“White Dragon” is poised to be an important
step in the green energy transition to hydrogen technology
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an
innovation-driven company in the fuel cell and hydrogen technology
space, today announced the achievement of an important milestone in
the development of hydrogen technologies. Specifically, on
Wednesday, May 5, the national proposal for hydrogen technologies
"White Dragon" was submitted by a group of the largest energy
companies in Greece. The proposal sets forth a future vision for
the entire hydrogen value chain and a path to expand its role in
the Greek energy system’s reduced carbon goals.
DEPA Commercial will serve as the project coordinator of “White
Dragon” and, in collaboration with Advent Technologies, Damco
Energy S.A. (Copelouzos Group Company), PPC Greece, The Hellenic
Gas Transmission System Operator (“DESFA”) S.A., Hellenic
Petroleum, Motor Oil, Corinth Pipeworks, TAP and Terna Energy
(together the “consortium”), on May 5, 2021, submitted the
consortium’s proposal, a more than 8 billion euro plan for the
development of an innovative, integrated green hydrogen project in
Greece, to the Greek government and the European Union. The
proposal already has the support of the Region of Western Macedonia
and the Cluster of Bioeconomy and Environment of Western
Macedonia.
The objective of the project is to gradually replace the lignite
power plants of Western Macedonia and transition to clean energy
production and transmission, with the ultimate goal of fully
decarbonizing Greece's energy system. The "White Dragon" project
plans to use large-scale renewable electricity to produce green
hydrogen by electrolysis in Western Macedonia. This hydrogen would
then be stored and, through Advent’s high-temperature fuel cells,
supply all of Greece with clean electricity, green energy and heat.
Advent’s fuel cells provide a combination of both heat and
electrical power, and the heat generated by the project can
initially be used in conjunction with the district heating networks
of Western Macedonia, and in the future in other applications that
require a heating and/or cooling system, such as industrial
workings, data centers and greenhouses.
Another primary goal of the "White Dragon" project is the
development by the consortium of an integrated Hydrogen Industrial
Research Center within the Hydrogen High Technology, Research,
Development & Innovation Center that is anticipated to be
created in Western Macedonia.
Upgrading the existing energy infrastructure, electricity
networks and gas pipelines is particularly important to the
continued success of the green energy efforts already underway
across the EU. Gas pipelines can be used both for transporting
green hydrogen to end users and to indirectly store the hydrogen
for future use, with a regulatory framework for Energy Net Metering
serving as a transition option until the full infrastructure
required by the hydrogen economy is built out. To accelerate this
development, under "White Dragon," the study and construction of a
dedicated hydrogen pipeline in Greece would commence, as would
plans to implement the first widescale hydrogen fueled projects for
the entire transportation sector, which includes heavy duty trucks,
trains and cars. A corresponding infrastructure for hydrogen
refueling stations (HRS) and the transportation and distribution of
hydrogen over the area’s roads and highways are planned to
facilitate the project’s end goals. The dedicated hydrogen pipeline
would link green hydrogen production with large hydrogen end users,
such as refineries and the fertilizer industries, and will drive
their efforts to make their production processes greener. Finally,
through the integrated "White Dragon" project, the international
transportation and export of hydrogen through the TAP Interstate
Pipeline from Greece to Italy is expected to be explored as a
future potential goal.
The combined budget for the project, if approved in its entirety
by the European and Greek authorities, is €8.063 billion.
- Project duration: 2022 - 2029 (R&D, FID and EET
phases)
- Anticipated Hydrogen production: 250,000 tons / year*
- Anticipated Hydrogen for other uses: 58,000 to 71,000 tons /
year
- Anticipated CO2 savings: 11.5 million tons / year
- Anticipated Job creation: 18,000 direct jobs and 29,500
indirect
* Renewable hydrogen will be channeled almost entirely into
pipelines.
Dr. Vasilis Gregoriou, Advent Chairman and CEO, stated that “The
approval of the ‘White Dragon’ project would be an important step
for the creation and development of clean energy hydrogen
technologies in Greece. We are excited to participate as the fuel
cell partner in the submission of such a large-scale project. This
is a long-term venture that, although still in the submission phase
and awaiting multiple levels of approval, presents exciting
possibilities for the future. Its successful implementation could
be the key that unlocks the transition to greener power creation
and transmission across Greece and potentially, the EU.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles critical components for fuel
cells and advanced energy systems in the renewable energy sector.
Advent is headquartered in Boston, Massachusetts, with offices in
the San Francisco Bay Area and Europe. With 120-plus patents
(issued and pending) for its fuel cell technology, Advent holds the
IP for next-gen high-temperature proton exchange membranes (HT-PEM)
that enable various fuels to function at high temperatures under
extreme conditions – offering a flexible ‘Any Fuel.
Anywhere’ option for the automotive, maritime, aviation and
power generation sectors. For more information, visit
www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. These forward-looking statements
address various matters including the Company’s plans and
expectations with respect to Project White Dragon. Each
forward-looking statement contained in this press release is
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statement. Applicable risks and uncertainties include, among
others, the Company’s ability to realize the benefits from the
business combination; the Company’s ability to maintain the listing
of the Company’s common stock on Nasdaq; future financial
performance; public securities’ potential liquidity and trading;
impact from the outcome of any known and unknown litigation;
ability to forecast and maintain an adequate rate of revenue growth
and appropriately plan its expenses; expectations regarding future
expenditures; future mix of revenue and effect on gross margins;
attraction and retention of qualified directors, officers,
employees and key personnel; ability to compete effectively in a
competitive industry; ability to protect and enhance our corporate
reputation and brand; expectations concerning our relationships and
actions with our technology partners and other third parties;
impact from future regulatory, judicial and legislative changes to
the industry; ability to locate and acquire complementary
technologies or services and integrate those into the Company’s
business; future arrangements with, or investments in, other
entities or associations; and intense competition and competitive
pressure from other companies worldwide in the industries in which
the Company will operate; and the risks identified under the
heading "Risk Factors" in our Annual Report on Form 10-K filed with
the Securities and Exchange Commission on March 26, 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 document, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210519005434/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula
emaragoula@advent.energy
Sloane & Company Joe Germani / James Goldfarb
jgermani@sloanepr.com / jgoldfarb@sloanepr.com
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