Advent Technologies Announces Availability of Next-Generation HT-PEM MEAs
March 14 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, is pleased to announce the availability
of its next-generation Membrane Electrode Assembly (“Advent MEA”).
These MEAs have already been provided for testing to select
strategic partners. The Advent MEA is currently being developed
within the framework of L’Innovator, the Company’s joint
development program with the U.S. Department of Energy’s Los Alamos
National Laboratory (LANL), Brookhaven National Laboratory (BNL),
and National Renewable Energy Laboratory (NREL).
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Sample of the new Advent MEA – the heart
of the fuel cell (Photo: Business Wire)
The first-year milestones already achieved were:
- Accelerated stress testing confirmed the potential for
significant (>5x) improvement in lifetime versus current
HT-PEM MEAs.
- Strong potential for 2x and 3x power density increase
versus current HT-PEM MEAs.
Commercial Progress:
- Advent distributed samples of its MEAs to major Original
Equipment Manufacturers for test and evaluation. Advent is now in
various discussions for Joint Development Agreements in the Genset,
Heavy Duty Automotive, Marine, and Aviation markets.
- Advent intends to scale up the production capacity of Advent
MEA in the order of 100s of kilowatts (fuel cell power equivalent)
per month in mid-2023 and megawatts per month by the end of
2023.
- Advent intends that both its own products (SereneU, Honey
Badger, MZERØ) and 3rd party products will be able to use the new
Advent MEAs in mass-production from 2024, according to the
Company’s growth plan.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, said, “To put it simply for the sake of our current and
future customers and investors, we will soon be able to manufacture
fuel cells that last at least three times as long and have double
the power density of our previous systems. This development will
revolutionize the fuel cell industry. These will be the first
PEM-based fuel cells worldwide that can consistently operate above
100oC for more than 10,000 hours and are ideal for heavy-duty
mobility. In addition, the HT-PEM technology can support multiple
fuels, efuels, and low-grade hydrogen on board and operate under
extreme conditions (-38oC to +50oC). The above is essential for
mobility and off-grid applications and clearly separates us from
current PEM technology competitors. Since our IPO only a year ago,
our goal has been to reduce the total cost of ownership of fuel
cells to the point that we can replace diesel generators and
combustion engines. The mandate from the aerospace, marine, and
heavy-duty automotive industry is clear: they want to move to
high-temperature fuel cell technology. We believe that we will be
able to provide the best product at the best price. We are looking
to form Joint Development Agreements with select strategic partners
that will enable them to bring the next generation of fuel cells to
the market, therefore replacing the need for conventional fuels
while producing clean power.”
In addition, Advent announced significant progress with its MEA
manufacturing scale-up plan, notably:
- A Boston-based team is working on the MEA manufacturing
scale-up. The Hood Park, Massachusetts-based facility, is scheduled
to be operational in Autumn of 2022. Until then, Advent will use
toll coating partners for the first phase scale-up.
- A Patras-based team is working in recently upgraded facilities
to produce the necessary monomers, polymers, and ionomers for the
MEAs.
Highlighting the progress on the development of the new Advent
MEA, Dr. Emory DeCastro, Advent’s Chief Technology Officer, stated,
“We are delighted about the progress of the L’Innovator program and
our long-term partnership with Los Alamos National Laboratory. In
the context of our ongoing collaboration, we had the opportunity to
share progress updates with leading National Laboratory scientists,
including Dr. Yu Seung Kim, Research Scientist at Los Alamos
National Laboratory and one of the inventors of the new HT-PEM
technology, who expressed the belief that Advent is on the right
path for commercialization. We are expecting to continue and
increase our collaboration with Los Alamos and the U.S. Department
of Energy. At the same time, we are also proud about the completion
of our polymer scale-up facility in Patras, Greece, since it will
enable us to support the production of nearly 1 M.W. of power per
month.”
Due to the high-temperature operation, Advent’s MEAs – the heart
of the fuel cell – can work with impure hydrogen that can be
reformed onboard from (e)methanol, natural gas, and other renewable
fuels. Once commercialized, the new Advent MEA is expected to
redefine the MEA market globally and further validate Advent’s
leading position in the electrochemistry components business. Among
other things, the new Advent MEA will be able at least to match the
performance of today’s LT-PEM MEAs, to successfully operate at
conditions never thought possible, as well as to significantly
exceed the lifetime of Advent’s existing MEAs.
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 I.P. 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/20220314005432/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
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