WeTheMarket
4 days ago
Advent Technologies’ RHyno Project awarded €34.5 Million by EU Innovation Fund
November 04 2024 - 8:00AM
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/94835004/advent-technologies-rhyno-project-awarded-4-5
Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to further announce that the RHyno Project initiated by its Greek subsidiary, Advanced Energy Technologies, SA was approved for the full amount of its requested grant in the amount of €34.5 million by the EU Innovation Fund. The dedicated efforts of Nora Gourdoupi, Olga Bereketidou, and Anastasia Koustomitopoulou, made this achievement possible. Advent will now prepare the grant agreement per the instructions provided to it by the European Climate, Infrastructure and Environment Executive Agency (CINEA).
“We are very excited about the grant and the recognition of the hard work of these individuals,” stated Konstantinos Ferderigos, the General Manager in Greece for the Company.
Gary Herman, Interim Chief Executive Officer stated, “Nora, Olga and Anastasia, along with their talented team all worked very hard for this achievement. We appreciate the selection and recognition by the EU Innovation Fund. We thank our Advent colleagues and all those involved as we move this program forward and grow the business.”
About RHyno Project
The Advent Renewable Hydrogen Innovative Technologies (RHyno) project involves the establishment of infrastructure for developing and manufacturing innovative fuel cells, electrolysers, and their key components including Advent ground-breaking Membrane Electrode Assembly technology at a megawatt (MW) scale. RHyno aims to pioneer the use of innovative materials to enhance power density and lifespan while significantly reducing the weight and volume of power systems through a streamlined balance of plant.
The state-of-the-art manufacturing facility is designed to optimize production processes, boost efficiency, and industrialize fuel cell and electrolyser technologies. These advancements are essential for decarbonizing carbon intense industries, such as the aviation, maritime and heavy-duty automotive sectors, with further potential for spillover to other sectors, positioning Advent at the forefront of the clean energy transition.
About Innovation Fund
The Innovation Fund is one of the world’s largest funding programmes for the commercial demonstration of innovative low-carbon technologies, aiming to bring to market industrial solutions to decarbonize Europe and support its transition to climate neutrality. Among the wide range of financial instruments available on the EU level, it plays a unique role due to its size and focus on the last steps in the rollout of innovative clean tech.
Only three companies located in Greece were selected for funding in the Innovation Fund 2023 Call. Advent had the best ranking amongst all proposals submitted across Europe.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation operating in the fuel cell, methanol, and hydrogen technology space. Advent focuses on developing and manufacturing the Membrane Electrode Assembly (MEA) and the fuel cell stack, the most critical component of the fuel cell. Advent is headquartered in California, USA, with offices in Greece, and holds more than 100 patents related to the HT-PEM fuel cell technology. Advent's fuel cells enable the use of green eFuels (eMethanol), renewable natural gas, or hydrogen on board. The HT-PEM fuel cells are highly efficient in terms of thermal management and highly resilient under extreme environmental conditions, offering an "Any Fuel. Anywhere." platform. Applications include stationary, portable, data center, off-grid power generation markets, and heavy-duty mobility (automotive, aviation, marine).
For more information, visit www.advent.energy.
WeTheMarket
1 week ago
Advent Technologies’ Greek Subsidiary Awarded Grant from EU Innovation Fund for RHyno Project
October 31 2024
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/94816703/advent-technologies-greek-subsidiary-awarded-gra
Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that its Greek subsidiary, Advanced Energy Technologies SA, has been awarded a grant from the EU Innovation Fund and invited to prepare the grant agreement. Further details about the grant and its conditions will be provided by the Company soon. Grant agreements are expected to be signed in the first quarter of 2025.
About RHyno Project
The Advent Renewable Hydrogen Innovative Technologies (RHyno) project involves the establishment of infrastructure for developing and manufacturing innovative fuel cells, electrolysers, and their key components including Advent ground-breaking Membrane Electrode Assembly technology at a megawatt (MW) scale. RHyno aims to pioneer the use of innovative materials to enhance power density and lifespan while significantly reducing the weight and volume of power systems through a streamlined balance of plant.
The state-of-the-art manufacturing facility is designed to optimize production processes, boost efficiency, and industrialize fuel cell and electrolyser technologies. These advancements are essential for decarbonizing carbon intense industries, such as the aviation, maritime and heavy-duty automotive sectors, with further potential for spillover to other sectors, positioning Advent at the forefront of the clean energy transition.
About Innovation Fund
The Innovation Fund is one of the world’s largest funding programmes for the commercial demonstration of innovative low-carbon technologies, aiming to bring to market industrial solutions to decarbonize Europe and support its transition to climate neutrality. Among the wide range of financial instruments available on the EU level, it plays a unique role due to its size and focus on the last steps in the rollout of innovative clean tech.
From hundreds of candidates the EU Commission has selected 85 innovative net-zero projects to receive €4.8 billion in grants from the Innovation Fund 2023 Call, helping to put cutting-edge clean technologies into action across Europe. For the first time, projects of different scales (large, medium and small, alongside pilots) and with a cleantech manufacturing focus are awarded under the 2023 call for proposals. This is the largest since the start of the Innovation Fund in 2020, boosting the total amount of support to €12 billion and increasing the number of projects by 70%. Only three companies located in Greece were selected, and Advent had the best ranking amongst all proposals submitted across Europe.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation operating in the fuel cell, methanol, and hydrogen technology space. Advent focuses on developing and manufacturing the Membrane Electrode Assembly (MEA) and the fuel cell stack, the most critical component of the fuel cell. Advent is headquartered in Livermore, California, USA, with offices in Patras and Athens Greece. The Company holds more than 100 patents related to its HT-PEM fuel cell technology. Advent's fuel cells enable the use of green eFuels (eMethanol), renewable natural gas, or hydrogen on board. The HT-PEM fuel cells are highly efficient in terms of thermal management and highly resilient under extreme environmental conditions, offering an "Any Fuel. Anywhere." platform. Applications include stationary, portable, data center, off-grid power generation markets, and heavy-duty mobility (automotive, aviation, marine).
For more information, visit www.advent.energy.
WeTheMarket
3 weeks ago
Advent Technologies Reports Q1 2024 Results
October 15 2024
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/94717365/advent-technologies-reports-q1-2024-results
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced consolidated financial results for the three months ended March 31, 2024. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Q1 2024 Financial Highlights
(All comparisons are to Q1 2023, unless otherwise stated)
- Revenue of $3.5 million and income from grants of $1.4 million, for a total of $4.9 million.
- Operating expenses of $8.3 million, a year-over-year decrease of $3.3 million, primarily related to the streamlining of operations.
- Net loss in Q1 of $(9.4) million or $(3.62) per share.
- Unrestricted cash reserves were $0.8 million as of March 31, 2024, a decrease of $2.8 million from December 31, 2023.
“The consolidation of our global operations continued during Q1 2024, which has driven efficiencies and contributed to the reduction of our cash burn. We will concentrate our efforts toward the development and manufacturing of the Advent MEA which is the core component of HT-PEM fuel cells, and on developing fuel cell stacks and licensing out fuel cell system technology through technology transfer agreements,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “Our HT-PEM technology is ideal for the stationary and portable power sector (including backup and primary power, data center power, and portable power for construction and other off-grid markets). The transportation sector has also shown great interest, as evidenced by the maritime, aviation, and automotive Joint Development Agreements and Technology Assessments underway. Our goal is to forge strong partnerships with OEMs, which will provide financial support and accelerate market adoption of the HT-PEM technology at a large scale. These partnerships will actively support our R&D and investment efforts and provide a clear path to commercialization.”
Business Updates
After signing the contract with Airbus, Advent began implementation of the MEA benchmarking project in 2024. The first milestones were completed successfully and the cooperation between the two companies continues strong.
The project aims to accelerate the development of Advent’s MEA and benchmark the Ion Pair MEA against aviation requirements and current/expected technological limits. HT-PEM MEAs operating at temperatures higher than 180°C (360°F) aim to solve one of the largest challenges in aviation fuel cell use: thermal management. High-temperature fuel cells allow increased performance, increased passenger carrying capability, and increased range compared to low-temperature fuel cell stack technology. Advent believes that HT-PEM is a superior option not only for aviation but also for heavy-duty trucks, the automotive industry, and marine use.
US Army: Work continued at a good pace in the two new contracts with the U.S. Department of Defense (“DoD”) ($2.2m and $2.8m awarded in 2023). Advent has successfully met all program milestones so far (on time or with minor delays) and the demanding mission requirements of the U.S. Army. These contracts are the continuation of a series of past contracts with the U.S. DoD, and their primary objective is to further optimize Advent’s proprietary Honey Badger 50™ (“HB50”) portable fuel cell system by integrating the Company’s innovative Ion Pair MEA technology. Upon the completion of these contracts, Advent and the U.S. DoD aim to reinforce their long-term collaboration by focusing on the further optimization of the HB50 and also on low-volume production manufacturing capacity.
Advent continued work for the ten EU-received R&D grants that are already ongoing and met milestones in multi-partner projects focused on further developing its technology and accelerating its product development roadmap.
