Advent Technologies signs MoU with Saudi based Company, Hydrogen Systems, Inc. to Distribute Fuel Cells and Hydrogen Products in the Middle East
September 15 2022 - 9:02AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology space, today announced it has signed a
Memorandum of Understanding (“MoU”) with Hydrogen Systems, Inc.
(“Hydrogen Systems”), a hydrogen energy solutions company based in
Riyadh, Saudi Arabia, to provide integrated hydrogen solutions and
value-added support to industrial and renewable energy markets in
the Middle East.
Under the MoU, Hydrogen Systems aims to utilize a vast number of
existing relationships in the telecom and hydrogen energy
marketplace in the Kingdom of Saudi Arabia, and elsewhere
throughout the Middle East to market, sell, distribute, install and
service Advent’s full line of high-temperature proton exchange
membrane (“HT-PEM”) fuel cells and hydrogen production products.
Simultaneously, Advent and Hydrogen Systems intend to collaborate
and explore potential large-scale development opportunities for
hydrogen fuel cell power applications across the region.
Advent’s family of products, including the Serene and
M-ZERØ® fuel cell systems, realize a significant
carbon advantage over conventional diesel remote power generation
technology. HT-PEM fuel cells can operate with a range of low or
zero-carbon hydrogen fuels and enable more efficient heat
management. Such fuel cells can produce power in extreme ambient
temperatures (from -40°C to up to +55°C) and conditions such as
high air pollution and low humidity, resulting in a longer lifetime
and lower total cost of ownership.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, stated, “We look forward to a successful partnership
with Hydrogen Systems to support the effort in the Middle East to
decarbonize faster by adopting hydrogen and HT-PEM fuel cells to
replace conventional and polluting energy sources. Hydrogen
Systems’ industry knowledge and reach provide an advantage in
bringing disruptive, emerging fuel cell solutions to a mature
application.”
Sattam Alsuwailem, Chief Executive Officer of Hydrogen
Systems, added: “We are excited to have Advent as our new
industry partner and truly believe that this new collaboration can
play a vital role in speeding up the Middle East’s transition to
clean energy technologies. All of us at Hydrogen Systems are
connected through a shared mission to continue providing our
customers with the most reliable, efficient, and cost-effective
hydrogen solutions. We look forward to further strengthening this
mission by bringing Advent’s highly differentiated technology to
the Middle East market.”
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.
About Hydrogen Systems, Inc.
Hydrogen Systems is a Saudi Arabia based company dedicated to
delivering the most comprehensive and cost-effective hydrogen gas
solutions to its customers in the greater GCC region. Hydrogen
Systems was founded in 2009 and has grown steadily over the last 10
years by providing valuable solutions and services to their
customers. With the establishment of the Hydrogen Energy Center of
Excellence, Hydrogen Systems is committed to the localization and
development of hydrogen energy and decarbonization solutions to
meet the growing demand in the region.
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/20220915005629/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
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