Advent Technologies Announces Intent with Airbus to Launch a Joint Benchmarking Project
November 06 2023 - 7:04AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN), an
innovation-driven leader in the fuel cell and hydrogen technology
space, is pleased to announce that it has reached an agreement with
Airbus, a global leader in aeronautics, space, and related
services, for a joint benchmarking project regarding an optimized
Ion Pair™ Membrane Electrode Assembly (“MEA”) for hydrogen fuel
cells.
Airbus will provide financial support to the project and its
extensive knowledge of the aviation industry. Advent will invest in
people, materials, hardware, and 3rd party research centers, to
contribute to the goals of the project. The multi-million dollar
collaboration will take place over two years.
The goal of the project is to accelerate the development of
Advent’s MEA and benchmark the Ion Pair MEA against aviation
requirements and current/expected technological limits.
HT-PEM MEAs operating at temperatures higher than 180 °C (360°F)
aim to solve one of the largest challenges in aviation fuel cell
use: thermal management. Incumbent low-temperature fuel cells have
shown limitations in supporting hydrogen flight due to thermal
management issues. Advent believes that HT-PEM is a superior option
not only for aviation, but also for heavy-duty trucks, the
automotive industry and marine use.
The project will primarily focus on the needs for future
hydrogen-fueled planes, while at the same time having the potential
of significantly reducing the weight and volume of the powertrain
system through a simplified balance of plant and cooling
subsystems.
The project will be executed by Advent’s MEA team and closely
monitored by Airbus. The project is expected to commence in January
2024.
Dr. Chris Kaskavelis, Chief Strategy Officer of Advent
Technologies, commented, “We are pleased to announce that Airbus
and Advent have aligned visions and efforts to achieve hydrogen
flight. Both companies believe that HT-PEM is a promising
technology to be benchmarked and developed as it can enable better
thermal management for airplanes. We are excited to join this
multi-year project with Airbus.”
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, 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/20231106794699/en/
Advent Technologies Holdings, Inc. Michael Trontzos
press@advent.energy
Advent Technologies (NASDAQ:ADN)
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