Advent Technologies Receives Funding Update for €60 Million to Launch Green HiPo IPCEI Project
BOSTON, November 16, 2023--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that its wholly owned subsidiary, Advent Technologies S.A. has received an update from the Greek State regarding the implementation of the Green HiPo IPCEI Hy2Tech project (the "Green HiPo Project").
In a letter dated November 13, 2023, signed by the Governor of the Just Transition Special Authority ("JTSA"), a division of the Greek State, Advent received confirmation of the Greek State’s continued commitment to the Green HiPo Project in line with Advent’s July 18, 2022, IPCEI EU ratification announcement, and an updated funding plan for the Green HiPo Project. The plan outlines a current budget of EUR 60 million, with 40% of that funding (EUR 24 million) as a grant from Greece’s Just Transition Fund to launch the Green HiPo Project.
Advent will submit a summary report to the Greek State setting forth its revised funding plan in light of the Greek State’s update concerning this initial grant. Once submitted, Advent expects that this initial grant will commence and the successful implementation of the Green HiPo Project will begin in earnest.
The Greek State’s initial funding will be part of the broader €5.4 billion development package authorized by the European Commission in July 2022. The Green HiPo Project is one of 41 projects sharing this funding as part of the broader group of projects under the IPCEI Hy2Tech.
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, commented: "We express our sincere appreciation to the Greek State for its continued commitment to a transition away from coal and towards a green energy future. The Advent team eagerly looks forward to the commencement of the Green HiPo Project, anticipating its significant role in advancing the Hy2Tech program and supporting Europe’s decarbonization and energy independence objectives."
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 Kozani 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, 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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Contacts
Advent Technologies Holdings, Inc.
Michael Trontzos
press@advent.energy