Advent continued work on developing the Advent MEA with the goal to achieve eventually 3 times (3x) the power density performance and the 3x the lifetime performance of the legacy MEA that has been used for the last years across the line of Serene products in Denmark. Advent expects that the 3x-3x target will address the needs of heavy-duty mobility, effectively bringing a new-world-class technology in the market. A more immediate target of 2x-2x MEA performance improvement vs. the legacy MEAs will significantly drop the total cost of ownership (TCO) per kWh making the Advent fuel cell solutions not only green, but also lower cost than diesel generators.
CFO update: On January 5, 2024, Kevin L. Brackman, Chief Financial Officer of Advent Technologies Holdings, Inc., a Delaware corporation (the “Company” or “Advent”), resigned from all his positions at the Company and its subsidiaries, effective immediately. Advent offered the CFO position to Mr. Naiem Hussain, its Chief Investment Officer, but the decision was later reversed, and Mr. Hussain’s resignation was unanimously accepted by the Board on March 11, 2024. Since then, the Chief Executive Officer, Dr. Gregoriou has been serving as the Acting CFO.
Dr. Gregoriou concluded, “The Advent HT-PEM technology driven by the Advent MEA can become one of the key decarbonization pillars of the next decade. We are big believers that hydrogen is essential for achieving net-zero targets by 2050. Furthermore, we see many markets where green hydrogen will not be deployed in its compressed or liquefied form, but as a derivative alternative liquid e-Fuel (e-Methanol). The HT-PEM technology has clearly demonstrated throughout the last decade that it is ideal for use with e-Methanol (a virtually net-zero eFuel made from green hydrogen). The HT-PEM technology also provides superior heat-management and many of our partners in Technology or Benchmarking projects are actively evaluating it for this exact reason. Our goal is to push the MEA technology to the performance that is required to bring green and low-cost HT-PEM solutions to the mass market in the near future.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. (a U.S. corporation) is an advanced materials and technology development company operating in the fuel cell, methanol, and hydrogen technology space. Advent is a world-leading company in the development of the HT-PEM technology (with more than 100 patents issued, pending, or licensed worldwide). The HT-PEM fuel cell technology developed by Advent enables off-grid power systems to produce clean power from various green fuels (hydrogen, methanol, bio and eMethanol, and renewable natural gas) and to function with higher efficiency at extreme ambient temperatures and in general extreme environmental conditions (humidity, air pollution). Advent’s main operations focus on developing and manufacturing the Membrane Electrode Assembly (MEA), which is the core electrochemical element and the most critical component of the fuel cell. The MEA largely determines lifetime, power density, efficiency, and overall cost of installation and operation for all applications. Advent is working with world-leading market-leading OEMs with the goal of bringing to the market complete fuel cell systems for a range of applications in the stationary power markets (backup, off-grid, and portable power) and the heavy-duty mobility markets (automotive, aviation, marine).
For more information, please visit www.advent.energy.
WeTheMarket
3 months ago
Advent Technologies Reports Q4 2023 Results
08/20/2024
Link to Press Release https://ir.advent.energy/news/news-details/2024/Advent-Technologies-Reports-Q4-2023-Results/default.aspx
Link to Webcast https://events.q4inc.com/attendee/199098183
Link to Previous (Q3 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173217007
LIVERMORE, Calif.--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, announced on Tuesday, August 13, 2024 its consolidated financial results for the three months and year ended December 31, 2023. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Q4 2023 Financial Highlights
(All comparisons are to Q4 2022, unless otherwise stated)
- Revenue of $1.5 million and income from grants of $0.8 million, totaling $2.3 million, which represents a decrease of (3.6)% year-over-year.
- Full year 2023 revenue of $4.9 million and income from grants of $2.5 million, totaling $7.4 million. This represents a decrease of (20.9)% year-over-year.
- Operating expenses of $44.6 million, representing a year-over-year decrease of $1.1 million.
- Net loss in Q4 of $(25.7) million or $(12.04) per share, and adjusted net loss of $(22.1) million or $(10.32) per share. Adjusted net loss excludes a $0.03 million gain from the change in the fair value of outstanding warrants, and a $3.71 million goodwill and intangible asset impairment charge.
- Unrestricted cash reserves were $3.6 million as of December 31, 2023, a decrease of $0.1 million from September 30, 2023.
“Our product development efforts center around a common core technology: a fuel cell and MEA (membrane electrode assembly) designed to address heavy-duty automotive applications and large-scale stationary systems. Success with our MEA technology is key to unlocking these markets with the right OEM partnerships,” said Dr. Vasilis Gregoriou, Advent’s Chairman and CEO . “Our recent restructuring initiatives have been pivotal in significantly reducing costs. We have already achieved a 70% cost reduction compared to the same time last year. As a result of our strategic shift and a reduction in direct sales efforts, particularly in remote regions, we experienced a decrease in revenue in 2023, which we view as a temporary adjustment. We believe it is prudent to demonstrate this short-term revenue reduction rather than overextend our financial resources. Our goal is to operate as close as possible to break-even relying on the strategic OEM partnership funds and R&D government funds and to have the maximum runway until the inflection point. The partnering OEMs plans for mass production will determine the inflection point timing. We appreciate your ongoing support and patience and look forward to updating you on our progress.”
Company Updates
Technology Update
The Advent Fuel Cell platform, based on our new Ion Pair™ Membrane Electrode Assembly (MEA), offers superior heat management and the ability to operate with liquid eFuels and biofuels. These unique properties, combined with the MEA’s increased power density, form the basis for breakthrough innovation in the fuel cell industry. Our partnerships with industry leaders such as Airbus, the US Army, Hyundai Motor Company, and Siemens Energy not only validate our technological achievements but also highlight the potential of our technology. Our HT-PEM fuel cell technology is ideal for marine and off-grid power applications, both of which are increasingly adopting methanol. Additionally, our high-temperature operation results in superior efficiency, reaching up to 85% when heat is utilized. This positions HT-PEM as optimal for a wide range of applications, including aviation and heavy-duty trucks. The Ion Pair MEA technology has achieved in 2024 approximately double the power of previous state of the art fuel cells per cm². We also have concrete data that we will achieve double the lifetime of competing HT-PEM fuel cell systems. Our fuel cells convert approximately 400 grams of methanol into 1kWh of electrical power, (equivalent to a battery with a power density of 2,500 Wh/kg)—exceeding by a factor of 10 the power density of lithium-ion batteries. Moreover, unlike batteries or hydrogen-based systems, our fuel cells utilize the existing global infrastructure for transporting and dispensing liquid fuels. This advantage is especially beneficial for developing regions. The Ion Pair MEA technology overcomes the prior limitations of the HT-PEM technology.
Operations Update
In the past year, our journey has been marked by a blend of both encouraging and challenging developments. On a positive note, there has been an unprecedented surge in interest across various markets for methanol fuel cells and clean power solutions. However, the financial landscape for clean energy investments has been less favorable, pushing us to seek support through EU infrastructure loans and grants and a private loan from a US-based institutional investor. These processes are typically accompanied by extended bureaucratic processes. Over the years, particularly after our acquisition of Serenergy (Denmark), we have advanced our hardware technology, selling 1,200 systems mainly to the telecom industry. This expertise provides a solid foundation for accelerating partnerships through technology transfer and licensing. However, we have chosen not to remain an end-product OEM across multiple markets, as achieving this would require very significant investment and considerable time. As a result, we have discontinued operations of certain subsidiaries that focused on end-system production, which demanded increasing capital for low-margin or negative-margin revenues.
We have closed non-profitable subsidiaries and facilities in Boston and Denmark, and the Philippines. The Danish subsidiary, in particular, was producing fuel cells with older HT-PEM technology at a cost exceeding $2,000 per kW. In contrast, with our Ion Pair MEA technology, we anticipate that OEMs can develop systems at a cost approaching $500 per kW at scale. Advent is now focusing on advancing MEA innovation, expanding intellectual property footprint, and scaling manufacturing in the future primarily through technology licensing and Joint Development Agreements. This strategic pivot enables us to reduce capital expenditures while maintaining high margins and a sustainable business model.
Business Update
Our new approach involves forming joint ventures and technology transfer agreements with major local integrators, Tier 1 suppliers, and OEMs. By focusing on manufacturing the MEA and potentially the fuel cell stack, we are establishing a scalable, low-capex, and high-margin operational framework.
Global Market Expansion and Partnerships
1. Automotive
In the automotive industry, our MEA technology is currently evaluated by four of the top ten global automakers. In addition, our collaboration with Hyundai Motors has progressed to a Joint Development Agreement, and we aim to secure similar agreements with other major automakers by the end of 2024. Our high-temperature fuel cells offer exceptional benefits for trucks and heavy-duty vehicles, particularly in regions with extreme heat.
2. Aerospace
In aerospace, we have established a $13-million strategic partnership with Airbus to develop our Ion Pair MEA for aviation applications. This two-year Joint Development Agreement is designed to meet aviation performance standards, paving the way for test flights and hardware systems in the near future, with the ultimate goal of enabling fuel cell-powered aircraft.
