Advent Technologies Announces Official Launch of Joint Collaboration With U.S. Department of Energy for Next-Generation Fuel ...
March 01 2021 - 9:00AM
Business Wire
Developing new breakthrough HT-PEM technology
will bring low-cost fuel cell technology to the automotive,
aviation, and marine markets
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an
innovation-driven company in the fuel cell and hydrogen technology
space, today announced that it has signed a joint development
agreement (the “CRADA”) with the US Department of Energy’s (DOE),
Los Alamos National Laboratory (LANL), Brookhaven National
Laboratory (BNL) and the National Renewable Energy Laboratory
(NREL). Under this CRADA, along with support from the DOE’s
Hydrogen and Fuel Cell Technologies Office (HFTO), Advent’s team of
scientists will work closely with its LANL, BNL, and NREL
counterparts over the coming years in order to develop breakthrough
materials that will help strengthen US manufacturing in the fuel
cells sector and bring high-temperature proton exchange membrane
(HT-PEM) fuel cells to the market. This project will also
contribute to the acceleration of energy and transportation
technologies that will enable a clean, zero-emissions energy
future.
The aim of HT-PEM fuel cells is to fulfill the promise of “Any
Fuel. Anywhere.” They can allow ships to run on renewable methanol
or ammonia, airplanes to run on dimethyl ether (DME) or hydrogen,
and off-grid power generators to work with any green fuel that is
easily transportable to remote locations. The ability to use any
hydrogen-carrying fuel, in addition to pure hydrogen, is a major
breakthrough in reducing the required infrastructure
investments.
Dr. Emory De Castro, Advent’s Chief Technology Officer,
commented: “The developing world is where the battle of climate
change will be won or lost, and a low-cost infrastructure is a
must. Synthetic eFuels will be produced by green hydrogen in the
near future and thus be sustainable in such applications. HT-PEM
technology allows for hydrogen fuel flexibility, while the
competition is currently limited to very pure hydrogen that is
compressed at 700bar. By forging this partnership, we are taking
yet another step closer to realizing our clean energy future.”
The signed CRADA formalizes Advent’s role in this program,
structures the joint development, and defines milestones and
investment required to accelerate the technology scale-up. It also
leverages state-of-the-art research facilities and talent at the
DOE’s LANL, BNL, and NREL sites, as well as Advent’s expertise in
fabricating polymers, membranes, catalysts, and electrodes. The
effort encompasses scaling up the critical components of this
next-generation membrane assembly: BNL catalysts, LANL membrane,
electrode binder, and membrane electrode assembly (MEA)
architecture. Advent’s scientists and engineers will work side by
side with the primary inventors to facilitate rapid process
development.
“We are honored and excited to work with the best
electrochemists in the world from the LANL, BNL, and NREL in
developing the next standard of fuel cell technology,” said Dr.
Vasilis Gregoriou, Advent’s Chief Executive Officer and Founder.
“The mandate from the aerospace, marine, and heavy-duty automotive
industry is clear: they want to move to high-temperature fuel cell
technology, and we believe that we will be able to provide the best
product at the best price. Our recent NASDAQ listing and round of
fundraising will allow us to make this agreement the top priority
of our product development effort. We expect to commercialize the
technology in 2021, bring products to the market in early 2022, and
scale it up at mass production in 2023.”
HT-PEM fuel cell technology will allow heavy-duty and other
hard-to-decarbonize applications to operate with high efficiency
while using hydrogen and mitigating water management problems. The
LANL MEA that Advent will commercialize is based on a novel
chemistry. It does not rely on water as the conducting medium but
instead on an engineering plastic, thus allowing for a wider range
and high-temperatures for reliable operation (80oC to 240oC). The
technology developers expect that overall fuel cell system design
will be simplified drastically, resulting in reduced system costs.
Early results indicate a longer lifetime even compared to Advent’s
current commercial products. In addition, the agreement with BNL
will focus on commercializing ultra-low platinum electrode
technology that can bring the platinum/kilowatts (kW) required
number down 90% (a 10x improvement). Platinum is an essential
precious metal that is used in mobility fuel cells, and the BNL
technology has the potential to reduce costs along with supply
chain and environmental problems. NREL will aid in developing
manufacturing processes for these advanced materials.
About Advent Technologies Holdings,
Inc.
Advent Technologies Holdings, Inc. is an innovation-driven
company in the fuel cell and hydrogen technology space. Our vision
is to accelerate electrification through advanced materials,
components, and next-generation fuel cell technology. Our
technology applies to electrification (fuel cells) and energy
storage (flow batteries, hydrogen production) markets, which we
commercialize through partnerships with Tier1s, OEMs, and System
Integrators. For more information on Advent Technologies Holdings,
Inc., please visit the company’s website at
https://www.advent.energy/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210301005502/en/
Sloane & Company Joe Germani / Alex Kovtun / James Goldfarb
jgermani@sloanepr.com / akovtun@sloanepr.com /
jgoldfarb@sloanepr.com
Advent Technologies (NASDAQ:ADN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Advent Technologies (NASDAQ:ADN)
Historical Stock Chart
From Sep 2023 to Sep 2024