Advent Technologies and the Greek Natural Gas Company, DEPA Commercial, sign MoU to collaborate on Hydrogen Projects
August 08 2022 - 9:00AM
Business Wire
Advent Technologies Holdings, Inc., an innovation-driven leader
in the fuel cell and hydrogen technology space, today announced the
signing of a Memorandum of Understanding ("MoU") with DEPA
Commercial S.A., the leading importer of pipeline gas and liquefied
natural gas (“LNG”) in Greece to enter into a strategic
collaboration on hydrogen projects of common interest.
The MoU sets out the framework for a forthcoming mutually
binding agreement. The parties have preliminarily agreed to the
following actions:
- Collaborate on the production of environmentally friendly
hydrogen as a fuel with the participation of other major industrial
partners.
- Co-develop a proprietary and highly differentiated CHP system
ready for mass production with efficiency approaching 90% and with
multi-fuel operating capabilities (hydrogen, natural gas, efuels)
that can address the key current, future, and on-grid, off-grid
operation modes and business cases.
- Create an innovation hub for the Greek hydrogen and fuel cell
industry and develop synergies for promoting hydrogen and related
technologies.
DEPA’s CEO, Dr. Konstantinos Xifaras, stated: “Our cooperation
with Advent marks another important milestone in the advancement of
hydrogen technologies in our country. DEPA has been closely
following and actively pushed for the developments in the hydrogen
sector, while Advent has extensive electrochemistry and engineering
expertise and a global scale of operations and manufacturing
footprint. We look forward to working with Advent's team of
experts, contributing to the diversification of the national energy
mix and the security of the energy supply while simultaneously
strengthening the national economy."
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO added: "We are
thrilled to be joining forces with DEPA in common renewable energy
projects that hold great potential to redefine Greece's energy
future. DEPA is a trusted partner with significant experience and a
strong presence in the energy sector of South East Europe. We look
forward to a long-term cooperation with DEPA in an effort to
jointly accelerate Greece's transition to clean energy production
and transport and to further strengthen our common presence on the
global hydrogen map."
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.
About DEPA
DEPA, is the company that introduced natural gas to Greece and
one of Greece’s major natural gas utilities, active in the supply,
wholesale and trading of natural gas. Having entered into long-term
pipeline natural gas and LNG supply contracts, DEPA supports the
supply sufficiency and security of the country and at the same time
it develops significant initiatives so that Greece can play an
essential role as a hub of natural gas transit to Europe from
countries with rich natural gas deposits. DEPA holds the position
of Co-Chair of one of the six roundtables of the CLEAN HYDROGEN
ALLIANCE, set-up by the European Commission and aiming at
developing and directing investments to facilitate and implement
the EU’s hydrogen strategy via the creation of dedicated “IMPORTANT
PROJECTS OF COMMON EUROPEAN INTEREST (IPCEI)”. For more
information, visit www.depa.gr
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/20220808005365/en/
Elisabeth Maragoula/Michael Trontzos Advent Technologies
Holdings, Inc. press@advent.energy
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