3. Defense
In the defense sector, we signed in September and December 2023 two contracts (representing total value to the Company of $5 million), with the U.S. Department of Defense. These contracts refer to the HB50 product, a human-portable fuel cell that delivers power for military missions. We are integrating our Ion Pair MEA technology to enhance the HB50’s performance and scale up production by 2026. The objective is to facilitate the shift from low-prototype volume to manufacturing-scale volume. The program is advancing steadily, with daily collaboration with the U.S. Department of Defense. Significant milestones to date have been successfully achieved.
4. Marine
Our technology is already deployed in Sanlorenzo’s 50Steel methanol fuel cell superyacht, Almax. We believe methanol, including biomethanol and e-methanol, is crucial for decarbonizing the marine industry. With over 130 methanol projects globally, we anticipate significant adoption in both retrofitted and new yachts.
5. Data Centers
We are also pursuing collaborations with OEMs in the data center off-grid power market, where we believe our fuel cell technology presents distinct advantages. Data centers currently account for 1-2% of global power usage, a figure expected to rise to 3-4% by 2030 (1000TWhs per year). We anticipate that this increase will drive substantial growth in electricity demand, particularly in the US and Europe, and could double carbon emissions from data centers by 2030.
We believe that our fuel cells can reduce capex and accelerate deployment by eliminating the need for grid upgrades and extensive permits. Our technology’s multifuel capability allows for immediate deployment with methanol (on green eMethanol), biogas and the option to switch to hydrogen or other fuels We are actively engaging with companies interested in leveraging our HT-PEM technology for large-scale data center projects.
R&D Programs
Our teams are actively engaged in a comprehensive portfolio of 13 research and development programs, with total funding amounting to approximately $10 million. These programs receive support from notable sources, including the European Union and key European institutions such as Horizon Europe and the Clean Hydrogen Partnership. In addition to these ongoing initiatives, we are also forming strategic partnerships and submitting proposals for new programs with substantial funding opportunities, such as the European Innovation Fund. These efforts are designed to further advance our technology and expand our collaborative network with leading industry partners. This extensive network not only enhances our technological capabilities but also ensures that we remain at the forefront of innovation in our field.
Conference Call
The Company will host a conference call on Tuesday, August 20, 2024, at 9:00 AM ET to discuss its results. To access the call please dial (800) 715-9871 from the United States, or +1 (646) 307-1963 from outside the U.S. The conference call I.D. number is 9909908. Participants should dial in 5 to 10 minutes before the scheduled time. Participants can also attend the call virtually by visiting the homepage of Advent's Investor Relations (IR) website, where they can register for the event under the "Latest Events" section.
A replay of the call can also be accessed via phone through September 3, 2024, by dialing (800) 770-2030 from the U.S., or +1(609) 800-9909 from outside the U.S. The conference I.D. number is 9909908. An archived version will be available after the event on the homepage of Advent's Investor Relations (IR) website, under the "Latest Events" section.
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 California and holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy .
WeTheMarket
3 months ago
Advent Technologies Announces Date for Fourth Quarter and Fiscal 2023 Earnings Call
08/14/2024
https://ir.advent.energy/news/news-details/2024/Advent-Technologies-Announces-Date-for-Fourth-Quarter-and-Fiscal-2023-Earnings-Call/default.aspx
LIVERMORE, Calif.--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology sectors, today announced that it will host a conference call on Tuesday, August 20, 2024 at 9:00 AM ET to discuss its fourth quarter and fiscal 2023 financial results.
A press release containing these results will be issued before the call.
To access the call please dial (800) 715-9871 from the United States, or +1 (646) 307-1963 from outside the U.S. The conference call I.D. number is 9909908. Participants should dial in 5 to 10 minutes before the scheduled time. Participants can also attend the call virtually by visiting the homepage of Advent's Investor Relations (IR) website , where they can register for the event under the "Latest Events" section.
A replay of the call can also be accessed via phone through September 3, 2024, by dialing (800) 770-2030 from the U.S., or +1(609) 800-9909 from outside the U.S. The conference I.D. number is 9909908. An archived version will be available after the event on the homepage of Advent's Investor Relations (IR) website, under the "Latest Events" section.
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 California and holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy .
WeTheMarket
3 months ago
Advent Technologies Reaches Agreement for up to $3 Million in Debt from Institutional Investor
August 05 2024 - 4:00PM
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/94317183/advent-technologies-reaches-agreement-for-up-to-3
Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology sectors, today announced that the Company entered into a Securities Purchase Agreement, with an institutional investor pursuant to which the Investor will lend the Company $1,000,000.
The Investor has also agreed to provide the Company with a one-year revolving line of credit for $2,000,000 upon the Company’s filing of a Registration Statement on Form S-1 with the Securities and Exchange Commission with respect to an underwritten or “best efforts” public offering by the Company of its common stock and/or Common Stock equivalents for proceeds to the Company of not less than $5,000,000.
The Company will use the proceeds from the loan for general corporate purposes, including expenses related to the preparation of its Annual Report on Form 10-K for the year ended December 31, 2023, and expenses to facilitate a public offering of common stock.
The loan bears interest at the rate of 18% per year and is due in full in one year. The Company is required to reduce the salary of its Chief Executive Officer by at least 50%, and of each other employee of the Company and its subsidiaries by up to 50%..
The closing of the transaction is subject to (i) the Company filing its 2023 annual report on Form 10-K with the Securities and Exchange Commission; and (ii) the resignation of at least five of the current members of the Company’s Board of Directors and appointment to the Board of three nominees designated by the Investor. As a result, (i) each of Nora Goudroupi, Anggelos Skutaris, Larry Epstein, Wayne Threatt and Von McConnell will resign as directors of the Company, and (ii) Katie Field, Richard Paolone and Avtar Dhaliwal will be appointed to the Board of Directors. The Class I Directors will be Vassilios Gregoriou and Emory DeCastro, the Class II Directors will be Richard Paolone and Avtar Dhaliwal, and the Class III Director will be Katie Field.
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, commented: "This additional funding will empower us to further our mission of decarbonizing hard-to-abate sectors through our Ion-Pair™ MEA fuel cell technology. Advent’s management team remains confident in the transformative potential of our fuel cell technology. We are pleased to welcome our new lender and board members.”
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 California and holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy
WeTheMarket
4 months ago
GREECE ENERGY HYDROGEN TECHNOLOGY MARKET UPDATES
7/16/2024
https://www.trade.gov/market-intelligence/greece-energy-hydrogen-technology-market-updates
Greece’s ambitious energy plans include the development of “green” hydrogen to cover the needs of the transportation, shipping and aviation industries by dedicating 3GW of RES to produce “Green” hydrogen by 2030 and ultimately become a regional hub for importing green hydrogen from North Africa and the Middle East and exporting it to European countries. However, as the existing technology is not yet mature, the energy plan aims to produce 0.92TWh of “Green” hydrogen and have installed on a pilot basis at least 26 hydrogen stations by 2030. Per European Unions’ (EU) requirements, the government plans to form a institutional framework for the development of hydrogen by the end of 2024.
The Natural Gas Transmission System Operator of Greece (DESFA) is already planning the development of an exclusive hydrogen transport pipelines network, to connect the estimated main demand centers in Greece, enabling imports and exports of green hydrogen from and to neighboring countries. This basic hydrogen transport network has been integrated into the network of the European Hydrogen Backbone initiative of the European gas network operators.
The EU has committed significant funding to renewable hydrogen under the Clean Hydrogen Partnership. These projects offer potential partnering opportunities for U.S. energy firms and technology suppliers to assist with these projects:
Planned Hydrogen projects
• Hellenic Energy announced a hub in Thessaloniki that combines the development of a 600 MW solar park to be connected directly to the firm’s refineries and include energy storage systems with batteries produced from green hydrogen. Ammonia, a small hydrogen storage project will also be produced. The investment totals €1.5 to €2 billion euros. Another project to be developed at either at Aspropyrgos or Elefsina refineries will combine the capture of carbon dioxide, the production of blue hydrogen and synthetic fuels in combination with Renewable Energy Sources.
• 24/7 ZEN European project, budgeted at €5.5 million with an implementation schedule 2023-2026, concerns the design and development of a high performance reversible Solid Oxide Cell power balancing unit of scale 33 kW (Fuel Cell) /100 kW (electrolyzer) and its compatibility with electricity and natural gas networks. The pilot unit will take place at the Centre for Research and Technology Hellas’ (EKETA) facilities in Thessaloniki, aiming to produce and store green hydrogen and potentially injecting it into the natural gas network.
• CluBE, submitted a proposal which is at the stage of signing the cooperation agreement with the EU for the design, installation, and operation of the first multi-vehicle Hydrogen Refueling Station in Greece at the Kozani Industrial zone. The implementation steps include the production of green hydrogen from electrolysis via PPA at the same refueling site, its use at the refueling station and its innovative transport with carbon fiber cylinders.
• 100MW Green hydrogen production unit with potential for a boost to 200MW (production by electrolysis), at Amydeo, Florina state. The project is managed by Hellenic Hydrogen, a consortium between Motor Oil and PPC Renewables. The facility is planned to produce annual hydrogen amounts of 12,600 tons and is expected to be in operation by 2027.
