Massachusetts State Senator, State Representative, and Policymakers meet with Advent executives at the Company’s new Hood Park facility to discuss the key role of fuel cells in driving forward the clean energy transition
BOSTON–(BUSINESS WIRE)–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 Friday, October 14, 2022, it hosted elected officials and policymakers from Massachusetts at its new R&D and manufacturing facility at the Hood Park campus in Charlestown, Massachusetts.
State Senator Sal DiDomenico, State Representative Danny Ryan, Regional Director at the Massachusetts Office of Business Development Sue Whitaker, and, Greater Boston Market Maker from Commonwealth Corporation Mark Wigfall were welcomed to the Hood Park campus by senior Advent executives, including Advent’s Executive Chairman of the Board and CEO Dr. Vasilis Gregoriou, CTO Dr. Emory De Castro, COO and General Counsel Jim Coffey, Vice President of Business Development Warren Brower and Facilities and Operations Manager Rich Nelson.
The visit started with a walking tour of Advent’s new state-of-the-art facility, located at the heart of one of Boston’s latest innovation and R&D communities in Charlestown. Hood Park is expected to be operational in December 2022 and will primarily focus on the development and production of Advent’s next-generation fuel cell components, allowing the Company to scale-up and deliver on the increasing global demand for electrochemical components in the clean energy sector.
One of the products to be manufactured within the Hood Park facility is the 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). MEAs form the heart of the fuel cell, and their performance determines the lifetime, efficiency, weight, and to a large extent the cost of the downstream electrochemistry products. Advent intends that both its own products such as SereneU, Honey Badger 50™, MZERØ and third party products will be able to use the new Advent MEAs in mass production from 2024, according to the Company’s growth plan.
The visit of Massachusetts elected officials and policymakers to the Hood Park campus continued with a presentation of Advent’s wide range of fuel cell products and future plans. Advent executives had the opportunity to highlight the unique competitive advantages of the Company’s proprietary High-Temperature Proton Exchange Membrane (HT-PEM) technology – which can support multiple fuels, efuels, and low-grade hydrogen on board and operate under extreme conditions (-38°C to +50°C) – and share details regarding Advent’s current projects in the U.S., highlighting the Company’s potential involvement in the development of a proposal for a U.S. Northeast Clean Hydrogen Hub.
The Massachusetts clean energy sector has experienced significant growth over the past years, and the state continues to pursue innovative measures to ensure grid modernization, storage, and alternative transportation. In March 2021, Governor Baker signed into law An Act Creating a Next-Generation Roadmap for Massachusetts Climate Policy, putting the Commonwealth on a pathway to achieve net-zero greenhouse gas emissions by 2050. According to Massachusetts Clean Energy Center’s 2021 Industry Report, the Massachusetts clean energy industry saw 68% jobs growth since 2010, counting approximately 101,208 clean energy workers. Furthermore, according to the American Council for an Energy-Efficient Economy’s 2020 State Energy Efficiency Scorecard, in 2020, Massachusetts ranked second in energy efficiency across the U.S.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated: “We would like to extend our gratitude to State Senator DiDomenico, State Representative Ryan, Ms. Whitaker, and Mr. Wigfall for taking the time to visit our new Charlestown facility. With the grand opening of Hood Park fast approaching, this meeting was an excellent opportunity to showcase how this new facility is expected to unlock significant market opportunities for Advent across the U.S. and create numerous job opportunities for young Material Scientists and Fuel Cell Engineers based in Massachusetts. The Advent team looks forward to contributing greatly to Massachusetts’ ambitious goal of achieving net-zero greenhouse gas emissions by 2050 through constantly innovating, with a focus on sustainability and energy efficiency.”
Dr. Emory De Castro, Advent’s Chief Technology Officer, added: “We were deeply honored to host Massachusetts elected officials and policymakers to our new Hood Park facility and provide them with an overview of Advent’s manufacturing scale-up plans and growth path. As a proud Boston-based Company, we selected Massachusetts and Hood Park due to the close proximity to top research universities and access to a wide pool of intellectual talent. Hood Park will play a key role in further strengthening our efforts to help the world decarbonize quickly by enabling Advent to scale-up the manufacturing of next-generation electrochemistry components, which are expected to revolutionize the fuel cell industry.”
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.
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 (“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.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Michael Trontzos