Advent Technologies to Participate in Decarbonizing Maritime Transport in Denmark
March 09 2022 - 9:20AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology space, announced its participation in a clean
energy project in Denmark, aiming to power the ferry service
between the Danish island of Læsø and Frederikshavn with a
low-carbon propulsion system.
The project is funded by the EU Regional Development Fund
”Innovation Collaboration in the Offshore Cluster” and is
facilitated by Energy Cluster Denmark. Partners of the project with
Advent include the Læsø Municipality, OSK-ShipTech, Emenergi,
Nordhavn Power Solutions, and, Hydrogen Valley, as well as the
knowledge institutions DBI and AAU Energy.
The partners will work together to identify ideal alternative
fuels to replace the ferry’s current diesel powerplant and
determine whether the Læsø ferry service will be able to operate
effectively on a daily basis, using only green fuels. One of the
proposals to be examined will be the combination of methanol driven
engines and fuel cells. The objective will be to identify a panacea
for decarbonizing many of the 53 ferry routes currently operating
in Danish waters.
Commenting on the project’s potential, Mr. Morten Sørensen,
Advent’s Senior Vice President, stated: “We are happy to be joining
forces with trusted partners across several industries, having a
shared goal to create a safe and sustainable solution for Denmark’s
ferries, replacing their current propulsion systems which operate
on traditional technologies and diesel fuels. As a project partner,
Advent will play a key role in enabling significant reductions in
emissions of climate-changing gases and air pollutants.”
Currently, ferries traveling to the Danish island of Læsø
typically consume approximately 1,600 cubic meters of diesel fuel
annually, corresponding to the emission of approximately 5,000 tons
of CO2 per year. Besides demonstrating proof-of-concept for this
new low-carbon solution, the project will also seek to define exact
installation requirements for the new technology, as well as to
identify a thorough process for refueling and methanol storage in
passenger ferries.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, said: “Advent Technologies is proud to actively
participate in the global efforts aimed at ensuring a clearer and
viable pathway to carbon neutrality. Green methanol is an ideal
hydrogen carrier fuel and when combined with our fuel cells can
provide the required synergy of clean fuel and clean power for the
maritime industry. Our HT-PEM technology is ideally suited for the
on-board use of methanol as a fuel in this project and,
potentially, across the transportation sector.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles complete fuel cell systems as
well as supplying customers with 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 and
licensed for its fuel cell technology, Advent holds the IP for
next-generation HT-PEM that enables various fuels to function at
high temperatures and 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
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220309005561/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
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