• EU’s approval of the €780 million investment plan (Green HiPo) of the U.S. firm Advent Technologies in September 2022 aims to establish a hydrogen cell production plant, creating an estimated 650 jobs upon completion. Green HiPo, which is part of the Hy2Tech program, aims to facilitate the development of hydrogen technologies in Greece. Next steps will be to create the development facilities on Advent production lines in Kozani, western Macedonia to design and implement the fuel cell systems with a total produced electrical power of 400 MW and thermal power of 4.65 GW.
Under construction/implementation Hydrogen projects:
• The “Trieres” project is coordinated by Motor Oil and co-funded by EU’s program Horizon Europe and Clean Hydrogen Partnership. It includes 26 entities from Greece, Cyprus, Austria, the Netherlands and Egypt as part of a project to create a Small Hydrogen Valley located at Motor Oil’s Refinery in Ag. Theodoros, Corinthos. Hydrogen Valley is a geographical area where hydrogen serves more than one end sector or application in mobility, industry and energy. The green hydrogen production unit, part of the EPHYRA project - linked to the Trieres project and also coordinated by Motor Oil - will create a 30MW hydrogen production station from renewable sources and create opportunities for the implementation of pilot projects using hydrogen (i.e. city buses through collaboration with the Urban Road Transport S.A.) as well as preparation of hydrogen use studies for existing or future applications.
• H2Crete Valley project (https://h2v.eu/hydrogen-valleys/h2crete-valley-project ) will install a Green hydrogen production plant of 100 MW at Atherinolakos area, Crete Island - developed by ProEuropean Trading GmbH.
• Study on the utilization of sewage sludge for hydrogen production and its use by garbage/waste trucks as fuel. The project is implemented by DIADYMA and is at the stage of completion of the studies. The pilot project will be installed in the former Kardias Lignite Mine of Kozani, in the central premises of DIADYMA and its study is financed by the Green Fund.
• H2-Hub project, managed by the National Center for Research and Technological Development near Ptolemaida is expected to be operational by 2026. It includes the creation of a technology park for the production, storage, and utilization of hydrogen, a “hydrogen farm” (hydrogen fueling station) and a medium voltage substation. The 1MW PV park which will operate within the hydrogen park will power two electrolytes of a total capacity 900kW to produce at least 100 kg green hydrogen/day, HT PEM fuel cells of up to 200kWe power as well as thermal and electric power to cover its energy needs.
Competition
The French HDF Energy plans to establish a subsidiary in Greece or to operate locally. The Norwegian Hoegh LNG Holdings Ltd., a provider of floating liquefied natural gas storage and regasification units, is working on a project that envisages the construction of a hybrid ship that will be able to carry both LNG and hydrogen to floating LNG terminals (FSRUs) such as Revithoussa and Alexandroupolis. The ship is planned to be in operation by 2028.
Opportunities for U.S. firms
As hydrogen technology is currently developing in Greece, knowledgeable U.S. firms may partner with Greek conglomerates, consult or supply needed equipment to the market.
For more information, please contact Energy Industry Specialist Teresa Gile at Teresa.Gile@trade.gov.
KJAX
4 months ago
"In the works" the mega investment in hydrogen technologies by Advent Technologies in Kozani
07/04/24
"I do not hide that the reason why Advent is located in Kozani is the presence of the University of Western Macedonia, the potential that exists here and in the wider region, but also in Northern Greece" emphasized the president & CEO of Advent Technologies , Dr. Vassilis Grigoriou during his speech at the Hydrogen Summer ScH2ool, which is organized by the company in collaboration with the Bioeconomy and Environment Cluster of Western Macedonia (CluBE) and the University of Western Macedonia, within the European project Green Skills for Hydrogen.
This is the company whose, in September 2022, the EU approved an investment plan of 780 million euros (Green HiPo), in the context of the development of hydrogen technologies , for the construction of a hydrogen cell production plant in Kozani. Based on its investment plan, 650 jobs are expected to be created by the time the investment is completed. Mr. Grigoriou stated that "after two years, the company was given the opportunity to submit its investment proposal to an invitation issued by the Ministry of Finance in order to receive a subsidy of 24 million euros from the Just Transition Fund", which it did in compliance with it says "all deadlines".
He also added that "the company has sent all the information requested" and that according to its business plans "there is room until July 2024 for a positive or negative response in order to decide its next moves." He even announced that if the result is negative "the company will bring the issue to Brussels since the specific program is transnational, interdisciplinary and intercompany".
"We could have made our investment in France and Germany, where the company has construction activities one way or another, but we preferred to settle in Kozani," said Mr. Grigoriou, adding that "Advent's competitors, who at the same time submitted corresponding investment proposals EU projects such as France's McPhy and Germany's Sunfire have already received funding from their countries of 250 million euros and 150 million euros respectively."
"On the field of competition, the speed of decisions must serve the levels of our international operation" said Mr. Grigoriou explaining at the same time that "scenarios like 5 years for the construction of the factory and ten years to see some first result mean disaster" since technology and customer needs will have changed dramatically. Addressing students and young scientists who follow the developments in hydrogen technologies, Mr. Grigoriou noted that "the European vision is completely connected to H2 which can provide it with energy security and independence".
As part of the event, the company's equipment was presented, such as fuel cells that burn methanol and water to produce electricity and which are currently used in yachts, in support and energy storage systems, to replace fossil fuel generators, while for the first time, individual aircraft equipment was presented fuel cells used by the US military offering enormous energy autonomy in remote parts of the front. As he explained, the specific systems evolved after 20 years of research and testing that started from the company's facilities on the university campus in Patras where its first research laboratory was set up.
Source: RES-MPE
https://ypodomes-com.translate.goog/quot-sta-skaria-quot-i-mega-ependysi-se-technologies-ydrogonoy-tis-advent-technologies-stin-kozani/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
WeTheMarket
5 months ago
Triantafyllopoulos (Hellenic Hydrogen): Construction of "Project 1 North" in Amyntaio begins immediately
27 05 2024
https://energypress.gr/news/triantafyllopoylos-hellenic-hydrogen-xekinaei-amesa-i-kataskeyi-toy-north-project-1-sto
The company's CEO, Dimitris Triantafyllopoulos, announced readiness to start "North project 1", the construction of Hellenic Hydrogen's green hydrogen unit in Amyntaio, speaking at Balkan Energy's roundtable on the hydrogen market, development and opportunities. A forum that takes place in Kozan.
Triantafyllopoulos stated that "the land to be used" has been determined, the hydrogen production plant will utilize "the construction infrastructure of the Amyntaio nuclear power plant, which is passive" and that "the company is cooperating with ministries for licensing by the Agency for Development, Environment and Energy". He stated that "a regulatory framework should be created immediately so that the new plant can operate and at the same time enable the hydrogen market to function". He reminded the audience that "from the beginning of 2024, Greece 'thrown' away 250,000 kWh from renewable energy sources, while in another case they can be used for hydrogen production, stating that "the management of energy from renewable energy sources is a key point in the development of green hydrogen in GREECE".
When asked who will be the consumer of "Project 1 North", Triantafyllopoulos replied that "the only serious consumer that seems to exist and can 'burn' hydrogen in 20% of the fuel mix is the SITHYA unit, which will be built by PPC and supply thermal energy to district heating in the region." He stressed that this consumer "is not enough to cover the minimum production needs of the factory and more consumers need to be added". He spoke of the "need to create hydrogen transport networks" to access industrial facilities or the country's ports as fuel for ships.
The CEO of Hellenic Hydrogen presented data from auctions held in Europe, where the cost of producing hydrogen in Greece appears to be the lowest. In the advance announcement by Tam Special Service Commander Pelopidas Kalliris, that by the end of June a €100 million energy investment request for TAM regions would be published, Triantafyllopoulos stated that "his company will present its investment plan".
Nora Goudoupi, Director of Business Development at Advent Technologies, in the flagship project Green HiPo, which foresees the development of fuel cells and electrolytes, construction for the production of green hydrogen and electricity, pointed out that they have proceeded for a short time to purchase the land hosting the company's premises, have presented an investment plan of 64 million euros and are waiting for the approval of a grant of 24 million euros from the competent entities. "In order for us to start construction, we need the final green light from the state," said Mrs Goudoupi.
Savvas Douvarartzidis, Associate Professor at PDM University of Applied Sciences, emphasized that the university is actively involved in hydrogen research in its laboratories, all applications for the production, storage and use of hydrogen are underway, and at the same time it organizes the only postgraduate program in Greece on the topic of "hydrogen technology", which has been well received by young scientists and researchers. At the same time, he talked about the university's cooperation with self-governing bodies, Kozani municipality and DIADYMA, where the use of hydrogen is being piloted. As part of the research program, he announced that "the first hydrogen filling station will be established in the Kaslas district of Kozan municipality, where it will supply the first vehicles of the municipality and DIADYMA".
Spyros Voutetakis, director of EKETA, said: "Hydrogen technologies are a useful route for West Macedonia and create jobs."
