Advent Technologies Provides Update on Green HiPo IPCEI Project
May 26 2023 - 7:46AM
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 provide an update on the
implementation of the Green HiPo project under the framework of the
Important Projects of Common European Interest (“IPCEI”) Hy2Tech.
This update highlights recent milestones achieved in the project,
emphasizing the collective dedication of the entire Advent team
towards decarbonization, and the transformation of the clean energy
landscape in Greece and Europe.
- Acquisition of Land: Advent has successfully acquired
the ownership rights to a prime parcel of real estate located in
Kozani, Greece, laying the foundation for its future
state-of-the-art facility for its Green HiPo IPCEI project. Advent
expects to receive the final property transfer certificate from the
local registry land office in the coming days. This land
acquisition underscores Advent's unwavering dedication to
establishing a robust infrastructure that will effectively and
strategically support the objectives of the Green HiPo IPCEI
project. Advent has also set-up a coordination and planning office
in the center of Kozani which will serve as the operational hub for
the Green HiPo IPCEI project.
- Evaluation Underway: As a prerequisite for unlocking the
State Aid funding for Green HiPo, the Hellenic Ministry of
Development and Investment has commissioned a high-level review of
the Green HiPo IPCEI project as previously ratified by the European
Union. It is expected that this review will take approximately 6-8
weeks, during which time systems and processes will be assessed in
order to ensure full transparency and accountability for the
effective implementation of the Green HiPo IPCEI project.
- Recruitment Process and Hiring of Key Professionals:
Advent has begun the process of identifying and hiring key
professionals - scientists, engineers, and managers who will play
integral roles at the new state-of-the-art facility in Kozani.
These talented individuals will drive critical functions such as
research and development, first industrial deployment, and supply
chain management. Their expertise will be instrumental in the
development, design, and manufacture of innovative high-temperature
proton exchange membrane fuel cell systems and electrolyser
systems. Advent's careful selection process ensures that top-tier
talent is recruited to support the successful execution of the
Green HiPo IPCEI project, thereby ensuring the project's success
and innovation.
Once the evaluation has been completed, the Hellenic Ministry of
Development and Investment will invite Advent, as one of the two
eligible companies under the IPCEI Hy2Tech framework in Greece, to
confirm its final funding documents. Upon submission, Advent
anticipates receiving up to 782.1 million euros in funding from the
Greek State over a six-year period for its Green HiPo IPCEI
project. This funding is part of the total 5.4 billion euros in aid
authorized by the European Commission in July 2022 for various
projects, including Green HiPo, which is one of 41 projects jointly
prepared and notified by fifteen Member States under the IPCEI
Hy2Tech umbrella. The project will involve close cooperation with
over 300 external partners, including universities, research
organizations, and SMEs across Europe, enabling extensive
collaboration and knowledge sharing.
Dr. Vasilis Gregoriou, Advent's Chairman and CEO,
commented, "We are actively engaged in continuous and positive
communication with the Greek State, eagerly anticipating the
imminent finalization of all necessary procedures to expedite the
implementation of the Green HiPo project. Our team is filled with
enthusiasm as we collaborate with the Greek State and express
heartfelt gratitude for the invaluable opportunity to work
alongside our esteemed partners across Europe. Together, we are
resolute in our mission to advance energy security and
independence, with hydrogen technologies playing a transformative
and indispensable role. Advent is firmly committed to driving
unparalleled innovation and leaving a profound and lasting impact
in the clean energy sector. With unwavering optimism, we eagerly
await the commencement of the project, which we believe is on the
near horizon.”
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.
About Green HiPo
The Green HiPo project involves the development, design, and
manufacture of HT-PEM fuel cell systems and electrolyser systems
for the production of power and hydrogen, respectively. The project
will be based in the Western Macedonia region of Greece and will
aid significantly in the region’s transition from a coal-based
economy to a greener economic model. A new state-of-the-art
facility in Western Macedonia will be home to the production of
fuel cells and electrolysers and will contribute to the economic
development of the region.
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/20230526005151/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
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