Message from our Chairman & CEO

Dear Customers, Shareholders, Partners, and Employees,

2021 was a pivotal year for Advent. The year opened with the company’s successful listing on NASDAQ and evolved rapidly with the expansion of Advent’s innovative technologies and product offerings worldwide. From Silicon Valley to the Philippines, our employees are working tirelessly to drive the global green energy revolution and decarbonize the world faster. 2021 was also a year of global turbulence brought about by external factors such as the continued COVID-19 pandemic, high inflation, extreme weather changes, global energy shortages, and unforeseen geopolitical developments.

As the world embarks on the journey towards net-zero emissions, Advent’s mission is to be a driving force of innovation and practical technology, with the immediate targets to replace:

• diesel generators and combustion engines with clean, efficient fuel cells.
• fossil fuels with green hydrogen and renewable zero-emission fuels.

We base our strategy on the following core principles:

We offer an innovative fuel cell technology, HT-PEM, that is particularly suitable for off-grid power and heavy-duty mobility. The provision of clean energy is our global objective and to achieve this, we must balance the 3Es (Environment, Energy Security, and Economy). We innovate with a focus on the total cost of ownership, and that is what HT-PEM will deliver to fuel cell applications.

Since February 2021, after a successful listing on NASDAQ, Advent has grown from a headcount of 50 to approximately 200 and now has offices and manufacturing facilities in Boston, MA (USA), Silicon Valley, Denmark, Germany, Greece, and the Philippines. We have a global structure of integrated manufacturing and sales focus. The acquisitions of SerEnergy and Fischer eco solutions were very strategic, aiming to consolidate the best teams in HT-PEM innovation and manufacturing under one global roof. These acquisitions have significantly de-risked our growth plan while allowing our development to leapfrog by several years compared to our initial organic growth plan. We embrace and welcome diversity and inclusion amongst our employees and have joined together a great team of innovators from different geographies and cultures to create a single Advent global family with a common mission.

The clean energy challenge is too big to be addressed by any single company. We partner with the world’s greatest companies, aiming to couple our advanced electrochemistry and engineering expertise with a global scale of operations and manufacturing footprint. Our innovation efforts are further enhanced by our partnerships with:

• U.S. Department of Energy (Los Alamos National Laboratory, the National Renewable Energy Laboratory, and Brookhaven Laboratories) with the aim towards bringing next-generation HT-PEM technology to the global market.
• BASF and De Nora on key components sourcing and scale-up.
• Common European Interest (“IPCEI”) proposals White Dragon and Green HiPo, for driving large-scale decarbonization efforts in southeastern Europe.

Our activities, being conducted globally at the following locations, can be summarized as follows. Advent is:

• headquartered in Boston, Massachusetts, USA;
• building state-of-the-art membrane electrode manufacturing facilities in Charlestown, Massachusetts, USA;
• in Livermore, California, USA, where we design and manufacture lightweight systems with the former UltraCell staff;
• in Denmark and Germany, where we share development and assembly responsibilities for Advent’s 5kW-15kW SereneU systems;
• in the Philippines, where we service the telecom market through sales, service and site preparation,
• in Greece, where we have expanded our MEA production and polymer synthesis capacity, including polymer for the next-generation Advent MEA. 

Fuel Cell Systems: We are now rolling out complete hydrogen fuel cell systems, and our global salesforce has expanded our reach across North America, Continental Europe, the Middle East, and Asia. SereneU alone counts for more than 900 units in operation, and we currently have the ability to manufacture approximately 7MW per year. 

Fuel Cell Materials: We produce and deliver advanced fuel cell materials such as MEAs, leading to direct sales. We also target joint development of new advanced fuel cell systems in collaboration with OEMs aiming to enter into long-term licensing agreements.

Green Hydrogen Offering: Through partnerships and consortia and our own innovation efforts, we are aiming to increase our green hydrogen equipment offering capabilities.