Advent Technologies signs Supply Agreement with the German State of Brandenburg for Fuel Cell Systems
September 19 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 three-year agreement with the German State of Brandenburg for the
supply of methanol-powered fuel cell systems, which will be
installed in select critical communication sites in the region.
Advent's methanol-powered fuel cell systems will be used as a
back-up power source for Brandenburg's BOS digital radio network,
replacing the diesel-driven emergency power systems at several
sites over the next three years. Germany's old public safety and
security infrastructure relied on an outdated analogue radio system
for communication. BOS is a digital, encrypted, and secure means of
communication. The new BOS network allows first responders and
other public safety officials to communicate easily and securely.
The BOS network now covers 99.2% of German territory.
Advent's solution was selected as part of a tender launched by
the German State of Brandenburg, which requested that fuel cell and
hydrogen technology companies submit proposals for sustainable and
reliable emergency power supply solutions. Prior to Advent's
selection, the performance of the Company's methanol-powered fuel
cells was tested at a site of the BOS digital radio network in
Brandenburg, providing further proof of concept for the use of
HT-PEM fuel cells as an efficient back-up power source for critical
infrastructure applications. Advent's methanol-powered fuel cells
deliver reliable power in an environmentally friendly way –
reducing CO2 emissions and operating silently – while having a low
impact on the surroundings. Methanol, as a carrier of hydrogen,
allows simpler storage than pure hydrogen and enhances the safety
of operations.
"We are thrilled that the German State of Brandenburg endorses
Advent’s products for Brandenburg’s critical communication needs
and are confident that Advent’s methanol-powered fuel cell systems
will ensure the seamless operation of the entire BOS digital radio
network in the region. This new partnership marks a major step
towards the wider adoption of HT-PEM fuel cells as a back-up power
source in critical infrastructure applications across Europe. We
look forward to joining similar projects in the near future,”
stated Advent Technologies GmbH Senior Vice President, Daniel
Hennig.
"The Advent team is proud and excited to start this new
collaboration with the German State of Brandenburg. Now, more than
ever, the world needs zero-emission back-up power solutions to
ensure a clean and uninterrupted energy supply. Today's agreement
is another testament on how Advent’s methanol-powered fuel cells
can play a major role in supporting critical infrastructure power
requirements around the globe. We look forward to a long and
successful collaboration with our new partner," added Dr. Vasilis
Gregoriou, Advent Technologies Chief Executive Officer and
Executive Chairman of the Board.
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 –
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/20220919005463/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula/Michael
Trontzos press@advent.energy
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