Advent Technologies Secures $1.3 Million Contract to Supply Methanol-Powered Fuel Cell Stacks to Asia’s Leisure Sector
September 05 2023 - 9:00AM
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 a significant
expansion order contract with a prominent fuel cell integrator
operating in the Asian market. Under the terms of this agreement,
Advent will provide its innovative eFuel-powered (“Serene”) fuel
cell stacks to be incorporated in power applications within the
leisure sector in the region.
The contract has a total initial value of $ 1.3 million.
Deliveries are expected to commence in September 2023, with the
supply chain projected to remain active throughout 2024 in accord
with the customer's specified timeline. The primary application of
Advent's fuel cell stacks is to serve as sustainable prime and
back-up power sources in small cabins, working in conjunction with
batteries.
The market for portable fuel cells, especially in the context of
the leisure industry, is currently niche. However, because of the
requirement to reduce carbon and other particulate emissions, this
upswing in demand can be attributed to the increasing need for
compact and portable fuel cell systems that are tailored to various
leisure-related applications. The utilization of Advent’s Serene
fuel cell stacks using liquid methanol as a hydrogen carrier fuel
offers advantages in terms of transportation, logistics, and
storage efficiency compared to gaseous hydrogen, thus enhancing
operational safety.
Advent’s Serene fuel cells stand out with their small footprint,
occupying only about a third of the space required by a typical
diesel generator. Beyond their environmental advantage in terms of
reduced emissions, Serene fuel cells provide an uninterrupted power
supply across diverse environmental conditions and geographical
locations. Serene fuel cells operate seamlessly within ambient
temperatures ranging from -20°C to +50°C and are designed to
function efficiently even in humid and polluted air, showcasing
exceptional adaptability.
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO,
commented, "This new agreement signifies Advent's growing momentum
within the realm of leisure applications. We are excited to
establish a partnership with a distinguished fuel cell manufacturer
operating in the dynamic East Asian market, which allows us to
introduce our innovative methanol-powered fuel cell stacks to
address the unique requirements of the leisure sector. Advent
remains committed to transforming industries through sustainable
solutions, and our methanol-powered fuel cells appeal as a safe,
practical, and forward-thinking choice."
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, 2023, 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/20230905846911/en/
Advent Technologies Holdings, Inc. Alan Kneisz (Vice President
of Sales & Marketing) alan.kneisz@advent.energy Michael
Trontzos (Senior Marketing Manager) press@advent.energy
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