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 that it has
co-signed a Memorandum of Understanding ("MoU") with the New York
State Energy Research and Development Authority ("NYSERDA") and
more than 60 clean hydrogen ecosystem partners.
Under the MoU, the parties will collaborate to develop a
proposal that will enable the Northeastern United States to become
one of at least four regional clean hydrogen hubs designated
through the federal Regional Clean Hydrogen Hubs program, included
in the bipartisan Infrastructure Investment and Jobs Act.
The coalition of six States (Connecticut, Massachusetts, Maine,
New Jersey, New York, and Rhode Island), along with more than 60
clean hydrogen ecosystem partners, are laying the groundwork for a
proposal for the United States Department of Energy funding
opportunity anticipated to be announced in September or October
2022, with up to $8 billion in total funding available.
After the initial announcement in March 2022, New York has
continued to add strategic partners that now include 14 private
sector industry leaders, 12 utilities, 20 hydrogen technology
original equipment manufacturers (OEMs), 10 universities, seven
non-profit organizations, five other States, two transportation
companies, and, three State agencies.
New partners include:
- Advent Technologies
- Air Liquide
- Ambient Fuels
- Amogy, Inc.
- Avangrid, Inc.
- Charbone Hydrogen Corporation
- Connecticut Green Bank
- Constellation Energy Generation, LLC
- Edgewise Energy
- EDP Renewables North America
- Equinor
- Eversource Energy Co.
- General Electric
- H2/HPA Sonics
- Holcim US
- Hyzon Motors Inc.
- Infinity Fuel Cell and Hydrogen, Inc.
- Linde
- National Fuel Gas Distribution Corporation
- Nel Hydrogen
- NECEC (Northeast Clean Energy Council and NECEC Institute)
- New Jersey Clean Cities Coalition
- Northville Industries Corp.
- NovoHydrogen, Inc.
- Ørsted
- Pratt & Whitney
- Precision Combustion, Inc.
- Rensselaer Polytechnic Institute
- Rhode Island Energy
- Siena College
- Skyre, Inc.
- Peaks Renewables and Summit Utilities, Inc.
- University of Connecticut
Consortium partners have committed to collaborate with the
NYSERDA, New York Power Authority, and Empire State Development for
the development of the proposal to advance clean hydrogen projects.
At the same time, partnering States will also coordinate with their
respective State entities to help align the consortium's efforts
with each State's climate and clean energy goals, such as
Massachusetts goal of reaching net-zero carbon emissions by
2050.
With the execution of these agreements, the partners will work
together to:
- Define the shared vision and plans for the regional clean
hydrogen hub that can advance safe, clean hydrogen energy
innovation and investment and address climate change while
improving the health, resiliency, and economic development of the
region's residents.
- Advance a hydrogen hub proposal that makes climate and
environmental concerns central to its strategy, which will deliver
opportunities and improve the quality of life for under-resourced
areas in the region.
- Perform research and analysis necessary to support the hydrogen
hub proposal and to quantify the reduction of greenhouse gas
emissions resulting from this project.
- Develop a framework to ensure the ecosystem for innovation,
production, infrastructure, and related workforce development is
shared across all partner States.
- Support environmentally responsible opportunities to develop
clean hydrogen in accordance with the participating States'
policies.
The coalition will continue to focus on the integration of
renewables - such as onshore and offshore wind, hydropower, and
solar PV - and nuclear power into clean hydrogen production and the
evaluation of clean hydrogen for use in transportation, including
for medium and heavy-duty vehicles, heavy industry, power
generation applications, and other appropriate uses consistent with
decarbonization efforts.
Dr. Vasilis Gregoriou, Chairman and Chief Executive Officer of
Advent Technologies, stated, "we are excited to join this major
industrial partnership at a time of significant momentum for
America's transition to clean energy technologies. All of us at
Advent embrace the belief that the world can decarbonize faster by
adopting hydrogen and fuel cells to replace conventional and
polluting energy sources that use fossil fuels. We look forward to
a successful collaboration with the consortium partners, as well as
the New York State Energy Research and Development Authority, New
York Power Authority, and Empire State Development."
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/or 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,
conferring the virtues of 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/20220831005463/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
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