Advent Technologies Signs New Contract with U.S. Department of Defense for Wearable Fuel Cell
June 07 2021 - 9:00AM
Business Wire
Contract paves way for completing the military
standard certification for high-tech portable power system
developed by Advent subsidiary UltraCell
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”)
today announced that its subsidiary, UltraCell LLC, has received a
contract from the U.S. Department of Defense (DoD) to focus on
completing the MIL-STD certification of UltraCell’s 50 W Reformed
Methanol Wearable Fuel Cell Power System (“Honey Badger”). The
contract was signed with the U.S. Army DEVCOM Command, Control,
Communications, Computers, Cyber, Intelligence, Surveillance and
Reconnaissance (C5ISR) Center with funding through the Project
Manager Integrated Visual Augmentation System (PM IVAS), which
works to enhance the situational awareness capabilities of
Soldiers.
This award is focused on advancing the Honey Badger for U.S.
Army integration. The effort will drive efforts to complete the
full MIL-STD and finalize integrated filtration for Cleaning
Compound, Windshield NSN 9850-00-926-2275 to allow the use of
logistically sound materials as the primary fuel source.
The cutting-edge Honey Badger is optimized to operate on a
Soldier-worn plate carrier or ruck carried for “on the move”
battery charging and is designed to integrate with materials
already in the U.S. Army supply chain. The versatile, lightweight
fuel cell was recently selected by the DoD’s National Defense
Center for Energy and Environment (NDCEE) to take part in its 2021
demonstration/validation program (see announcement here). The Honey
Badger is the only fuel cell to take part in this program, which is
led by the C5ISR Center to support the goal of having a
technology-enabled force by 2028.
Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies,
said: “This contract represents a key milestone as we work to
expand our markets and position Advent’s products as the technology
of choice for key defense applications. We are extremely excited
about this development and believe it is yet further proof of how
Advent’s “Any Fuel. Anywhere.” approach can solve our customers’
most pressing challenges.”
Ian Kaye, Advent Technologies Senior VP Product Development,
added: “I am extremely pleased that the U.S. Army has decided to
push forward with this effort. We have demonstrated through
multiple Soldier employment scenarios that Honey Badger is the
right design to meet the ongoing forward operating needs of the
modern Soldier. So now the next logical step is to complete the
extremely rigorous MIL-STD tests.”
UltraCell is developing the Honey Badger 20 W and 50 W portable
generators for the U.S. Army IVAS (Integrated Visual Augmentation
System), and surveillance systems are or can be served by
UltraCell’s XX55™ GEN3 50 W reformed methanol fuel cell. The Honey
Badger fuel cells combine spiraled advanced thermal management and
catalysis technologies with existing designs to dramatically reduce
the size and weight of the fuel cells. This increased power density
coupled with UltraCell’s use of logistically available fuel sources
is projected to significantly expand the user base of the fuel
cells. The XX55™ is serving on the front lines for the war on
terror and other strategic fronts.
Honey Badger Put to the Test
UltraCell is working to integrate Honey Badger technology
improvements from the 20 W unit into the 50 W system. This
technology is rapidly maturing and has recently completed
successful field trials in Army Expeditionary Warrior Experiments
(AEWE) and in high-altitude tests in California’s Sierra Nevada
Mountain range.
The Honey Badger technology will help scale up and enable Advent
to create derivatives for commercial and industrial markets through
Methane emissions reduction programs.
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
(or pending) for its fuel cell technology, Advent holds the IP for
next-generation 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.
Advent subsidiary 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 "Made in USA" fuel cell products approved by
the North Atlantic Treaty Organization (NATO), and one of the only
two manufacturers across NATO. UltraCell units are already deployed
in the field by U.S. 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. For more information,
visit www.ultracell-llc.com.
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 50 W Reformed Methanol Wearable Fuel
Cell Power System (“Honey Badger”). 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/A filed with the Securities and Exchange Commission on
May 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 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/20210607005420/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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