Advent Technologies hosts Grand Opening of its State-of-the-Art Fuel Cell R&D and Manufacturing Facility in Boston
April 04 2023 - 9:02AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”) is pleased to announce that on April 3, 2023,
Massachusetts Governor Maura Healey, along with other elected
officials, including State Senator Sal DiDomenico, Massachusetts
Labor and Workforce Development Secretary Lauren Jones,
Massachusetts Undersecretary for Energy Michael Judge,
Massachusetts Undersecretary of Community Development Ashley
Stolba, Massachusetts Undersecretary of Decarbonization and
Resilience Katherine Antos, Galen Nelson of the Massachusetts Clean
Energy Center, Eric White of the U.S. Department of Energy’s
Hydrogen and Fuel Cell Technology Office, Dr. Yu Seung Kim from the
Los Alamos National Laboratory, as well as many esteemed guests and
business partners, attended the grand opening of Advent's new fuel
cell R&D and manufacturing facility at Hood Park in
Charlestown, Massachusetts.
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Massachusetts Governor Maura Healey with
Advent Technologies Chairman and CEO Dr. Vasilis Gregoriou at the
grand opening of the Company’s new facilities at Hood Park in
Charlestown, (Boston), MA. (Photo: Business Wire)
This new facility represents a significant investment in
Advent's future growth, as it will allow the Company to expand its
production capacity and fulfill the rising global demand for
electrochemistry components in the clean energy sector. Guests
toured Advent's new facility, which has:
- State-of-the-art coating machines that support the seamless
transition from prototypes to initial production runs for advanced
membranes and electrodes of fuel cells.
- A fully analytical department dedicated to quality control,
performance analysis, and improving product lifetime.
- Fuel cell and electrolyzer test stations for statistical
process control and development of next-generation membrane
electrode assembly (“MEA”) materials.
- An engineering lab for developing automated assembly processes
for MEAs and stacks.
In addition, Advent executives and Massachusetts elected
officials discussed the future of the State’s clean energy sector
and how the U.S. Department of Energy’s Regional Clean Hydrogen
Hubs program can accelerate its development. Advent is one of the
companies that has co-signed a Memorandum of Understanding with the
New York State Energy Research and Development Authority along with
more than 60 clean hydrogen ecosystem partners to develop a
proposal that will enable the Northeastern United States to become
one of at least four regional clean hydrogen hubs.
Advent's new state-of-the-art facility at Hood Park brings
together the Company’s corporate office staff, previously located
at 200 Clarendon Street in downtown Boston, and its R&D team
from Somerville's Greentown Labs. The facility is equipped to
manufacture a range of innovative products, including the Ion Pair™
MEA. This next-generation MEA technology aims to revolutionize the
global market by enabling fuel cells to have an expected lifetime
of at least three times longer and also deliver double the power
density of Advent's earlier fuel cell systems, making them ideal
for heavy-duty mobility applications.
According to the 2022 Massachusetts Clean Energy Industry
Report, the clean energy sector contributed to more than $14.2
billion to Massachusetts' Gross State Product and employed more
than 104,000 workers in 2021. Advent’s newly established facility
is expected to create employment opportunities for fuel cell
engineers and material scientists in Massachusetts and further
contribute to the growth of the clean energy sector.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, commented, "I would like to express my sincere
appreciation to Governor Maura Healey, other elected officials,
esteemed guests, and our business partners for joining us at the
grand opening of Advent’s new fuel cell R&D and manufacturing
facility. Their presence was a testament to the importance of the
clean energy industry in Massachusetts and the potential of
hydrogen technology. On behalf of the entire Advent team, I would
like to thank them for their support and encouragement as we strive
to become a leader in the electrochemistry components industry and
help accelerate the global transition to a net-zero carbon
future."
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,
suitable 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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Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
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