WeTheMarket
6 months ago
Advent: Where is the hydrogen investment in Kozani – What the CEO of the company and the Ministry of Finance tell the OT
22 05 2024
https://energypress.gr/news/advent-poy-brisketai-i-ependysi-ydrogonoy-stin-kozani-ti-dilonoyn-ston-ot-o-ceo-tis-etaireias
About two years ago, in September 2022, Advent Technologies, a Greek company listed on Nasdaq that develops advanced hydrogen production and storage solutions, presented an ambitious investment plan of €780 million. over time (Green HiPo project), for the construction of a hydrogen production plant in Kozani.
The prospects of a region that paid for the marble of lignite phase-out seemed to be changing, with hydrogen laying the foundations for the green transition. Since then, of course, little has been done for Western Macedonia to "get to know" hydrogen, with most projects waiting ...
Advent's investment, based on what was announced at the time, had received the green light from the EU with a six-year implementation axis and according to the investment plan submitted to Brussels, 650 jobs are expected to be created by the completion of the investment.
Fuel cells for electricity generation
The Green HiPo project includes the development, design and manufacture of HT-PEM fuel cells and state-of-the-art electrolyzers for the production of electricity and green hydrogen, respectively.
The plan includes the development of industrial facilities, research and development in Greece for the design and creation of innovative fuel cell systems with a total electricity output of 400 MW and corresponding thermal power, as well as electrolysis plants with a total capacity of 4.65 GW, in the company's production lines to be built in Western Macedonia.
Until recently, information about the development of the project was circulating with the dropper...
The call for a grant of ECU 24 million was made available to the Commission. euro
At the beginning of 2024, a crack of optimism opened. Last February, an official invitation was sent by the Ministry of Finance to the company to submit the necessary documents regarding the green hydrogen production plant in Kozani, with the project seemingly coming off after 2 years. The invitation was received by Advanced Energy Technologies, a 100% subsidiary of Advent Technologies.
Following Advent's submission of the required documents, the Ministry of Finance was expected to proceed with the disbursement of a €24 million state aid package. from Greece's Just Transition Fund (JTF) for the implementation of the Green HiPo project.
Advent is also seeking to secure additional funding to complement the total of €60 million approved under the IPCEI project budget.
Western Macedonia is "thirsty" for an investment that will undoubtedly take off the region's prospects at a time when lignite phase-out is progressing rapidly.
Who is to blame?
"Oikonomikos Tachydromos", in an attempt to shed light on the reasons why the investment plan is delayed – according to the initial timetable the investment would start in the first half of 2023 – addressed the CEO of the company and the Ministry of Finance.
The CEO of Advent Technologies, Vasilis Grigoriou, in a statement to "Oikonomikos Tachydromos", notes, among other things, that it is "sad that a technology company, born and bred in the Greek research and technological fabric, listed on the Nasdaq, chose to make an emblematic investment in Greece and not in Denmark, Germany, where it has been active for two whole years".
"We sent all the data, conditions of unfair competition"
On the occasion of a report by the "Financial Postman" that referred to obstruction on the part of the company in accelerating the required procedures, the CEO of Advent Technologies Dr. Vasilis Grigoriou points out:
"Advent Technologies declares that it has sent all the information requested by the Call and is also in constant communication with EYDAM (Special Service for Just Development Transition). It also notes that since the official approval of AdventTechnologies' IPCEI Hy2Tech project by the European Commission in July 2022, the process of approving funding from the country has excessively delayed the implementation of the project, which hampers the company's business development plan as well as synergies with other European companies approved under the IPCEI umbrella in hydrogen technologies.
The excessive delay also creates unfair competition compared to companies such as France's McPhy and Germany's Sunfire, which received ratification at the same time as Advent Technologies but have already received funding long ago. He also considers it regrettable that a technology company, born and bred in the Greek research and technological fabric, listed on the Nasdaq, that chose to make an emblematic investment in Greece and not in Denmark, Germany, where it has been active, has been suffering for two whole years."
"To send the certified data, our goal is not to stagnate funds"
"Oikonomikos Tachydromos" addressed the Ministry of Finance, sources of which stated: "The competent services are in constant communication with the company, any delay that occurred concerns the sending of non-certified financial data from the company's side in the first phase, the correct data have been requested again which are either expected or have been sent by the company and the process of their evaluation is proceeding. In any case, our goal is to proceed with the investment in compliance with all the prescribed procedures, we do not want them to remain unused and funds to stagnate."
WeTheMarket
6 months ago
Turning to Hydrogen is Not Easy, Says Bloomberg – What's Happening in Greece
18 May 2024
https://www.energia.gr/article/218778/h-strofh-pros-to-ydrogono-den-einai-eykolh-ypothesh-leei-to-bloomberg-ti-ginetai-sthn-ellada
Experts agree that hydrogen should be in the green transition toolbox if the planet is to reach the goal of net-zero emissions in sectors such as steel, aviation and shipping. However, the few early projects focused on using hydrogen to produce energy in Europe show that switching to hydrogen will not be as easy – at least not as its proponents present it
This is what Bloomgerg Green argues in its analysis, citing as an example the case of the Leipzig power plant inaugurated in October.
At the same time, in Greece, large groups are launching hydrogen development projects, which will become a reality after 2027.
Bloomberg Green makes special mention of the Leipzig plant, which it writes "is the first, tiny part of a dream energy system designed by policymakers across Europe who rely on green fuel to meet some of the world's most aggressive climate goals."
This dream is based on converting newly built polluting infrastructure to burn hydrogen, a fuel that will be many times more expensive than natural gas and that no one has figured out how to move safely and cheaply in bulk.
Germany plans to build more than 20 power plants much larger than the one in Leipzig, which it advertises as the continent's first "hydrogen-ready" facility. They will be supplied by state-of-the-art LNG terminals equipped to handle specialized clean fuels, such as ammonia, and a network of dedicated pipes stretching for about 9,600 kilometers.
By following this model, governments and companies that struggle to meet deadlines for climate goals but are concerned about energy security can still build billions of dollars' worth of natural gas infrastructure as long as it's "hydrogen-ready."
Gas-dependent economies including Germany, the Netherlands, Spain, Italy and Britain are among the biggest proponents for using hydrogen, and some have plans to use it to generate electricity.
But, Bloomberg points out, there is no official definition of what makes a "hydrogen-ready" facility ultimately open the door to greenwashing.
For power plants, hydrogen combustion has not even been tested at scale.
"There has not yet been any measurable progress in building gas-fired, hydrogen-ready power plants," said Eric Heymann, an economist at Deutsche Bank Research.
The issue of transport
Next, the problem of hydrogen transport has not been solved. The Leipzig plant is not connected to the grid (and has yet to install its own electrolyzers), which means that the highly flammable fuel will have to be transported by truck until the second part of the government's grand plan is carried out. It is building a €1 billion liquefied natural gas terminal in Brunsbuettel, a city along the North Sea that will initially import LNG but will be designed to handle clean fuels in the future.
Hydrogen can only be liquefied at -253C (-423F), far beyond the capabilities of current LNG ships. So Germany plans to import hydrogen in the form of liquid ammonia, a combination of hydrogen and nitrogen that can more easily be converted into liquid. But ammonia is toxic, and handling requires better ventilation systems. Many components at the terminal, including control valves and fire and gas sensors, as well as embedded devices — most of which have not been tested with ammonia — will also need upgrades, according to Fraunhofer ISI, an energy think tank.
The difference with renewables
Industries can be built from scratch with enough support. The renewable energy industry that faced skepticism 20 years ago is now booming.
The difference is renewables harness wind and solar energy to generate clean electricity. Both sources already exist and are in use and are available to the public.
Green hydrogen, on the other hand, will require building more solar and wind farms when, in many cases, it would be simpler to simply use that clean energy directly. By the time hydrogen is manufactured, stored and burned to produce electricity again, there is a 70% loss of energy compared to the original, and the cost has tripled.
Green hydrogen will likely only be useful towards the end of the energy transition, when primary electricity demand is comfortably met by renewables, said Pierre Huns, the governor of Belgium's central bank. "We're not going to have green hydrogen in large quantities and cheap prices before that, because of course we have to generate more electricity to power it," he said.
This is, perhaps, why most green hydrogen projects have so far been left on paper or on the websites of major gas companies such as Equinor ASA, Shell Plc and Sinopec.
A gap is emerging between the scale of political ambition and the money companies spend on building the projects. Just 4% of proposed global projects were financially finalized in 2023, according to the International Energy Agency, while others have already failed.
Big bet
And the truth is that even those who support and promote the use of hydrogen do not hide that it is possible that the world will never produce the green fuel at a low enough price to replace the gas. However, they still support the construction of "hydrogen-ready" gas infrastructure in the hope that the market will catch up.
It's a big bet. If they are wrong, the world risks being locked into decades of fossil fuel pollution and blowing up previous emissions reduction targets. Doing so would result in catastrophic climate impacts, Bloomberg analysts warn.
Germany, for example, plans to allocate up to 20 billion euros to make the transition of utilities to hydrogen economically viable, as the country will urgently need a reserve for periods when sun and wind are not available. If these subsidies don't go through, "there is a risk that power plants will simply keep running on gas," said Claudia Günther, head of research for Germany at the Aurora Energy Research think tank.
Despite having already scrapped three hydrogen projects, German utility Uniper SE is preparing to build a new fleet of "hydrogen-ready" gas plants.
