Advent Technologies Announces New Orders of HT-PEM MEAs by Safran Power Units
07 April 2022 - 11:41PM
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 new orders for
its proprietary Membrane Electrode Assemblies (“MEAs”) by Safran
Power Units, a leader in auxiliary power systems and turbojet
engines. The MEAs are based on Advent’s proprietary high
temperature-proton exchange membrane technology (“HT-PEM”). The
supply of Advent’s MEAs started in the first quarter of 2022, and
deliveries are expected to continue through the second quarter of
2022. The MEAs will support Safran Power Units’ R&D
efforts.
HT-PEM technology has applications across multiple industries
because it:
- can operate with almost any low-carbon or zero-carbon
fuel,
- enables more efficient heat management versus low
temperature-PEM (“LT-PEM”), where the former is more adapted for
applications such as heavy-duty automotive and aviation, and
- can withstand extreme temperatures, pollution, and humidity,
leading to a longer lifetime and lower total cost of ownership
versus LT-PEM.
Safran Power Units constantly innovates and develops new power
unit solutions, featuring higher performances with lower
environmental footprint and operating costs, relying on its
expertise in hybridization and fuel cells. Safran Power Units has
been a long-term customer of Advent, having tested and deployed the
Company’s state-of-the-art MEAs in a variety of applications in the
past.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, said, “We are delighted about our long-term collaboration
with Safran Power Units, as well as the continuous trust they have
with our MEAs over the past years. The HT-PEM technology is
particularly suitable for aviation and aerospace industry
applications because they require heavy-duty resilience with
lightweight, high-power performance.”
MEAs form the heart of the fuel cell, and their performance
determines the lifetime, efficiency, weight, and to a large extent,
the cost of the end electrochemistry products. Due to their high
temperature of operation between 120 °C to 200 °C, Advent’s MEAs
can work with impure hydrogen, which can be reformed on-board from
methanol, natural gas, and other renewable fuels.
Advent is also developing a new, enhanced MEA (“Advent MEA”) in
collaboration with the US Department of Energy’s Los Alamos
National Laboratory, Brookhaven National Laboratory, and National
Renewable Energy Laboratory within the framework of the L’Innovator
program. The new Advent MEA is expected to redefine the MEA market
globally and further validate Advent’s leading position in the
electrochemistry components business.
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 Safran Power Units:
Safran Power Units designs and manufactures auxiliary power
units (APU) and starting systems for civil and military aircraft,
as well as turbojet engines for missiles and target drones. It is a
world leader in its market, with over 21,000 systems delivered
worldwide, since its creation in 1961. Safran Power Units is also
Safran’s center of excellence in the domain of fuel cells.
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/20220407005667/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Chris
Kaskavelis press@advent.energy
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