Advent Technologies Enters Into Technology Assessment Agreement With Second Large Global Automotive Manufacturer
May 09 2022 - 11:05AM
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 signing of a
technology assessment agreement with a second large global
automotive manufacturer.
With a common goal of sustainability and the faster
decarbonization of the U.S. automotive industry, Advent is
supporting efforts to advance innovative fuel cell technology as a
sustainable and efficient option for achieving carbon neutrality.
More specifically, Advent will provide assistance, through:
- Supplying Membrane Electrode Assemblies (“MEAs”) for testing,
evaluation, and optimization under the collaborator’s
conditions.
- Providing support on MEA operational parameters while the
collaborator supplies feedback to Advent on performance and
durability.
- Sharing technical know-how for fuel cell stacks, proprietary
HT-PEM technology, and leveraging HT PEM for advanced cooling
systems.
One of the primary objectives will be to conduct a detailed
assessment of Advent’s proprietary HT-PEM technology and newly
launched MEAs for consideration of future opportunities. Contingent
upon the successful execution of the first phase of the project,
the companies will work to establish a Joint Development Agreement
governing, among other things, specific product requirements,
goals, milestones, and plans.
The new Advent MEAs to be tested as part of this project, are
currently being developed within the framework of L’Innovator,
Advent’s joint development program with the U.S. Department of
Energy’s Los Alamos National Laboratory, Brookhaven National
Laboratory, and National Renewable Energy Laboratory. MEAs are the
most important components of a fuel cell as they greatly define the
performance, lifetime, weight, and cost of the end system. Advent
MEAs operate at high-temperature (80oC to 240oC) while the
incumbent LT-PEM technology is limited to below 100oC. High-temp
operation is essential for efficient heat removal in heavy-duty
mobility applications, making HT-PEM an ideal technology for
trucks, aviation, and marine. Furthermore, Advent MEAs can work
with impure hydrogen which can be reformed on-board from methanol,
natural gas, and other renewable fuels, and are resilient to
extreme temperature, humidity and air quality conditions.
Dr. Emory De Castro, Advent’s Chief Technology Officer, stated,
“We are anxious to decarbonize the automotive industry using
next-generation fuel cell technology and welcome this highly
impactful collaboration. MEA is the heart of the fuel cell and a
critical component used in fuel cells and other electrochemistry
applications such as CO2-free hydrogen production, and energy
storage. All of us at Advent technologies look forward to a long
and productive collaboration, which will enable us to share our
long-standing expertise and help reshape the automotive industry by
replacing the need for conventional fuels while producing clean
power.”
About Advent Technologies Holdings,
Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles fuel cell systems and the
critical components for fuel cells and other advanced energy
systems. Advent is headquartered in Boston, Massachusetts, with
locations in California, Denmark, Germany, Greece, and the
Philippines. With 150-plus patents issued, pending, or licensed 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, maritime, aviation, 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, 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 corporate
reputations and brand; expectations concerning relationships and
actions with technology partners and other third parties; impact
from future regulatory, judicial and legislative changes to the
industry; future arrangements with, or investments in, other
entities or associations; and intense competition and competitive
pressure from other companies worldwide; and the risks identified
under the heading “Risk Factors” in Advent’s Annual Report on Form
10-K filed with the Securities and Exchange Commission, as well as
the other information each has files 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 the 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, with no obligation to update or revise
any of these statements. 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/20220509005764/en/
Advent Technologies Holdings, Inc. Michael Trontzos / Chris
Kaskavelis press@advent.energy
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