Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”) today announced that its two Greek Important
Projects of Common European Interest (“IPCEI”) have been approved
by a joint decision by the Greek Minister of Development and
Investments, Mr. Adonis Georgiadis, and the Greek Minister of
Environment, Energy, and Climate Change, Mr. Kostas Skrekas. The
White Dragon and Green HiPo projects, each of which prominently
features Advent’s innovative fuel cell technology, were among five
projects, out of 20 submitted, that received approval and were
selected after evaluation by a special Interministerial Committee
of Experts.
The scope of the programs, as submitted by Advent and the White
Dragon consortium of companies, is set to replace Greece’s largest
coal-fired plants, with renewable solar energy parks, which will be
supported by green hydrogen production (4.65GW), and fuel cell heat
and power production (400MW). The projects are part of the
“Hydrogen Technologies” IPCEI and will now move towards approval at
European Union (“EU”) level. As a next step, Advent will
demonstrate before the European Commission (DG Competition) the
economic, environmental, financial, social, technical feasibility
of the project and the positive spillover effects to the European
economy and society. Upon successful assessment, Advent will
receive a final notification from the European Commission.
Dr. Vasilis Gregoriou, Advent Chairman and CEO, stated, “We are
thrilled with this news that the White Dragon and Green HiPo
projects have been approved by the Greek government in the first
wave of the IPCEI projects. This decision demonstrates the
commitment by Greece and the EU to rapidly decarbonize power
production.”
About White Dragon
The White Dragon project aims to replace the coal-fired power
plants across the region of Western Macedonia and transition to
clean energy production and transmission, with the ultimate goal of
fully decarbonizing Greece's energy system. The project plans to
use large-scale renewable electricity to produce green hydrogen by
electrolysis in the region. This hydrogen would then be stored, and
-- through Advent’s high-temperature proton exchange membrane
(HT-PEM) 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. The heat generated by the project would 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. Unlike competing fuel
cells, Advent’s HT-PEM fuel cells are ideal for heat and power
applications as they operate at the 160-2000C range and can produce
quality heat, in addition to electricity -- bringing the combined
efficiency of fuel cells to 85 percent. In addition, the
high-temperature operation allows Advent fuel cells to operate with
natural gas, a natural gas-hydrogen blend, and eventually with
green hydrogen.
The White Dragon project also aims to develop an integrated
Hydrogen Industrial Research Center within the Hydrogen High
Technology, Research, Development & Innovation Center that is
anticipated to be created in Western Macedonia.
About Green HiPo
The Green HiPo project concerns the development, design, and
manufacturing of HT-PEM fuel cells for the production of heat and
power. The project is expected to take place mainly in Western
Macedonia, and aid significantly in the region’s transition from a
coal-based economy to a greener economic model. It is a
complementary project to White Dragon and will, if both are fully
approved, produce the fuel cells that will power White Dragon’s
green energy plan.
The electricity and heat provided by Advent’s fuel cells will be
integral for Greece’s energy transition as the country plans to
decommission all coal-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/units, gradually reaching 120kW, and
then 1MW scale single units before finally becoming a multi-MW
platform.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles complete fuel cell systems,
and the critical components for fuel cells in the renewable energy
sector. Advent is headquartered in Boston, Massachusetts, with
offices in California, Greece, Denmark, Germany, and the
Philippines. With approximately 190 patents issued, licensed, or
pending for its fuel cell technology, Advent holds the IP for
next-generation HT-PEM that enable various fuels to function at
high temperatures under extreme conditions – offering a flexible
"Any Fuel. Anywhere." option for the automotive, aviation,
defense, oil and gas, marine 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 Green HiPo or White Dragon projects;
the potential that either or both of the White Dragon and Green
HiPo projects do not receive funding or final approval, 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/20210907005589/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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