Advent Technologies Announces Successful Delivery of Fuel Cell Systems to BSZ Netz
December 12 2022 - 7:00AM
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 successful
delivery of its Serene HT-PEM fuel cell systems to BSZ Netz GmbH
(“BSZ”), a German-based subsidiary of TSG Transmission Systems
Germany GmbH, specializing in the manufacturing and distribution of
sustainable redundant power supply solutions across the European
market.
Advent's Serene 5kW methanol-powered fuel cell systems will be
used as a back-up power source for a wide range of portable power
stations currently integrated into a mobile solution by BSZ, in
accordance with their customers' requirements. Ranging from 3kW to
55kW, these products will serve the communications industry and
will consist of fuel cells, battery packs, converters, controllers,
and fuel tanks. BSZ’s main customers include network, operations,
and services suppliers of private and public communication
networks.
With a small footprint of about a third of a typical diesel
generator, and having less constraints with the local environment
due to its low noise and vibration operations, Advent's Serene fuel
cells generate significantly lower emissions compared with
traditional generator sets. Advent’s Serene fuel cells also ensure
uninterrupted power across various environmental conditions and
geographies, weather, ambient temperatures from as low as -20 °C
and up to +50 °C, and they operate despite humidity and polluted
air. Liquid methanol as a carrier of hydrogen allows easier
transportation, logistics and storage compared to hydrogen gas,
significantly enhancing the safety of operations. Advent has
deployed approximately 1,000 methanol—powered fuel cells worldwide,
many of which have been used as an efficient back-up power source
in the telecoms and critical communications sectors, replacing
diesel generators.
"We are delighted about the successful delivery of our
methanol-powered fuel cell systems to BSZ Netz. We believe that
methanol has the potential to become a leading zero-emissions
liquid fuel that can leverage from the incumbent global
infrastructure. Given the urgency to decarbonize power generation,
we expect methanol to have an increasingly significant role as a
liquid hydrogen carrier and a low carbon dioxide emissions
alternative to oil. We look forward to further contributing to
BSZ's innovative efforts in the near future," stated Advent
Technologies Chairman and Chief Executive Officer, Dr. Vasilis
Gregoriou.
Thomas Schulze, the Managing Director of BSZ Netz, added,
"At BSZ Netz, we work each day to contribute towards the wider
adoption of clean energy technologies in Europe and strongly
believe that HT-PEM fuel cells powered by methanol have a vital
role to play in speeding up this green transition. Advent's
well-tested fuel cells will further strengthen our efforts to
deliver environmentally friendly, quiet, and highly efficient
redundant power. We look forward to integrating these fuel cells
into our systems and continuing our collaboration with Advent."
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/20221212005371/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula/Michael
Trontzos press@advent.energy
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