Advent Technologies signs new contracts worth $2.2 million for delivery of MEA electrochemistry components
16 February 2022 - 12:45AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology space, is pleased to announce the signing of
new contracts with manufacturers of clean power generation and
energy storage solutions for the delivery of electrochemistry
components.
The contracts were signed in the fourth quarter of 2021 and have
a combined value of $2.2 million. Advent began delivering
electrochemistry components in the fourth quarter of 2021 and
deliveries are expected to continue through September 2022. The
vast majority of the new business is from North American based
customers.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, said, “We are excited to continue on a high-growth path
and expand customer relationships across the USA, Europe, and Asia.
Advent is recognized as a company with game-changing technology and
our philosophy is to deliver high-quality products to companies as
dedicated to a clean energy future as we are. We look forward to
helping our customers reach their goals, and we hope that their
trust leads to Advent expanding its repeat business with satisfied
clients.”
Advent’s electrochemistry components business includes
electrodes, membranes, and membrane electrode assemblies (“MEAs”).
These components are critical for fuel cells, electrolyzers, and
long-duration energy storage (flow batteries). The performance of
these components defines the lifetime, efficiency, weight and,
ultimately, a substantial portion of the cost of the end
electrochemistry products. Advent is continuously innovating in the
area of electrochemical components. Among Advent’s key developments
in 2021 were:
- Delivering components to a leading US-based green energy
equipment manufacturer.
- Collaborating with Northeastern University for the development
of MEAs for low-cost electrolyzers (green hydrogen
production).
- Entering into the L’Innovator program from the US Department of
Energy (US DoE) for the development of next-generation HT-PEM MEAs
for the fuel cell market.
Advent’s electrochemistry materials R&D is based in Boston,
Massachusetts, with synthesis and manufacturing capabilities in
Europe. Advent is expanding its production capabilities through the
development of a new facility at the Hood Park campus in
Charlestown, Massachusetts, which will focus primarily on the
development and production of the next-generation of fuel cell
components.
Advent’s Chief Technology Officer Dr. Emory DeCastro added:
“2021 was a year of successful growth, and demonstrated great
success in Advent’s first year as a public company. The Company had
100% acceptance of our products by our customers in the
electrochemistry component business, with zero returns for quality
issues. Our new Hood Park facility will allow us to scale-up and
deliver on the increasing global demand for electrochemical
components in the clean energy space.”
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 100 patents issued and
licensed for its 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 “Any Fuel. Anywhere.” 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/A filed with the Securities and Exchange
Commission on May 20, 2021, 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/20220215005675/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
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