Advent Technologies and Hyundai Motor Company enter into Technology Assessment, Sales and Development Agreement
06 April 2022 - 11:05PM
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 the signing of
a technology assessment, sales, and development agreement with
Hyundai Motor Company (“Hyundai”), a leading multinational
automotive manufacturer offering a range of world-class vehicles
and mobility services in over 200 countries.
Advent and Hyundai aim to deliver green energy solutions to
current high carbon applications, using fuel cell technology. Under
the agreement, Hyundai will provide catalysts to Advent for
evaluation in its proprietary Membrane Electrode Assemblies
(“MEAs”), while Advent intends to support Hyundai in fulfilling its
fuel cell project needs, through:
- Developing inks and structures using IFAT catalysts, which will
then be evaluated by IFAT. Following evaluation, Hyundai will
determine whether IFAT or standard catalysts will be used for this
project.
- Supplying MEAs throughout the development/commercialization
cycle (“Advent MEAs”) for testing, evaluation, and optimization
under conditions set by Hyundai.
- Assisting Hyundai with the use and specifications of MEAs as
well as their implementation into Hyundai’s designs.
Following the completion of the first phase of the project, the
companies will collaborate closely to set out specific product
requirements, collaborative product goals, as well as milestones
for achieving established goals and plans for phase 2, which shall
also include Advent’s stack cooling technology.
The new Advent MEAs to be tested by Hyundai are currently being
developed within the framework of L’Innovator, Advent’s joint
development program with the U.S. Department of Energy’s Los Alamos
National Laboratory, Brookhaven National Laboratory, and National
Renewable Energy Laboratory. MEAs are the most important components
of a fuel cell as they greatly define the performance, lifetime,
weight, and cost of the end system.
Advent MEAs operate at a high temperature (80oC to 240oC)
compared to the incumbent low temperature PEM technology, which is
restricted to an operating temperature of below 100oC. The ability
to operate at a high temperature confers significant advantages
such as the efficient heat removal in heavy-duty mobility
applications, making Advent’s high temperature PEM an ideal
technology for trucks, aviation, and marine applications. Advent’s
MEAs can operate effectively with fuels such as impure hydrogen
which can be reformed on-board from methanol, natural gas, and
other renewable fuels. Advent’s MEAs are also resilient to extreme
temperature variations, humidity, and air quality conditions.
Dr. Emory De Castro, Advent’s Chief Technology Officer, stated,
“We are excited and proud to join forces with Hyundai, aiming to
greatly contribute to their mission and to jointly participate in
the pivotal role to transition global society to clean energy,
therefore making hydrogen an economically viable energy source.
MEAs form the heart of the fuel cell and they are also a critical
component for other electrochemistry applications, such as CO2-free
hydrogen production, and, energy storage. We hope our proprietary
MEAs will best serve Hyundai’s business needs and look forward to a
long and highly successful collaboration, sharing our long-standing
expertise to support Hyundai in bringing its future mobility
strategy to life.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles complete fuel cell systems,
and the 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 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/20220406005641/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
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