Advent Technologies is Nominated to be Part of the First Wave of IPCEI Hydrogen
July 22 2021 - 4:05PM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”) today announced that it has been nominated by the
Greek Ministry of Development and Investment to be part of the
first wave of Important Projects of Common European Interest
(“IPCEI”) on Hydrogen.
Advent has also been selected by the Ministry to be the
Coordinator of Technology Field 2 dedicated to fuel cells and
associated technologies. As part of this process, Advent has been
participating in "Challenge Sessions" where EU participating
companies selected by their respective Member States are
collaborating to formulate a common work plan that will set the
roadmap to achieve the objectives of the hydrogen IPCEI.
Beyond coordinating Technology Field 2, Advent’s new
responsibilities include preparing a joint document outlining the
requirements and objectives of fuel cells in mobility and
stationary markets to reach cost targets for a viable hydrogen
ecosystem. This joint document will be part of a chapeau document
that will justify all eligibility and compatibility conditions of
IPCEI.
Advent will also be spearheading the Green HiPo project as part
of the overall, joint “White Dragon” project. Along with a
consortium of companies, Advent submitted a plan to the European
Union and Greek government in May that will push forward the
hydrogen economy in Greece. The Green HiPo project will develop,
design, and manufacture fully scalable and highly efficient
high-temperature polymer electrolyte membrane (“HT-PEM”) fuel cells
for the production of power and heat.
Dr. Vasilis Gregoriou, Advent Chairman and CEO, stated, “We are
excited to participate as the fuel cell partner in this submission
of such a large-scale European project. This is the next crucial
step for the creation and development of clean energy hydrogen
technologies in Greece. The Green HiPo project is part of a
thrilling long-term venture that is the key to unlocking our
transition to greener power creation and transmission in Greece,
and potentially, across the European Union.”
The electricity and heat provided by Advent will become a
necessary solution for the country's energy transition as Greece
plans to decommission all lignite-fired power plants by 2028. A new
state-of-the-art facility in Western Macedonia will be home to the
production of fuel cells and will contribute to the economic
development of the region by providing approximately 1,400 jobs in
innovative sustainable technology. The facility will initially
manufacture fuel cells of 15kW/unit, gradually reaching 120kW, and
then reaching 1MW scale single units before finally becoming a
multi-MW platform.
Within seven years, Advent is set to support the full ramp-up to
400MW of renewable energy/electricity and 400MW of heat. The Green
HiPo project will also create a manufacturing line of electrolyzers
with a power level of 4.65GW.
About The White Dragon Project
On May 5, 2021, the national proposal for hydrogen technologies
“White Dragon” was submitted by a group of the largest energy
companies in Greece (DEPA Commercial 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”)). The proposal sent to the
Greek government and the European Union is a more than
eight-billion-euro plan over seven years for the development of an
innovative, integrated green hydrogen project in Greece. 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.
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, please 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. 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 White Dragon Project; 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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Advent Technologies Holdings, Inc. Elisabeth Maragoula
emaragoula@advent.energy Sloane & Company James Goldfarb /
Emily Mohr jgoldfarb@sloanepr.com / emohr@sloanepr.com
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