operations Manager, Advent Technologies), Jim Coffey (Chief Operating Officer & General Counsel, Advent Technologies), Zeid Al-Ghareeb (General Director for Hydrogen and Circular Carbon Economy, Ministry of Energy of Saudi Arabia), Hala Alobaidallah (Senior Engineer, Ministry of Energy of Saudi Arabia).
Boston, MA – October 4, 2022 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors today announced that, on Tuesday, September 20, 2022, it hosted senior representatives from the Ministry of Energy of Saudi Arabia, and, Hydrogen Systems Inc. (“Hydrogen Systems”), a hydrogen energy solutions company based in Riyadh, Saudi Arabia, to formally discuss Advent’s recently announced collaboration with Hydrogen Systems.
Under the MoU signed on September 6, 2022, Hydrogen Systems aims to utilize existing relationships in the telecom and hydrogen energy marketplace in the Kingdom of Saudi Arabia and throughout the Middle East to market, sell, distribute, install, and service Advent’s full line of high-temperature proton exchange membrane (“HT-PEM”) fuel cells and hydrogen production products. Advent fuel cells realize a significant carbon reduction advantage over conventional diesel remote power generation technology. HT-PEM fuel cells can operate with a range of low or zero-carbon hydrogen fuels and enable efficient heat management. Such fuel cells can produce power in extreme ambient temperatures (from -40°C up to +55°C) and in conditions such as high air pollution and low humidity, leading to a longer product lifetime coupled with lower total cost of ownership.
As part of their official visit, the General Director for Hydrogen and Circular Carbon Economy from the Ministry of Energy of Saudi Arabia, Zeid Al-Ghareeb, along with Senior Engineer from the Ministry of Energy of Saudi Arabia, Hala Alobaidallah, and Advisory Board Member of Hydrogen Systems, John Speranza, travelled to Advent’s headquarters in Boston at 200 Clarendon Street, to participate in meetings with Advent’s Chief Operating Officer and General Counsel, James F. Coffey; Vice President of Business Development, Warren Brower; Facilities Operations Manager, Rich Nelson; and Senior Engineer, Jeff Baldic.
Advent representatives provided an overview of the Company’s path to growth and global operations, while also highlighting Advent’s critical role in speeding-up the Middle East’s transition to clean energy technologies. The attendees also discussed the next steps for Advent’s collaboration with Hydrogen Systems.
The visit continued with a tour of Advent’s new state-of-the-art manufacturing facility at the Hood Park campus in Charlestown, Massachusetts, which is expected to be operational in Autumn 2022. Located at the heart of one of Boston’s newest innovation and R&D communities, Hood Park will primarily focus on the development and production of the next generation of fuel cell components, allowing Advent to scale-up and deliver on the increasing global demand for electrochemical components in the clean energy space.
Jim Coffey, Advent’s Chief Operating Officer and General Counsel, stated: “The first in-person meetings with representatives from the Ministry of Saudi Arabia and Hydrogen Systems provided a great opportunity for us to present the numerous advantages of Advent’s highly differentiated technology and showcase the significant opportunities that the forthcoming opening of our new Hood Park facility will unlock for Advent. At the same time, we had the pleasure of discussing our mutual involvement in potential large-scale development opportunities for hydrogen fuel cell power applications across the Middle East. We would like to extend our gratitude to all attendees for the productive meetings and for taking the time to visit our Boston and Charlestown facilities.”
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, added: “We are thrilled to join the Middle East’s road to decarbonization through our HT-PEM fuel cells and other hydrogen technologies that can effectively replace conventional and polluting energy sources. We hope that these meetings with the Saudi Ministry of Energy and Hydrogen Systems mark the beginning of a long-lasting and highly impactful collaboration with a focus on accelerating the Middle East’s clean energy transition.”
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/or 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 fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
About Hydrogen Systems, Inc.
Hydrogen Systems is a Saudi Arabia based company dedicated to delivering the most comprehensive and cost-effective hydrogen gas solutions to its customers in the greater GCC region. Hydrogen Systems was founded in 2009 and has grown steadily by providing valuable solutions and services to their customers. With the establishment of the Hydrogen Energy Center of Excellence, Hydrogen Systems is committed to the localization and development of hydrogen energy and decarbonization solutions to meet the growing demand in the region.
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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 filed with the Securities and Exchange Commission (“SEC”) 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.
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