Advent Technologies A/S signs Memorandum of Understanding with Electric Ship Facilities to accelerate distribution of SereneU Fuel Cells across Europe
24 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 a
Memorandum of Understanding (“MoU”) with Electric Ship Facilities
B.V. (“ESF”), a Dutch business with over 15 years of experience in
electric and hybrid propulsion systems and energy systems for
recreational and commercial purposes.
Under the agreement, ESF commits to becoming a future
distributor of Advent’s SereneU fuel cell products, further
strengthening its portfolio of innovative CO2 reducing
technologies. ESF offers demonstrations and state-of-the-art
components, helping its customers significantly reduce emissions
and achieve energy efficiency. This new collaboration will enable
Advent to facilitate trial processes and fuel cell configurations
for both land-based and maritime applications, with the initial
geographic focus being Benelux, Germany, Switzerland, and
Austria.
Per Arild, Advent A/S Director of Marketing and Business
Development, said “ESF will help us create demonstrations that will
effectively showcase the true potential of methanol-based fuel cell
solutions as an efficient and reliable alternative to today’s
diesel gensets in marine use. ESF will also help us deliver
configurations that will stimulate business thinking and will
contribute to the faster introduction of our next-generation fuel
cell technologies to the European market.”
Advent’s SereneU fuel cells are currently being used for
demonstrations within the framework of the Green Shipping Wadden
Sea program, an initiative coordinated by FME (a Dutch association
of enterprises in the industrial sector), having ESF as one of its
founding companies. The Green Shipping program aims to accelerate
innovations in the field of CO2-neutral and fossil-free shipping
for the Wadden Sea fleet, as well as to develop the associated port
facilities and infrastructure, and to secure governmental pathways
promoting the transition towards innovative CO2 reducing
technologies.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, stated, “We are delighted to start our collaboration with
ESF, a company which has been actively demonstrating its commitment
to accelerate the green transition through zero-emission innovative
technology. This new agreement will strengthen our presence in
Europe and further advance our vision to support industries in
decarbonizing at a faster rate."
Mr. Jurjen Poorting, ESF’s Proprietor and CEO stated: “We are
excited about our collaboration with Advent, as it will enable us
to offer next-generation fuel cell solutions for our customers’
clean energy transitions. We look forward to facilitating Advent’s
path through the configuration of SereneU fuel cells, clean power
products that are already commercially available. As a result of
the ongoing introduction of new CO2 emission regulations in Europe,
industries are now readier than ever to transition to cleaner
energy solutions. As Advent’s partner in the Dutch region, our goal
is to both showcase fuel cell demonstrations, but also to feed the
growing demand for fuel cell products. Our market know-how, in
combination with Advent’s technical expertise, will put us in a
position to penetrate the Dutch market better, faster, and at a
high-quality level.”
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.
About ESF
Electric Ship Facilities is a family-owned business with over 15
years of experience in electric and hybrid propulsion systems and
energy systems for recreational and commercial purposes. ESF offers
a wide range of energy solutions, and in recent years has been
particularly focused on technologies that are enabling green
transitions.
ESF addresses their customers across different application
fields, offering demonstrations and state-of-the-art components for
which low (zero) emissions and energy efficiency are key factors.
For more information, please visit
https://www.electricshipfacilities.com/.
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/20220223005665/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
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