Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”)
today announced that its fuel cell unit for the Maritime Sector –
developed within the frame of the RiverCell Consortium – has passed
safety testing, as well as a safety assessment completed by DNV,
one of the world's leading classification societies.
RiverCell, a demonstration project supported by a consortium of
partners, was initiated in 2015 and is expected to be completed by
the end of this year. Funded by Germany’s Federal Ministry for
Digital and Transport and led by Meyer Werft, it consists of a
range of experienced partners throughout the maritime sector,
including DNV, HADAG, Helm Proman Methanol, Neptun Werft, Pella
Sietas, Technische Universität Berlin, Viking River Technical
Cruises, and Advent.
The project is dedicated to the design and development of a fuel
cell hybrid system for inland vessels, and its realization has
provided valuable insights in terms of the suitability, practical
use, and economic efficiency of hybrid powertrains. In addition to
cutting greenhouse gas emissions, the hybrid concept – featuring
energy storage combined with sustainable fuel cell-powered energy
production – demonstrated an increase to both safety and efficiency
in shipping.
As part of the demonstration, a section of a river cruise vessel
was set up on dryland at Neptun Werft, in Rostock, Germany. There,
the prototype of Advent’s Serene marine fuel cell unit was
successfully integrated into a modern hybrid DC electric energy
grid, which was equipped with all relevant ship systems, including
battery storage as well as a conventional diesel genset.
With current regulations still based on the traditional use of
diesel-powered energy sources, another core objective of the
demonstrations has been to encourage the development of new global
regulatory frameworks for the shipping sector, thus paving the way
for future use of sustainable technologies.
Commenting on the project, RiverCell’s Project Manager, Ragnar
Christenson from Meyer Werft, stated. “The maritime industry needs
to find new ways to reduce all its emissions. Not only in the long
run, but starting immediately, the shipping industry needs to
deploy sustainable technologies and in particular speed up the
change to renewable fuel sources. By RiverCell, we have
demonstrated how fuel cell technology can be a safe, clean and
efficient alternative to today’s diesel gensets in marine use. We
have also been able to demonstrate how hydrogen for fuel cells, in
the form of methanol, can be safely and efficiently stored on
ships. The HT PEM fuel cells developed and manufactured by Advent
Technologies can use methanol, carrier of hydrogen, as the fuel
source, and we consider methanol one of the most promising and
practical future fuels for the shipping sector. At Meyer Werft, we
are happy to pioneer alongside our partners with our demonstrations
of fuel cell technology, both to gain a competitive edge but also
to influence global standards, paving the way for this sustainable
alternative.”
Advent’s Senior Vice President, Morten Hougaard Sørensen,
similarly highlighted the importance of the project and its
potential influence on future standards: “Fuel cell technologies to
replace diesel gensets for inland and sea-going vessels will
significantly reduce carbon dioxide emissions. Using methanol
produced from natural gas offers reduction of local pollution (NOx,
SOx emissions), and methanol produced from renewable sources can
substantially contribute to reducing GHG emissions from shipping.
In recent years, interest in methanol as a fuel for the shipping
industry has grown significantly, but the industry is also waiting
for the final regulatory frameworks to come into place before
committing to large-scale investments. Now, with our prototype
design of the marine fuel cell unit successfully passing its safety
testing, and the safety assessment successfully completed with DNV,
we hope to see this data included alongside equivalent standards
using the technology, so the industry understands that fuel cells
are both efficient, safe, and practical in use. And on that basis,
we look forward to continuing our journey with Meyer Werft and lots
of new customers in the industry. At Advent, we believe that only
together can we build a better future”.
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 more than 100 patents issued 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
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of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
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other words of similar meaning. Each forward-looking statement
contained in this press release is subject to risks and
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and uncertainties include, among others, 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
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uncertainties. The forward-looking statements in this press release
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business is subject to substantial risks and uncertainties,
including those referenced above. Investors, potential investors,
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Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
Sloane & Company James Goldfarb / Emily Mohr
jgoldfarb@sloanepr.com / emohr@sloanepr.com
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