Massachusetts State Senator, State
Representative, and Policymakers meet with Advent executives at the
Company’s new Hood Park facility to discuss the key role of fuel
cells in driving forward the clean energy transition
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology sectors, today announced that on Friday,
October 14, 2022, it hosted elected officials and policymakers from
Massachusetts at its new R&D and manufacturing facility at the
Hood Park campus in Charlestown, Massachusetts.
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the full release here:
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From left to right: Dr. Emory De Castro
(Chief Technology Officer, Advent Technologies), Sue Whitaker
(Regional Director at the Massachusetts Office of Business
Development), Warren Brower (Vice President of Business
Development, Advent Technologies), Danny Ryan (State
Representative), Dr. Vasilis Gregoriou (Chairman and Chief
Executive Officer, Advent Technologies), Mark Wigfall (Greater
Boston Market Maker from Commonwealth Corporation), Jim Coffey
(Chief Operating Officer & General Counsel, Advent
Technologies)
State Senator Sal DiDomenico, State Representative
Danny Ryan, Regional Director at the Massachusetts Office of
Business Development Sue Whitaker, and, Greater Boston
Market Maker from Commonwealth Corporation Mark Wigfall were
welcomed to the Hood Park campus by senior Advent executives,
including Advent’s Executive Chairman of the Board and CEO Dr.
Vasilis Gregoriou, CTO Dr. Emory De Castro, COO and
General Counsel Jim Coffey, Vice President of Business
Development Warren Brower and Facilities and Operations
Manager Rich Nelson.
The visit started with a walking tour of Advent’s new
state-of-the-art facility, located at the heart of one of Boston’s
latest innovation and R&D communities in Charlestown. Hood Park
is expected to be operational in December 2022 and will primarily
focus on the development and production of Advent’s next-generation
fuel cell components, allowing the Company to scale-up and deliver
on the increasing global demand for electrochemical components in
the clean energy sector.
One of the products to be manufactured within the Hood Park
facility is the next-generation Membrane Electrode Assembly
(“Advent MEA”), which is 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
(LANL), Brookhaven National Laboratory (BNL), and National
Renewable Energy Laboratory (NREL). MEAs form the heart of the fuel
cell, and their performance determines the lifetime, efficiency,
weight, and to a large extent the cost of the downstream
electrochemistry products. Advent intends that both its own
products such as SereneU, Honey Badger 50™, MZERØ and third party
products will be able to use the new Advent MEAs in mass production
from 2024, according to the Company’s growth plan.
The visit of Massachusetts elected officials and policymakers to
the Hood Park campus continued with a presentation of Advent’s wide
range of fuel cell products and future plans. Advent executives had
the opportunity to highlight the unique competitive advantages of
the Company’s proprietary High-Temperature Proton Exchange Membrane
(HT-PEM) technology – which can support multiple fuels, efuels, and
low-grade hydrogen on board and operate under extreme conditions
(-38°C to +50°C) – and share details regarding Advent’s current
projects in the U.S., highlighting the Company’s potential
involvement in the development of a proposal for a U.S. Northeast
Clean Hydrogen Hub.
The Massachusetts clean energy sector has experienced
significant growth over the past years, and the state continues to
pursue innovative measures to ensure grid modernization, storage,
and alternative transportation. In March 2021, Governor Baker
signed into law An Act Creating a Next-Generation Roadmap for
Massachusetts Climate Policy, putting the Commonwealth on a pathway
to achieve net-zero greenhouse gas emissions by 2050. According to
Massachusetts Clean Energy Center’s 2021 Industry Report, the
Massachusetts clean energy industry saw 68% jobs growth since 2010,
counting approximately 101,208 clean energy workers. Furthermore,
according to the American Council for an Energy-Efficient Economy’s
2020 State Energy Efficiency Scorecard, in 2020, Massachusetts
ranked second in energy efficiency across the U.S.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, stated: “We would like to extend our gratitude to
State Senator DiDomenico, State Representative Ryan, Ms. Whitaker,
and Mr. Wigfall for taking the time to visit our new Charlestown
facility. With the grand opening of Hood Park fast approaching,
this meeting was an excellent opportunity to showcase how this new
facility is expected to unlock significant market opportunities for
Advent across the U.S. and create numerous job opportunities for
young Material Scientists and Fuel Cell Engineers based in
Massachusetts. The Advent team looks forward to contributing
greatly to Massachusetts’ ambitious goal of achieving net-zero
greenhouse gas emissions by 2050 through constantly innovating,
with a focus on sustainability and energy efficiency.”
Dr. Emory De Castro, Advent’s Chief Technology Officer,
added: “We were deeply honored to host Massachusetts elected
officials and policymakers to our new Hood Park facility and
provide them with an overview of Advent’s manufacturing scale-up
plans and growth path. As a proud Boston-based Company, we selected
Massachusetts and Hood Park due to the close proximity to top
research universities and access to a wide pool of intellectual
talent. Hood Park will play a key role in further strengthening our
efforts to help the world decarbonize quickly by enabling Advent to
scale-up the manufacturing of next-generation electrochemistry
components, which are expected to revolutionize the fuel cell
industry.”
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/20221021005248/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
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