Advent Technologies Announces Agreement with Daiden to Accelerate the Distribution of Methanol-Based Fuel Cells across Malaysia
17 March 2022 - 11:50PM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology sectors, is pleased to announce that it has
entered into a preliminary strategic agreement with Daiden
Equipment Sdn Bhd (“Daiden”), a leading power generation and
industrial equipment provider in Malaysia.
Daiden has declared its intention to become a distributor of
Advent’s SereneU fuel cell products. This will enhance the
promotion of Daiden’s clean power generation sources and actively
support the ongoing green energy transition efforts in
Malaysia.
Mr. Kim Abildgaard, Advent’s Sales and Business Development
Director (Asia), said: “Advent and Daiden will work together to
bring Advent’s SereneU “plug and play” fuel cell systems to the
Malaysian market, as it can be a reliable and sustainable power
solution for the country’s telecom and utility operators. This
collaboration could be further complemented by the integration of
Advent’s methanol-based fuel cells into existing power systems and
equipment in Daiden’s portfolio.”
Advent has already shipped units of its SereneU fuel cell
products to Daiden for testing and evaluation. Once these tests
have been completed, Daiden and Advent will determine the best
strategic approach for the introduction of Advent’s methanol-based
fuel cells to the Malaysian market.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, said: “We see Daiden as a highly committed partner to the
mission of transitioning to green technologies and to provide its
local organizational know-how and technical expertise. It is the
start of a fruitful and mutually beneficial collaboration that will
put us in a position to infiltrate the Malaysian market as fast and
efficiently as possible.”
Mr. Ng Win-Wei, Daiden’s Director, stated: “The global emphasis
on achieving net-zero emissions by 2050, combatting climate change,
and promoting clean power generation sources, will lead to the
gradual replacement of diesel generators and internal combustion
engines with renewable and clean power generation alternatives,
such as fuel cells, solar panels, and wind turbines. We believe
that methanol-based fuel cells are the ideal solution for replacing
diesel-driven power generators. Methanol-based fuel cells ensure
low carbon emissions, are safer to handle than hydrogen fuel, and
can be easily deployed to site.”
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/20220317005591/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
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