Robert Habeck, Germany's economy and climate action minister, says his country has already scaled back its hydrogen plans.
Greece "sees" hydrogen after 2027
From 2027 onwards hydrogen will... The major energy players are setting a green course, but without much haste, as it is necessary to ensure the sustainability of their investments in the context of the green transition.
Helleniq Energy
Helleniq Energy is in the works to develop an electrolysis unit at the Group's refineries in Thessaloniki, aiming at the production of "green" hydrogen for the subsequent production of ammonia or methanol, with their main purpose being used as fuel on ships.
The group plans to create a photovoltaic park with a capacity of 200-300 MW in close proximity to the company's facilities, in order to provide "green" energy to the electrolysis plant estimated at a capacity of up to 100 MW.
TITAN
TITAN's H2CEM project will be subsidized with €60 million. It aims to produce green hydrogen through electrolysis using RES plants that will be installed in three of the company's plants.
The project foresees the installation and operation of green hydrogen production units through electrolysis for TITAN's cement plants in Greece (Kamari, Viotia, Drepano, Achaia and Efkarpia, Thessaloniki). The units, which will be powered by renewable electricity sources, will have a total capacity of at least 3.5 MW.
Motor Oil
Motor Oil's "Blue Med" program aims to create a low-emission energy hub in the Eastern Mediterranean that includes the production of green hydrogen through a 30 megawatt plant, CO2 capture, their transport and distribution, and ultimately their use in industry and transport.
"Blue Med" is being implemented as part of the IRIS project, set for completion in 2028, which will integrate several innovative industrial processes on a scale never before implemented in an independent refinery. IRIS will receive €127 million in funding. euros from the European Commission.
Theellenic Hydrogen
The "green" hydrogen unit of "Hellenic Hydrogen" (joint venture between PPC and Motor Oil) is expected to be put into operation in 2027 in Western Macedonia, in an area of the steam power station in Amyndeon.
The investment will bring a benefit of EUR 100 million to the local economy. annually (through the improvement of the import-export balance, the reduction of carbon dioxide emissions and taxation and taking into account multipliers) creating the conditions for the creation of 40-50 direct and about 500 indirect jobs in the region.
Advent
Advevt's promising investment (the company with a presence on the Nasdaq has specialized in high-performance fuel cell technology) concerning a green hydrogen production plant in Kozani is progressing slowly. The Green HiPo project includes the development, design and manufacture of HT-PEM fuel cells and state-of-the-art electrolyzers for the production of electricity and green hydrogen, respectively.
The company, which will initially be subsidized with €24 million. Although it received an official invitation from the Greek Ministry of Finance in February to submit the necessary supporting documents, it has not shown much zeal to run the procedures.
DESFA
DESFA, within the borders, has in the works the project, with a budget of €1 billion. and a timetable for completion by 2030, "Dedicated H2 Backbone" for the construction of a new 540 km pipeline. exclusively for the transport of clean hydrogen. The pipeline is expected to start from the southern part of Greece and reach the interconnection point of the NNGS with Bulgaria, where it will be connected to the exclusive hydrogen pipeline of Bulgartransgaz, providing the possibility for hydrogen imports and exports to and from Bulgaria.
The new pipeline lays the foundations of the new energy era, in light of the green transition, allowing the construction of a national hydrogen transport system, as it can be connected to the pipeline to Western Macedonia and the interconnector between Greece and North Macedonia.
At the same time, DESFA is preparing technical feasibility studies regarding the mega project of the "green" hydrogen pipeline between Greece and Bulgaria.
WeTheMarket
6 months ago
Advent Technologies Holdings Announces Effective Date of Reverse Stock Split
May 09 2024
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/93816889/advent-technologies-holdings-announces-effective-d
Advent Technologies Holdings, Inc. (Nasdaq: ADN) (“Advent” or the “Company”) announced today that it will file a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware after the close of business on Monday, May 13, 2024 to effectuate its previously announced 1-for-30 reverse stock split of its issued and outstanding common stock (the “Reverse Split”). The Company expects its common stock and publicly traded warrants to begin trading on a split-adjusted basis on the Nasdaq Capital Market (“Nasdaq”) with the opening of trading on Tuesday, May 14, 2024 under the existing trading symbols “ADN” and “ADNWW,” respectively. The CUSIP number for the Company's common stock following the reverse stock split will be 00788A 204.
As previously disclosed, the reverse stock split was approved on April 30, 2024 by Advent’s Board of Directors, following approval by the Company's stockholders at a special meeting held on April 29, 2024. The Reverse Split is intended to bring Advent into compliance with Nasdaq's $1.00 per share minimum bid price requirement for continued listing and to make the Company's stock more attractive to a broader range of institutional and other investors.
After the Reverse Split, the number of outstanding shares of common stock will be reduced from approximately 77.6 million to approximately 2.6 million, subject to adjustment for fractional shares. No fractional shares will be issued in connection with the Reverse Split, and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment.
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, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
KJAX
7 months ago
Perka: Production in the Green HIPo should be exclusively from RES and not from fossil fuels
12 04 2024
The Member of Parliament of Florina and Secretary of K.O. of the New Left, Petis Perkas, submitted a question to the Minister of Environment and Energy regarding the "Green HIPo" hydrogen project.
Peti Perka emphasizes that the hydrogen that will be produced should come exclusively from Renewable Energy Sources (green hydrogen) and the use of fossil fuels for its production will be excluded. The wording in the specification issue presented in the 6th Written Procedure of the Monitoring Committee of the Just Development Transition Program (JTPP) 2021-27 does not exclude the use of fossil fuels for the same purpose.
It is necessary to clarify on the one hand what will be the destination of the electricity produced by the hydrogen cells and on the other hand the compatibility of the design with the National Energy and Climate Plan (ESEK). For example, if he means that the electricity produced by the hydrogen cells will be used in electric cars, then there is a question of very low efficiency in the use of green hydrogen for electrification, which is not recommended.
The path of implementation of the PDAM, up to the present phase, is not consistent with the national strategy for the development of energy storage infrastructure as reflected in the ESEK, according to which there is a balance between three energy storage technologies (batteries, pumped storage and hydrogen). So far, two programs concerning hydrogen and none of the other storage technologies have been presented.
Taking into account the above, Peti Perka concludes with four questions to the competent Minister.
question by P. Perkas: "The Green HiPo project (hydrogen) is positive with reasonable questions that need to be answered"
Question
To the Minister of Environment and Energy
Topic: "Green HiPo (Hydrogen) Project Positive with Reasonable Questions Needing Answered"
In the 6th Written Procedure of the Monitoring Committee of the Just Development Transition Program (JTPP) 2021-27, the Green HiPo project was presented, which is part of a Project of Common European Interest in the field of hydrogen, which is initially positive. However, there are issues to be discussed and clarified as pointed out by the green tank [1] .
The hydrogen that will be produced should come exclusively from Renewable Energy Sources (green hydrogen) and the use of fossil fuels for its production will be excluded. The wording in the presented specification does not exclude the use of fossil fuels for the same purpose.
It is necessary to clarify on the one hand what will be the destination of the electricity produced by the hydrogen cells and on the other hand the compatibility of the design with the National Energy and Climate Plan (ESEK). For example, if he means that the electricity produced by the hydrogen cells will be used in electric cars, then there is a question of very low efficiency in the use of green hydrogen for electrification, which is not recommended.
There is no update on the location of the project and of course the Special Town Planning Plans (STP) of the Depolitization Zones (ZAP) have not been approved. In any case, the tendency to concentrate potential investments in the capital of the Region of Western Macedonia does not go hand in hand with the balanced development of the lignite regions of Kozani and Florina.
The path of implementation of the PDAM, up to the present phase, is not consistent with the national strategy for the development of energy storage infrastructure as reflected in the ESEK, according to which there is a balance between three energy storage technologies (batteries, pumped storage and hydrogen). So far, two programs concerning hydrogen and none of the other storage technologies have been presented.
Taking into account the above, the competent Minister is asked:
Will the hydrogen that will be produced come exclusively from Renewable Energy Sources (green hydrogen) or will it also be produced from the use of fossil fuels?
What will be the fate of the electricity produced by the hydrogen cells? Will it be used for example in electric cars?
Where will the project be located? Is the balanced development of the lignite areas ensured in a fair way?
Is the implementation path of the PDAM, up to the present phase, consistent with the national strategy for the development of energy storage infrastructure as reflected in the ESEK?
The questioning Member of Parliament
Theopisti (Peti) Perka
[1] https://thegreentank.gr/wp-content/uploads/2024/02/20240206_Comments_Green_Tank_6h_grapth_diadikasia.pdf
https://perkapeti-gr.translate.goog/erotisi-p-perka-quot-thetiko-me-eyloga-erotimata-poy-chrizoyn-apantisis-to-ergo-green-hipo-ydrogono-quot/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
WeTheMarket
7 months ago
Advent Technologies Signs Strategic Joint Development Agreement with Siemens Energy to Expedite the Decarbonization of the Maritime Sector
04/04/2024
https://ir.advent.energy/news/news-details/2024/Advent-Technologies-Signs-Strategic-Joint-Development-Agreement-with-Siemens-Energy-to-Expedite-the-Decarbonization-of-the-Maritime-Sector/default.aspx
BOSTON--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc., an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that its wholly owned subsidiary, Advent Technologies A/S (“Advent”), has signed a Joint Development Agreement (“JDA”) with Siemens Energy, one of the world's leading energy technology companies.
