Advent’s Systems Can Result in Fast
Decarbonization of the Oil and Gas Industry
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology space, today announced the launch of the
M-ZERØ™ family of products.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210728005462/en/
An Advent fuel cell system operating at a
Canadian wellhead (Graphic: Business Wire)
The Advent M-ZERØ™ products, designed specifically to generate
power in remote environments, will offer the ability to drop
methane emissions to effectively zero where they replace methane
polluting pneumatic injection technology. The overall methane
emissions related to wellheads approaches 40 million tons of carbon
dioxide emissions per year, which is equivalent to the carbon
footprint of more than eight million passenger cars. M-ZERØ™ will
initially be featured mainly in Canada and the United States with
the aim of providing remote power to up to 185,000 oil and gas
wellheads.
In the winter, fuel cell systems are expected to operate at
extreme freezing temperatures, powering the electronic injection of
methanol (process power) and the Supervisory Control and Data
Acquisition (“SCADA”) monitoring hardware of each wellhead. Until
now, remote wellheads have relied on a pneumatic injection of
methanol -- a process that vents approximately six tons of methane
per wellhead per year.
The family of products includes the M-ZERØ™ 50W and 150W models
with plans for power levels up to 400W by the end of 2022. Advent
has additional plans, pending the closing of the acquisition
referenced below, to develop alongside Serenergy A/S ("SerEnergy")
an M-ZERØ™ 5kW fuel cell system to be rolled out in 2022. The
M-ZERØ™ 50-400 systems include advanced features from Advent’s
subsidiary UltraCell’s new Reformed Methanol Fuel Cell (“RMFC”)
technology, which allows the system to run on methanol. Methanol is
used in the oil and gas industry as a gas line antifreeze and is
already available at each wellhead.
As the oil and gas industry continues to move to cleaner energy
solutions, demand is increasing for electric systems and sensors to
help drive down methane emissions, increase well productivity and
safety, and decrease maintenance costs. Advent’s M-ZERØ™ solution
will help the industry align with Canada’s 2025 target to cut
emissions by 40 – 45% from 2012 levels. In addition, by 2023, all
wellhead controllers must be non-emitting or low bleed and emit
less than six standard cubic feet per hour (“SCFH”), or vent gas
that is captured and combusted (including 100% of new wellhead
controllers non-emitting in British Columbia and 90% of new
wellhead controllers non-emitting in Alberta).
Meeting these requirements poses challenges for Canada’s oil and
gas industry, especially as onshore drilling continues to grow in
off-the-grid, remote areas. These efforts become even more
challenging due to the fact that the standard solar-plus-battery
storage solution does not perform well either in freezing
conditions or in hard-to-reach areas, including mountains and
forested regions.
Advent’s fuel-cell generators guarantee power to well sites
year-round – offering a perfect “Any Fuel. Anywhere.” solution. The
M-ZERØ™ fuel cells can work throughout the year, including during
the winter (when temperatures can drop to -40oC), and only need to
be refueled as infrequently as once a year.
Advent’s Chairman and CEO Dr. Vasilis Gregoriou noted, “The
M-ZERØ™ family of products has shown the value of Advent’s flexible
"Any Fuel. Anywhere." option. Our technology provides constant
remote power in hard-to-reach locations with extreme conditions
where batteries have simply failed. We are especially proud of the
potential of this solution to drive methane emissions to zero in
the oil and gas industry and move towards our goal of a cleaner
world. Our remote power solutions are a real game changer for the
oil and gas industry and the global market of off-grid power.”
Advent estimates that the global market for fuel cell solutions
in oil and gas wellheads has the potential to be a substantial
growth market, with a significant part of the opportunity in North
America. Advent expects to expand its remote power generation
solutions for wellheads, mines, telecom towers, construction sites
and other critical infrastructure remote locations with the
addition, upon the acquisition’s closing, of SerEnergy’s 5kW fuel
cell systems based on the same high-temperature polymer electrolyte
membrane (“HT-PEM”) technology.
The next key step in bringing fuel cells to well sites includes
agreements to trial 10 50W systems in Alberta with oil and gas
companies, with an initial deployment in Canada by October 2021 and
mass deployment by 2022-2023.
Advent entered into a definitive agreement late June to acquire
the fuel cell systems businesses of fischer Group, including
SerEnergy, based in Aalborg, Denmark, and fischer eco solutions
GmbH, (“FES”), based in Achern, Germany. SerEnergy is a leading
manufacturer of HT-PEM fuel cells globally, with thousands of
systems shipped around the world. FES provides fuel-cell stack
assembly and testing as well as the production of critical fuel
cell components, including membrane electrode assemblies (“MEAs”),
bipolar plates, and reformers. The transaction, pending regulatory
approval and standard closing conditions, is expected to accelerate
the implementation of Advent’s business plan and to expand the
company’s growing revenue base in full fuel cell stacks and
systems.
The Advent Solution allows for the below key
benefits:
- Fuel Availability: M-ZERØ™ is fueled by technical grade
methanol, which is widely available at many wellheads, where it is
commonly used as an anti-freeze. There is no need for expensive
imported proprietary methanol blends.
- Fuel Efficiency: Up to 10x higher efficiency than
thermoelectric generators and 5x more efficient than internal
combustion engine generators.
- Success in Extreme Conditions: Based on a
military-specified design, M-ZERØ™ products can be quickly
transported and deployed wherever necessary, including under rough
oil and natural gas field conditions.
Advantages that fuel cells bring to well sites:
- Significantly Lower Total Cost of Ownership than
Thermoelectric Generators: 50%+ savings at scale due to lower
fuel costs (including 90% fuel savings relative to thermoelectric
generators), lower installation costs and reduced maintenance
costs.
- Clean Energy: 10x less greenhouse gas emitted vs.
traditional combustion generators, including zero nitrogen oxides,
sulfur oxides and particulate emissions.
- Compelling Financial Model: 50%+ product gross margins
at scale.
- Flexibility: M-ZERØ™ works seamlessly in parallel with
solar panels, providing wellhead power during low solar load
northern winters and or bad weather.
- Adaptability: M-ZERØ™ uses industrial-grade methanol
that is already available at most sites.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a US 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.
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 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/20210728005462/en/
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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