Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent"), an
innovation-driven leader in the fuel cell and hydrogen technology
space, is pleased to announce that its Green HiPo project ("Green
HiPo") under the framework of the Important Projects of Common
European Interest ("IPCEI") Hydrogen – Technology, has now received
official ratification from the European Commission (the
"Commission") of the European Union ("EU").
The ratification of Green HiPo was amongst 41 projects under the
umbrella "IPCEI Hy2Tech" jointly prepared and notified by fifteen
Member States: Austria, Belgium, Czechia, Denmark, Estonia,
Finland, France, Germany, Greece, Italy, Netherlands, Poland,
Portugal, Slovakia, and Spain. The Member States will provide up to
€5.4 billion in public funding, which is expected to unlock an
additional €8.8 billion in private investments. As part of this
IPCEI, 35 companies with activities in one or more Member States,
including small and medium-sized enterprises ("SMEs") and
start-ups, will participate in these 41 projects. Advent is one of
only eight SMEs to have received ratification. The direct
participants will closely cooperate with each other through
numerous planned collaborations and also with more than 300
external partners, such as universities, research organizations,
and SMEs across Europe.
The IPCEI will cover a wide part of the hydrogen technology
value chain, including (i) the generation of hydrogen, (ii) fuel
cells, (iii) storage, transportation, and distribution of hydrogen,
and (iv) end-users applications, in particular the mobility sector.
Advent participates in both the generation of hydrogen and fuel
cells.
Dr. Vasilis Gregoriou, Advent's Chairman and CEO, stated,
"Advent celebrates the full ratification of Green HiPo and looks
forward to breaking ground on this transformative project. Green
HiPo is a victory for clean energy advocates everywhere and
represents an incredible step to transition Europe away from fossil
fuels for its energy needs and move towards a clean energy future.
The effects of climate change are clearly ubiquitous, and Advent
will strive to implement Green HiPo quickly and effectively. Advent
applauds the Commission in ratifying the funding for this visionary
project, and we hope that it will be the first of many projects
around the world which will produce low carbon energy on a truly
unprecedented scale."
The Greek Minister of Development and Investments, Mr. Adonis
Georgiadis, stated: "With the support of the Prime Minister of
Greece, Kyriakos Mitsotakis and the Greek Ministry of Development
and Investments, Greece managed to participate in the group of
European states that take the initiative for the important projects
of common European interest in hydrogen. Today, we have the
official ratification of these projects by the European Commission,
which makes Greece one of the world's leading countries in energy
storage with this new technology. Greece will get the place it
deserves; the role of the protagonist."
The Deputy Minister of Development and Investments, responsible
for Public Investments, Mr. Yiannis Tsakiris, stated: "This is an
important first step in the development of hydrogen production in
our country under the seal of the European Commission, which also
contributes to the further energy resilience of Greece through
achieving independence of fossil fuels. Our main concern is also to
seek and secure the necessary European resources in order for these
projects to be implemented very quickly and effectively."
According to a press release issued by the Hellenic Ministry of
Development and Investments, the Commission approved State aid for
Greece up to the amount of €800 million public expenditure, taking
into account the availability of resources. Greece has two projects
included in IPCEI Hy2Tech, B&T Composites (H2CAT project) and
Advent (Green HiPo project).
In making the approval of 41 projects, Executive Vice-President
Margrethe Vestager, in charge of competition policy, said: Hydrogen
has a huge potential going forward. It is an indispensable
component for the diversification of energy sources and the green
transition. Investing in such innovative technologies can, however
be risky for one Member State or one company alone. This is where
State aid rules for IPCEI have a role to play."
Regarding the approval of the cross-country group of projects,
Commissioner for the internal market, Thierry Breton, said:
"Promoting hydrogen development and deployment will boost jobs and
growth throughout Europe while contributing to our green and
resilience agenda. It enables the clean transition of
energy-intensive industries and increases our independence from
fossil fuels. With this IPCEI, we see EU hydrogen production moving
"from lab to fab"; and our industry turning technological mastery
into commercial leadership. And, of course, we are not only
supporting hydrogen through funding. We have also made decisive
progress on building partnerships through the Clean Hydrogen
Alliance and are developing EU-wide rules for enabling the hydrogen
market and creating dedicated infrastructure. Because we know what
is at stake: Europe's position as a leading region for the hydrogen
industrial transformation."
In making its assessment, the Commission determined that the
Green HiPo project satisfied its requirements, which include
that:
- The project contributes to a common objective by supporting a
key strategic value chain for the future of Europe, as well as the
objectives of key EU policy initiatives such as the Green Deal, the
EU Hydrogen Strategy, and REPowerEU;
- The IPCEI is highly ambitious, as it is aimed at developing
technologies and processes that go beyond what the market currently
offers and will allow major improvements in performance, safety,
environmental impact as well as on cost efficiencies;
- The IPCEI also involves significant technological and financial
risks, and public support is, therefore, necessary to provide
incentives to companies to carry out the investment; and
- The results of the project will be widely shared by
participating companies benefitting from the public support with
the European scientific community and industry beyond the companies
and countries that are part of the ICPEI. As a result, positive
spill-over effects will be generated throughout Europe.
Over the initial funding period and in accordance with Green
HiPo's parameters, Advent will innovatively develop, design, and
manufacture fuel cell systems and electrolyser systems in Greece's
Western Macedonia region.
About Green HiPo
The Green HiPo project involves the development, design, and
manufacture of HT-PEM fuel cells and electrolysers for the
production of power and hydrogen, respectively. The project will be
based in the Western Macedonia region of Greece and will aid
significantly in the region's transition from a coal-based economy
to a greener economic model. A new state-of-the-art facility in
Western Macedonia will be home to the production of fuel cells and
electrolysers and will contribute to the economic development of
the region.
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 150 patents issued,
pending, and licensed for 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 fuel 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 filed with the Securities and Exchange
Commission ("SEC") on March 31, 2022, 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/20220718005442/en/
Advent Technologies Holdings, Inc. Naiem Hussain / Michael
Trontzos press@advent.energy
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