Advent Technologies Holdings, Inc., an innovation-driven leader
in the fuel cell and hydrogen technology sectors, is pleased to
announce that its wholly owned subsidiary, Advent Technologies A/S
(“Advent”), has signed a Joint Development Agreement (“JDA”) with
Siemens Energy, one of the world's leading energy technology
companies.
The newly signed JDA outlines the collaboration between Advent
and Siemens Energy, combining Advent's HT-PEM fuel cell 50kW
modules utilizing its innovative Ion-Pair™ membrane electrode
assembly (MEA) technology with Siemens Energy's electrification and
automation solutions for hybrid and electric vessels.
The goal is to develop an integrated 500kW High-Temperature
Proton Exchange Membrane (“HT-PEM”) fuel cell solution for maritime
applications and then evaluate to scale down/up the system to fit
with market requirements from motor and Giga Yachts to ferries and
container/commercial ships.
The innovative clean energy solution resulting from this
multi-year collaboration is expected to initially address the power
needs of large yachts. Subsequently, plans are underway to broaden
its application to include ferries and commercial/container
vessels.
The initial prototype testing for the HT-PEM fuel cell module is
expected to take place at Siemens Energy's testing facility in
Erlangen, Germany, in 2025, with the testing of the first fuel cell
module scheduled for completion in 2026. Advent is currently
engaging with world-leading customers in the maritime industry and
anticipates signing commercial term sheets in the near term to
pursue upcoming Requests for Proposals (RFPs).
This agreement builds upon the strong collaboration between
Advent and Siemens Energy, which began in February 2022 with the
Sanlorenzo Life Ocean pilot project. In this project, the companies
jointly developed a marine HT-PEM fuel cell solution to provide
clean power for hotel functions aboard a 50-meter Sanlorenzo
superyacht. Additionally, in March 2024, Advent and Siemens Energy
deepened their collaboration by joining as consortium partners in
the RiverCell 3 research and development project, which is
partially funded by the German Federal Ministry for Digital and
Transport as part of the National Innovation Programme Hydrogen and
Fuel Cell Technology.
Advent Technologies' HT-PEM fuel cells utilizing the innovative
Ion Pair™ MEA technology, offer high-temperature operation between
80°C and 240°C. This advancement extends their lifespan by at least
threefold and doubles the power density compared to earlier Advent
systems. Additionally, Advent’s HT-PEM fuel cell technology enables
the use of liquid green fuels like eMethanol, enhancing efficiency
by utilizing both heat and electricity, resulting in high
resilience. These fuel cells can function with impure hydrogen,
impure air intake, and in extreme ambient temperature and humidity
conditions, making them an ideal choice for widespread adoption in
the maritime industry.
As the world advances towards extensive green hydrogen
production, eMethanol emerges as a leading choice for marine fuel
in the maritime industry, promising a potential 100% reduction in
CO2 emissions. Methanol and its derivatives function as versatile
energy carriers and storage solutions, efficiently releasing
hydrogen catalytically through fuel reformers. With its efficient
storage capabilities, ease of handling, and utilization of existing
infrastructure for transportation, methanol stands as a secure and
economically viable alternative to fossil fuels.
Advent’s Chaiman and CEO, Dr. Vasilis Gregoriou,
commented: “The Advent team is thrilled to witness Siemens
Energy's recognition of the immense potential of HT-PEM fuel cell
technology in maritime applications. After two years of intensive
collaboration, we stand prepared for the next stage, with the goal
of positioning HT-PEM fuel cell technology as a pivotal element in
global decarbonization initiatives, working towards achieving
net-zero emissions in the maritime sector by 2050. We look forward
to maintaining our collaborative momentum, combining our extensive
fuel cell expertise with Siemens Energy's unparalleled experience
in electrification and automation solutions, to collectively pave
the way for a more sustainable future in maritime operations
worldwide.”
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/20240404386697/en/
Advent Technologies Holdings, Inc. Michael Trontzos
press@advent.energy
Advent Technologies (NASDAQ:ADN)
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