The newly signed JDA outlines the collaboration between Advent and Siemens Energy, combining Advent's HT-PEM fuel cell 50kW modules utilizing its innovative Ion-Pair™ membrane electrode assembly (MEA) technology with Siemens Energy's electrification and automation solutions for hybrid and electric vessels.
The goal is to develop an integrated 500kW High-Temperature Proton Exchange Membrane (“HT-PEM”) fuel cell solution for maritime applications and then evaluate to scale down/up the system to fit with market requirements from motor and Giga Yachts to ferries and container/commercial ships.
The innovative clean energy solution resulting from this multi-year collaboration is expected to initially address the power needs of large yachts. Subsequently, plans are underway to broaden its application to include ferries and commercial/container vessels.
The initial prototype testing for the HT-PEM fuel cell module is expected to take place at Siemens Energy's testing facility in Erlangen, Germany, in 2025, with the testing of the first fuel cell module scheduled for completion in 2026. Advent is currently engaging with world-leading customers in the maritime industry and anticipates signing commercial term sheets in the near term to pursue upcoming Requests for Proposals (RFPs).
This agreement builds upon the strong collaboration between Advent and Siemens Energy, which began in February 2022 with the Sanlorenzo Life Ocean pilot project. In this project, the companies jointly developed a marine HT-PEM fuel cell solution to provide clean power for hotel functions aboard a 50-meter Sanlorenzo superyacht. Additionally, in March 2024, Advent and Siemens Energy deepened their collaboration by joining as consortium partners in the RiverCell 3 research and development project, which is partially funded by the German Federal Ministry for Digital and Transport as part of the National Innovation Programme Hydrogen and Fuel Cell Technology.
Advent Technologies' HT-PEM fuel cells utilizing the innovative Ion Pair™ MEA technology, offer high-temperature operation between 80°C and 240°C. This advancement extends their lifespan by at least threefold and doubles the power density compared to earlier Advent systems. Additionally, Advent’s HT-PEM fuel cell technology enables the use of liquid green fuels like eMethanol, enhancing efficiency by utilizing both heat and electricity, resulting in high resilience. These fuel cells can function with impure hydrogen, impure air intake, and in extreme ambient temperature and humidity conditions, making them an ideal choice for widespread adoption in the maritime industry.
As the world advances towards extensive green hydrogen production, eMethanol emerges as a leading choice for marine fuel in the maritime industry, promising a potential 100% reduction in CO2 emissions. Methanol and its derivatives function as versatile energy carriers and storage solutions, efficiently releasing hydrogen catalytically through fuel reformers. With its efficient storage capabilities, ease of handling, and utilization of existing infrastructure for transportation, methanol stands as a secure and economically viable alternative to fossil fuels.
Advent’s Chaiman and CEO, Dr. Vasilis Gregoriou, commented: “The Advent team is thrilled to witness Siemens Energy's recognition of the immense potential of HT-PEM fuel cell technology in maritime applications. After two years of intensive collaboration, we stand prepared for the next stage, with the goal of positioning HT-PEM fuel cell technology as a pivotal element in global decarbonization initiatives, working towards achieving net-zero emissions in the maritime sector by 2050. We look forward to maintaining our collaborative momentum, combining our extensive fuel cell expertise with Siemens Energy's unparalleled experience in electrification and automation solutions, to collectively pave the way for a more sustainable future in maritime operations worldwide.”
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, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
WeTheMarket
8 months ago
NOTICE OF SPECIAL MEETING OF STOCKHOLDERS TO BE HELD APRIL 29, 2024
We are pleased to notify you that Advent Technologies Holdings, Inc. (“Advent,” “we,” “our,” “us,” or the “Company”) will hold a special meeting of our stockholders (the “Special Meeting”) on April 29, 2024, at 9:00 a.m. Eastern Time, in a virtual meeting format at www.virtualshareholdermeeting.com/ADN2024SM for the following purposes:
1. To amend the Company’s Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) to effect, at the discretion of the Board of Directors (the “Board”), a reverse stock split of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a ratio in the range of 1-for-2 to 1-for-30, with such ratio to be determined at the discretion of the Board (the “Reverse Split Proposal”);
2. To approve an amendment to the Advent Technologies Holdings, Inc. 2021 Equity Incentive Plan (the “Plan”) to increase the number of shares of Common Stock issuable under the Plan from 6,915,892 to 17,079,188; and
3. To transact such other business as may properly come before the meeting or any adjournments and postponements thereof.
Our board of directors has established the close of business on March 8, 2024, as the “record date” for the Special Meeting (the “Record Date”).
This means that you are entitled to vote at the Special Meeting (by remote communication or by proxy) if our stock records show that you owned our Common Stock at that time.
A list of stockholders as of the Record Date will be available at our headquarters at 500 Rutherford Avenue Suite 102, Boston, MA 02129 for a period of at least ten (10) days prior to the Special Meeting. A list of stockholders will also be available electronically on the virtual meeting website during the meeting.
The Special Meeting will be a completely virtual meeting, which will be conducted via live webcast. You will be able to attend the Special Meeting online, vote your shares, and submit your questions during the meeting by visiting www.virtualshareholdermeeting.com/ADN2024SM. Details regarding how to attend the Special Meeting online are more fully described in this proxy statement.
Whether you plan to attend the Special Meeting or not, it is important that you cast your vote either by remote communication at the meeting or by proxy. You may vote at the meeting over the Internet, telephone or by mail. You are urged to vote in accordance with the instructions set forth in this proxy statement. We encourage you to vote by proxy so that your shares will be represented and voted at the meeting, whether or not you can attend. You will need the 16-digit control number included with the Notice, on your proxy card, or the instructions that accompany your proxy materials to attend the Special Meeting virtually via the Internet.
Link https://stkt.co/G2Rmu726
WeTheMarket
8 months ago
Green hydrogen: Large energy groups in the battle for production
Waiting for the regulatory framework
Machi Tratsa
17.03.2024
https://www.ot.gr/2024/03/17/green/ydrogono/prasino-ydrogono-sti-maxi-gia-tin-paragogi-megaloi-energeiakoi-omiloi/
The dynamic course of the green energy transition has brought to the fore zero-emission technologies, such as hydrogen. The creation of a "green" hydrogen economy produced with energy from Renewable Sources is included in the EU's strategic planning focusing on the gradual development of hydrogen production projects and transport networks, with priority given to its use as a fuel in transport, industry, but also its utilization for long-term energy storage in electricity production.
National Strategy
Mobility is already taking place in Greece, with many domestic energy "fireplaces" developing various projects. However, as the technology is not yet fully mature, significant State or Community aid is needed to support them. At the same time, a strategy and regulatory framework are needed.
Advent Technologies: Next steps for the green hydrogen plant in Kozani
The long-awaited National Strategy for hydrogen, as stated in "Vima" by the Deputy Minister of Energy Mrs. Alexandra Sdoukou, will be included and reflected in the National Energy and Climate Plan (NECP). "Hydrogen is not an end in itself – the goal is to move to a net-zero carbon economy, at the lowest possible cost, and therefore the hydrogen strategy cannot be a fragmentary text," he stresses.
Regulatory framework
According to the deputy minister, the regulatory framework for hydrogen is also under development, which will be ready by June, as it is a milestone of the Recovery Fund. "It is not an easy task as a number of challenges have to be addressed concerning this new energy carrier, such as the certification of hydrogen as renewable, given that there is also non-renewable hydrogen production, ie from fossil fuels or from electricity derived from fossil fuels," says Ms. Sdoukou.
However, already with EUR 19.5 million in funding secured, The "Hydrogen Hub", a demonstration project in Ptolemaida, is proceeding with the Just Development Transition Fund. On February 7, the first phase of the competition for its creation was completed by the Institute of Chemical Processes and Energy Resources of the Centre for Research and Technology Hellas (CERTH).
According to the research director Mr. Panagiotis Grammalis, interest was expressed by three construction companies (Thales of the Motor Oil group, TEKAL and ERGOTEK) and at the end of April the appointment of the contractor is expected, with the operation of the project to be determined, unless unexpected, at the end of 2025.
Electrolysis
Electrolysis projects
At the same time, many electrolysis projects are being baked in Greece by domestic energy groups, such as the "North project 1" in Western Macedonia by Hellenic Hydrogen (a joint venture of Motor Oil and DEH) and the "Blue Med" by Motor Oil at its facilities in Corinth. Also, HELLENiQ Energy is planning a small electrolysis plant at the Elefsina refinery while it is considering the development of a larger unit at the Thessaloniki refineries.
ADVENT Technology is maturing Green HiPo in Western Macedonia, which has been included in the IPCEI (Important Projects of Common European Interest), as well as B&T Composites' H2CAT. Furthermore, Eunice along with eight other partners is promoting the Crete-Aegean hydrogen hub "CRAVE H2", TITAN Group is promoting the H2CEM project, etc.
