Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology space, today announced the successful
completion of a research and development project commissioned under
a programme of and funded by the European Space Agency (“ESA”),
dedicated to the development of a closed-loop regenerative fuel
cell system (“RFCS”) earlier this year.
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The project started in 2014, with Advent as the prime
contractor. Subcontractors included the Centre for Research and
Technology – Hellas, the Foundation for Research and Technology –
Hellas, and the University of Patras. The project concluded with
the successful delivery of the high-temperature proton exchange
membrane (“HT-PEM”) stack to ESA.
During a highly successful testing phase, the RFCS demonstrated
its ability to effectively meet the power demands for three lunar
day and night cycles. Due to their high specific energy density,
closed loop RFCS are gaining recognition as a promising technology
for space applications that require large amounts of energy to be
stored in order to survive long eclipse durations.
The RFCS that was developed for this project consisted of
Advent’s advanced HT-PEM fuel cell stack, a high pressure-PEM
electrolyser, and a storage system for reactants. The system was
also equipped with Advent’s proprietary thermal-management
sub-system, which can be seamlessly integrated into thermal
management systems for spacecraft and readily adapted for other
processes requiring high quality heat.
The fuel cell stack utilizes Advent’s current
polybenzimidazole-based Membrane Electrode Assemblies (“MEAs”), the
same MEAs used in both Advent’s existing product portfolio
(including SereneU, Honey Badger 50™, and M-ZERØ™) and licensed in
3rd party products. In a space mission utilizing an RFCS, a high
pressure-PEM electrolyser utilizes solar power to convert water
into hydrogen and oxygen, which are then stored and later used to
feed the fuel cell stack, generating electrical power while
producing water and heat as a byproduct.
Dr. Emory De Castro, Chief Technology Officer of Advent
Technologies Holdings, Inc., stated, “We are delighted with the
successful completion of this highly innovative project with ESA,
which demonstrates how well Advent’s proprietary technology can
support satellites and other space missions, as well as a wide
range of aerospace, marine, and terrestrial applications. We look
forward to joining similar projects in the near future.”
Brandon Buergler, the ESA technical officer of the
activity said: “The development of new energy storage technologies
with higher specific energy than conventional Li-ion batteries is
needed for enabling new space missions comprising for example the
lunar night survival of a lunar lander’s critical elements.”
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.
About ESA
The European Space Agency is Europe’s gateway to space. Its
mission is to shape the development of Europe’s space capability
and ensure that investment in space continues to deliver benefits
to the citizens of Europe and the world.
ESA is an international organisation with 22 Member States. By
coordinating the financial and intellectual resources of its
members, it can undertake programmes and activities far beyond the
scope of any single European country.
https://www.esa.int/About_Us/Corporate_news/ESA_facts
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.
Disclaimer: The view expressed herein can in no way be
taken to reflect the official opinion of the European Space
Agency.
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version on businesswire.com: https://www.businesswire.com/news/home/20221205005299/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula/Michael
Trontzos press@advent.energy
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