Acquisition Expands Production Operations in
the United States
Conference Call Scheduled for Today at 11:00 am
EST
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an
innovation-driven company in the fuel cell and hydrogen technology
space, today announced that it has acquired UltraCell LLC
(“UltraCell”), the fuel cell division of Bren-Tronics, Inc.
(“Bren-Tronics”). The acquisition closed on February 18, 2021.
UltraCell is a leader in lightweight fuel cells for the portable
power market with mature products and cutting-edge technology. The
portable battery chargers produced by UltraCell are the only NATO
approved fuel cell products Made in the USA (and one of the only
two across NATO), with units already deployed in the field by
military and security agencies. Three additional NATO allies are
currently testing UltraCell systems. UltraCell’s fuel cell products
have also been recognized and presented in multiple global NATO
events.
UltraCell’s technology can use hydrogen or liquid fuels to
deliver reliable power at a fraction of the weight of batteries. An
UltraCell system is 3x-25x lighter in weight than the equivalent
battery solution (depending on the application and use case).
Furthermore, the systems have been deployed with excellent
performance in stringent and challenging conditions and climates.
UltraCell’s fuel cells rely on Advent’s high-temperature MEAs for
delivering on the “any-fuel, anywhere” promise.
UltraCell’s fuel cell innovations will complement the
development of Advent’s next-generation lightweight systems for the
mobility market (with emphasis on the commercial drone, aviation,
and heavy-duty automotive industries). Advent plans to retain and
expand current UltraCell operations and capabilities in the
Livermore, California area, in parallel to its Boston operations
and continue to deliver on its “Made in the USA” promise.
Dr. Vasilis Gregoriou, Advent’s CEO & Founder, commented:
“We are excited to welcome our long-time partners from UltraCell to
the Advent family. The two teams share the same DNA and focus on
innovation and have worked together for years, so we expect this to
be a very successful combination. Our strategy is very clear, and
we have put the plan in action immediately after our public
listing. We believe our next-generation HT-PEM technology that we
co-develop with the US Department of Energy, combined with
UltraCell’s expertise and lightweight stack innovations, is an
unbeatable combination. Together, we can bring to the market
industry-leading products that will benefit various end markets.
The next step in our plan is to partner with strategic Tier1 and
OEM companies and forge a path to mass-market adoption.”
Bill Hunter, Advent’s CFO & President added: “This is a
high-value acquisition to extend our range in the fuel cell market.
One of the first principles in technology deals is having the right
people, and the two teams in this transaction know and respect each
other well. The UltraCell operation is very active with its product
development and is expected to bring quality revenue to Advent. Our
decision to retain and expand the facilities in Livermore,
California, is a testament to our Made in the USA plan.”
Ian Kaye, Founder & General Manager of UltraCell added: “We
are excited to join an ambitious public company that has a plan to
revolutionize the fuel cell industry. I believe together with our
new colleagues, we can bring to the global market products that
make fuel cells affordable and ideal for the mobility industry.”
Mr. Kaye will also take a leading role in Advent’s future plans as
Senior Vice President of Product Development.
Conference Call Information
Advent Technologies will host an investor conference call to
discuss the transaction Monday, February 22, 2021 at 11:00 am EST.
The webcast will be accompanied by a detailed investor
presentation.
Date: Monday, February 22, 2021 Time: 11:00 a.m. Eastern time
Toll-free dial-in number: (888) 753-4238 International dial-in
number: (574) 941-1785 Conference ID: 6082445
The conference call will be broadcast live and available for
replay here.
Toll-free replay number: (800) 585-8367 Replay ID: 6082445
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is an innovation-driven
company in the fuel cell and hydrogen technology space. Our vision
is to accelerate electrification through advanced materials,
components, and next-generation fuel cell technology. Our
technology applies to electrification (fuel cells) and energy
storage (flow batteries, hydrogen production) markets, which we
commercialize through partnerships with Tier1s, OEMs, and System
Integrators. For more information on Advent Technologies Holdings,
Inc., please visit the company’s website at
https://www.advent.energy/
About UltraCell LLC
UltraCell LLC, a wholly-owned subsidiary of Bren-Tronics Inc.,
is a leader in fuel cells, with experience in research, product
development, manufacturing, and customer applications. The company
has developed new technologies and intellectual property in the
field of methanol, propane and JP8 - based fuel cells and continues
to innovate in this rapidly emerging field. UltraCell was the first
to commercialize reformed methanol fuel cell technology to provide
clean, renewable energy to power portable electronics. UltraCell’s
fuel cell systems were the first systems in the 25-50 watt range to
have undergone extensive Military Specification qualification
testing and field trials. www.ultracell-llc.com
About Bren-Tronics, Inc.
Bren-Tronics (Commack, NY) is a small business that has been
designing and manufacturing portable power solutions for the war
fighter since 1973. Bren-Tronics is the world leader in the design
and production of military rechargeable batteries, chargers, and
power systems.
Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. These forward-looking statements
address various matters including Advent’s acquisition of UltraCell
and the impact of such acquisition on Advent including, among
others, statements concerning the potential benefits, strategic
plans and business expectations associated with the acquisition.
Each forward-looking statement contained in this press release is
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statement. Applicable risks and uncertainties include, among
others, the successful execution of the plans described in this
press release; and the risks identified under the heading "Risk
Factors" in the definitive proxy statement / prospectus included in
the Registration Statement on Form S-4 filed with the SEC on
January 20, 2021, as well as the other information we file with the
SEC. We caution investors not to place considerable reliance on the
forward-looking statements contained in this press release. You are
encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release
speak only as of the date of this press release, and we undertake
no obligation to update or revise any of these statements. Our
business is subject to substantial risks and uncertainties,
including those referenced above. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210222005435/en/
For Advent Technologies Sloane & Company Joe Germani / Alex
Kovtun / James Goldfarb jgermani@sloanepr.com /
akovtun@sloanepr.com / jgoldfarb@sloanepr.com
For UltraCell LLC. Ian Kaye ikaye@ultracell-llc.com
For Bren-Tronics, Inc. Doug Petito dpetito@bren-tronics.com
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