The Hellenic Gas System Operator (DESFA) plans to blend existing natural gas infrastructure with hydrogen in the medium term, while it looks forward to the inclusion of the first hydrogen pipeline in Greece in the list of projects of common European interest. Investment interest is also high at European level. Recently, the EU launched a pilot auction to financially support projects per kilogram of hydrogen produced, which attracted 132 projects from 17 European countries.
WeTheMarket
8 months ago
Advent Technologies Participates in $12.4 Million Project to Reduce GHG Emissions in the Maritime Sector
03/05/2024
https://ir.advent.energy/news/news-details/2024/Advent-Technologies-Participates-in-12.4-Million-Project-to-Reduce-GHG-Emissions-in-the-Maritime-Sector/default.aspx
BOSTON--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology space (the “Company” or “Advent”), is pleased to announce that its subsidiary, Advent Technologies A/S, has received approval for funding for its latest research and development project, RiverCell 3. This project aims to develop a maritime fuel cell system resulting in an auxiliary power unit with a total capacity exceeding 500kW. This will be accomplished by utilizing Advent's modular 50kW eMethanol-powered fuel cell systems (“Serene”), which are based on the Company's Ion-Pair™ membrane electrode assembly (“MEA”) technology.
The RiverCell 3 project has a total budget of approximately $12.4 million, from which Advent’s budgeted portion is approximately $6.1 million. The collaborative partners involved in the project include MEYER NEPTUN Engineering GmbH, Siemens Energy Global GmbH & Co. KG, Lloyd's Register EMEA Niederlassung Deutschland and Hochschule Wismar Bereich Seefahrt, Anlagentechnik und Logistik. The project commenced in January 2024 and is scheduled to conclude on December 31, 2026.
RiverCell 3 builds upon the foundation established by previous RiverCell initiatives, in which Advent played a pivotal role as a key partner, demonstrating the effectiveness of its Serene fuel cells to the maritime sector. In this latest stage of the project, Advent’s innovative Ion Pair™ MEA technology will play a vital role in crafting fuel cell systems designed specifically for larger vessels.
By extending the expected lifespan of fuel cells by at least three times and doubling the power density compared to Advent’s earlier systems, the Ion Pair™ MEA technology promises significant advancements in maritime applications. The technology is made possible through the Company’s participation in the U.S. Department of Energy’s L’Innovator™ program, developed in collaboration with esteemed U.S. research institutions such as Los Alamos National Laboratory, Brookhaven National Laboratory, and the National Renewable Energy Laboratory.
The successful completion of RiverCell3 is anticipated to make a substantial contribution to the objectives outlined in the revised IMO GHG Strategy, which was adopted in July 2023. This strategy aims to mitigate greenhouse gas (“GHG”) emissions for international shipping, with a reinforced commitment to achieving net-zero emissions by 2050. Furthermore, it pledges to encourage the adoption of alternative zero and near-zero GHG fuels by 2030, while also setting milestone targets for the years 2030 and 2040.
The RiverCell 3 project is partially funded by the German Federal Ministry for Digital and Transport as part of the National Innovation Programme Hydrogen and Fuel Cell Technology, with a total of approximately $6.2 million, from which Advent’s portion is approximately $3 million. Funding for this measure is provided as part of the German Recovery and Resilience Plan (DARP) via the European Recovery and Resilience Facilities (ARF). The funding is coordinated by NOW GmbH and implemented by Project Management Jülich (PtJ).
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, commented: “We express our sincere appreciation to the German Federal Ministry for Digital and Transport for their funding support, and we eagerly anticipate collaborating with our esteemed partners on this groundbreaking project for the maritime industry. Undoubtedly, the Ion Pair MEA technology will significantly enhance the capabilities of our Serene fuel cell systems, positioning them as a pivotal clean energy solution for the future of maritime operations."
Morten Sørensen, Senior Vice President of Advent Technologies A/S, commented: "The growing adoption of eMethanol as an environmentally friendly fuel in maritime settings stems from its notable energy density, convenient handling, and minimal emissions. As the maritime sector intensifies its endeavors to cut carbon footprints and comply with environmental regulations, Advent's eMethanol fuel cells stand out as the preferred choice, providing a compelling substitute for conventional diesel generators and engines that can be easily embraced today.”
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, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
WeTheMarket
8 months ago
Advent Technologies: The next steps for the green hydrogen factory in Kozani
The 24 million grant kicks off the project that aims to make the region a protagonist in the green transition
04.03.2024
https://www-ot-gr.translate.goog/2024/03/04/energeia/advent-technologies-ta-epomena-vimata-gia-to-ergostasio-prasinou-ydrogonou-stin-kozani/
De-lignitization: The investment plan in Western Macedonia and Megalopolis is coming off the ground
BASF has been a leader in membrane and MEA technology for high-temperature proton exchange membrane (HT-PEM) fuel cells for 20 years, while Advent is the largest manufacturer of HT-PEM fuel cell systems. Their partnership aims to develop new catalysts and fuel membranes.
Last week, the project seemed to get off the ground and get on the rails as an official invitation was sent by the Ministry of Finance to the company to submit the necessary supporting documents regarding the green hydrogen production plant in Kozani. The invitation was received by Advanced Energy Technologies, a 100% subsidiary of Advent Technologies.
After the submission by Advent of the required documents, the Ministry of Finance is expected to proceed with the disbursement of a state aid package of 24 million euros from the Just Transition Fund (TTM) of Greece for the implementation of the Green HiPo project. The costs related to the project are eligible for reimbursement retroactively from June 15, 2022, the date of notification to the Directorate General for Competition of the European Union of Greece's participation in the IPCEI Hy2Tech program. Advent will also seek to secure additional funding to top up the total €60 million approved under the IPCEI project budget.
From lignite to hydrogen
In any case, the first decisive steps have been taken without, of course, yet a clear timetable that will lead to the initiation and completion of the investment with the bureaucracy, although it has been limited to not allowing safe predictions. However, the era of hydrogen is getting closer and closer to Western Macedonia, a region that experienced first hand the effects of lignitization.
The aim of Green HiPo, which is part of Hy2Tech, is to "build" the appropriate ecosystem in Greece for the development of hydrogen technologies. To achieve this, the company will have to create alliances with public bodies, Greek universities and research institutes. The project has at its core research, development and innovation, as well as first industrial development, not in mass production initially, of innovative fuel cell systems and electrolyzers.
The plan includes the development of industrial facilities, research and development in Greece for the design and creation of innovative fuel cell systems with a total generated electrical power of 400 MW and corresponding thermal power, as well as electrolysis units with a total power of 4.65 GW, in the company's production lines that will be erected in Western Macedonia.
Advent was one of only eight small and medium-sized companies to receive validation within Europe under the 'IPCEI Hy2Tech' programme. Direct project participants will work closely through numerous planned collaborations with more than 300 external partners such as universities, research organizations and media across Europe.
The bet and the European dimension
With the developments running, Western Macedonia is preparing to welcome an investment that undoubtedly boosts the region's prospects at a time when decarbonization is increasingly on the table. It is worth noting that green hydrogen is knocking on the door of the region as investments for its production are also expected from EKETA and PPC.
Western Macedonia's smooth transition from a coal-based economy to an alternative, greener economic model with the region continuing to play a dominant role in meeting the country's energy needs is a critical bet to be won.
Advent's investment over a seven-year period may exceed 700 million euros, contributing to around 650 direct jobs and multiple indirect jobs in the region, while the scope of the project goes beyond the borders of Greece as Europe aims to produce 10 million tons of renewable hydrogen by in 2030, a goal which the investment in Kozani will "serve" to a certain extent.
What is Advent?
Advent develops advanced hydrogen production and storage solutions to enable the widespread adoption of hydrogen as a clean energy source. These technologies have the potential to revolutionize industries such as transportation, industrial processes, and power generation. The company already maintains strategic partnerships with giants such as Airbus, Hyundai Motor Company and Siemens Energy. Advent has specialized in high performance fuel cell technology. Fuel cells use hydrogen, natural gas or other forms of clean liquid fuels to produce "clean" energy.
This technology has multiple uses in automotive, aeronautics and off-grid power generation. Hydrogen is a versatile energy carrier that can be produced from various renewable sources, such as wind and solar energy.
From Patras... on Nasdaq
Advent, which was "born" in Patras with its stock now trading on the Nasdaq index, is the creation of Dr. Vassilis Grigoriou, president of the National Research Foundation and an internationally renowned scientist who in his 30-year career has held many research and administrative positions both in Greece and in the USA.
The fuel of the future
Green hydrogen can have a variety of uses in industries such as steelmaking, concrete production, and the production of chemicals and fertilizers. It can also be used to generate electricity, as fuel for transport and for heating homes and offices.
Today, hydrogen is mainly used in gasoline refining and fertilizer production. Green hydrogen is produced by the method of electrolysis of water from electricity coming from RES.
Green hydrogen has low to zero CO2 pollutants. It can be used either for electricity through fuel cells, or in gaseous form for use in transport. Compared to other forms of hydrogen production, it is more expensive, for now, but certainly the most environmentally friendly.
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