Hyundai Motor Company today announced a successful technology
assessment with Advent Technologies Holdings, Inc. (“Advent”), an
innovation-driven leader in the fuel cell and hydrogen technology
sectors. The assessment evaluated Advent's proprietary Membrane
Electrode Assembly (“MEA”) technology for supplying Hyundai’s
high-temperature fuel cell needs, and following its success, the
two companies have entered into a Joint Development Agreement
(“JDA”).
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the full release here:
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From left to right: Seung Hyun Hong,
Ph.D. (Vice President, Materials Research & Engineering Center,
Hyundai), Jim Coffey (Chief Operating Officer & General
Counsel, Advent Technologies) (Photo: Business Wire)
The signing ceremony took place on March 22, 2023, at Advent’s
headquarters in Charlestown, Massachusetts, and included senior
executives from both companies. Under the agreement, Hyundai and
Advent will work together to further develop HMC-Advent Ion Pair™
MEA, establish commercial criteria for MEA supply, and evaluate
Advent's advanced fuel cell technology for Hyundai's heavy-duty
and/or stationary application. Additionally, the parties will
introduce advanced cooling technologies for mobility
High-Temperature Proton Exchange Membrane (HT-PEM) fuel cell
stacks. Advent will work closely as Hyundai evaluates these stack
cooling technologies and ensure optimal performance under different
operating conditions.
This partnership builds upon a commitment from both companies to
develop sustainable energy solutions for carbon-intensive
applications. Hyundai aims to accelerate the establishment of a
hydrogen-based society based on its vision, Progress for Humanity,
and this JDA aligns with that vision. The synergy generated by
combining the two companies’ advanced technology in this JDA is
expected to revolutionize the global MEA market by providing
significant improvement in lifetime and an increase in power
density versus current HT-PEM MEAs.
“The Advent team worldwide is proud and excited to enter into
the next phase of a highly promising collaboration with Hyundai,
with today's JDA signing at our Hood Park facility in Charlestown,
MA. Through this collaboration, we aim to accelerate the shift
towards sustainable energy and help shape a cleaner, more efficient
future by assisting Hyundai in bringing its future mobility
strategy to life,” said Dr. Vasilis Gregoriou, Chairman and CEO of
Advent Technologies. “With our common goal to decarbonize
heavy-duty transport, we are committed to contributing to Hyundai’s
goal of building innovative, high-performance fuel cell solutions
that will make a significant impact in reducing greenhouse gas
emissions.”
“Hyundai is delighted to move into the next step of its
collaboration with Advent, a leading company in the HT-PEM space.
The Ion Pair™ HMC-Advent MEA, forming the heart of the fuel cell,
will be developed by combining the HT-PEM know-how and material
technology of both parties,” said Seung Hyun Hong, Vice President
and Head of the Material Research & Engineering Center at
Hyundai Motor Company. “It will prove Hyundai’s high-temperature
driven material technical expertise and play a key role in our
decarbonization goal and develop best-in-class high-temperature
fuel cells, unlocking a key step for more widespread adoption of
fuel cell technology in high-temperature applications."
"The successful completion of the Technology Assessment with
Hyundai is a testament to Advent's technical excellence and
industry-leading expertise in HT-PEM fuel cell technology. Our
team's unwavering commitment has been instrumental in meeting the
complex requirements of Hyundai's fuel cell projects,” added Dr.
Emory De Castro, Chief Technology Officer of Advent Technologies.
“Today's signing ceremony was an excellent opportunity for us to
not only celebrate this important milestone but also showcase our
newly opened R&D and Manufacturing facility, where we will be
producing a range of innovative products, including the Ion Pair™
MEAs. As partners, we share a common goal to decarbonize
transportation and bring innovative, high-performance fuel cell
solutions to the market. We are excited to build on our successful
partnership with Hyundai and continue our joint efforts to achieve
this goal.”
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.
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over
200 countries with more than 120,000 employees dedicated to
tackling real-world mobility challenges around the globe. Based on
the brand vision ‘Progress for Humanity,' Hyundai Motor is
accelerating its transformation into a Smart Mobility Solution
Provider. The company invests in advanced technologies such as
robotics and Advanced Air Mobility (AAM) to bring about
revolutionary mobility solutions, while pursuing open innovation to
introduce future mobility services. In pursuit of sustainable
future for the world, Hyundai will continue its efforts to
introduce zero emission vehicles equipped with industry-leading
hydrogen fuel cell and EV technologies.
More information about Hyundai Motor and its products can be
found at: http://worldwide.hyundai.com or
http://globalpr.hyundai.com
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version on businesswire.com: https://www.businesswire.com/news/home/20230322005788/en/
Elisabeth Maragoula / Michael Trontzos Advent
Technologies Holdings, Inc. press@advent.energy Dain
Kang Global PR Corporate Strategy & Planning Team / Hyundai
Motor Company di@hyundai.com +82 2 3464 2094
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