Advent Technologies Announces Signing of Distribution and Service Agreement with Calscan Solutions
January 10 2022 - 8:45AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or
the “Company”) an innovation-driven leader in the fuel cell and
hydrogen technology space, today announced it has signed a
Distribution and Service Agreement with Calscan Solutions
(“Calscan”), an Alberta, Canada industrial service company focused
in the oil field industry with a number of products, including
methane emissions mitigation instrumentation & controls, as
well as services including Test Data Processing, Rentals, Repair,
and Data Processing.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220110005466/en/
(Photo: Business Wire)
The agreement details Calscan’s plans to market, resell,
install, and service the Advent M-ZERØ™ and SereneU
fuel cell products to address the demand for electric systems in
the oil and gas sector. Current regulatory pressure is focused on
targets which will aggressively reduce oil & gas industry
methane emissions throughout Canada. Advent’s diverse family of
products, including the M-ZERØ™ and SereneU fuel cell
products, aim to drop wellhead methane emissions to zero, increase
well productivity and safety, and decrease maintenance costs in
North American well sites. Advent’s products realize a significant
carbon advantage over conventional diesel remote power generation
technology and can be deployed in more extreme environments than
solar panels and electric battery systems. The Advent M-ZERØ™ can
also work with current systems to enhance their reliability and
ensure that systems continue to operate, creating additional value
opportunities for customers.
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.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, said, “We are thrilled to be partnering with Calscan.
Their industry knowledge and reach provide a huge advantage in
bringing disruptive, emerging fuel cell solutions to a mature
application.”
Henri Tessier, President of Calscan, added: “We are excited to
have Advent Technologies as an industry partner. Calscan is
committed to reducing well site GHG emissions through innovative
and progressive design, and Advent’s products make this mission a
reality. We look forward to bringing this solution to our
customers.”
About Advent Technologies Holdings,
Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles critical components for fuel
cells as well as complete 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 more
than 100 patents issued (or pending) worldwide 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.
About Calscan Solutions
Calscan Solutions is an innovative Alberta-based instrumentation
and control company serving the oil and gas industry. Founded in
1995 as an instrumentation and control company, Calscan has become
a leader in developing electronic downhole tools, specifically in
the areas of downhole and sub-surface pressure recorders, flow
computers, solar powered separator controls, and cyclone
separators. To help oil and gas producers meet increasingly
stringent emission regulations, Calscan has expanded its methane
measurement and mitigation solutions by developing the Hawk 9000
low pressure vent gas meter and the Bear Solar Electric Control
System. Calscan has been deploying its zero emission Bear Solar
Electric Control System throughout Western Canada since 2010.
www.calscan.net
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
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 Advent’s corporate reputation and brand; expectations
concerning its relationships and actions with 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 Advent’s Annual
Report on Form 10-K/A filed with the Securities and Exchange
Commission on May 20, 2021, as well as the other information filed
with the SEC. Investors are cautioned not to place considerable
reliance on the forward-looking statements contained in this press
release. You are encouraged to read Advent’s 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 the Company
undertakes no obligation to update or revise any of these
statements. Advent’s 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220110005466/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
Advent Technologies (NASDAQ:ADN)
Historical Stock Chart
From Apr 2024 to May 2024
Advent Technologies (NASDAQ:ADN)
Historical Stock Chart
From May 2023 to May 2024