Advent Technologies Signs Memorandum of Understanding with DANNAR to Develop Fuel Cell Range Extension and Mobile Charging Station
August 11 2022 - 9:00AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology sectors, is pleased to announce the signing of
a Memorandum of Understanding (“MoU”) with DD Dannar, LLC.
("DANNAR"), an industry leader in battery and renewable energy
production, storage, and software systems.
Utilizing Advent’s existing and next-generation fuel cell
technology, Advent and DANNAR will collaborate to develop a fuel
cell range extension for DANNAR’s mobile electric equipment and
create a large-scale mobile charging station. The goal of the
project is to enable DANNAR to transform its customers’ fleet stock
by replacing many single-use work vehicles with a multi-functional,
zero-emission electric, configurable platform. This single platform
could serve a host of daily maintenance, seasonal, and emergency
response needs. The companies also intend to explore potential
commercialization opportunities with third parties.
Advent’s next-generation fuel cell technology addresses the
global need for a dynamic, fuel-flexible power cell resilient
enough to replace the diesel generator and the internal combustion
engine. Based on Advent’s next-generation MEA – 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, Brookhaven National Laboratory, and National
Renewable Energy Laboratory – and with a unique engineering
architecture, Advent’s next-generation fuel cell technology is
positioned to provide the clean energy solution for the mobility
and power generation markets.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, noted: “We are excited to collaborate with DANNAR, to help
them maximize the integration of intelligent technology to
transform mobile and resilient power systems. DANNAR is building
and supporting the intersection where clean, zero-emission energy
and high-performance off-road machinery meet. We strongly believe
that our existing and next-generation fuel cell technology can play
a pivotal role in helping DANNAR significantly extend the
operational range of their solutions and build the clean-power
heavy-duty equipment of the future. We look forward to a long and
prosperous partnership.”
Mr. Gary Dannar, Founder and Chief Executive Officer of DANNAR,
added: “Building stronger, cleaner, safer, and more resilient first
responder teams are at the core of DANNAR’s strategy. Mobile Power
Stations® provide off-grid export power along with power for
heavy-duty equipment responding to planned operational and
unexpected emergencies. In partnering with Advent, one of the
leading and most innovative companies in the fuel cell and hydrogen
technology markets, a vast range of industry electric fleet
managers will have greater flexibility for their respective
responses. Power and charging needs are growing at an unprecedented
rate, and we are confident that this collaboration will contribute
greatly to our goal of significantly reducing emissions by bringing
efficient and highly differentiated clean energy options for
mobility.”
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 DANNAR
Headquartered in Muncie, Indiana, DD DANNAR, LLC (DANNAR) is on
a mission to help municipalities and the armed forces perform both
daily operations and emergency response with the cleanest, most
versatile, and powerful equipment on the market. DANNAR
manufactures the all-electric Mobile Power Station (MPS), the first
zero-emission modular platform that functions as both a
multi-purpose on- and off-road work vehicle as well as a grid-scale
auxiliary power supply. More information on the MPS and DANNAR is
available at https://www.dannar.us.com.
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/20220811005398/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
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