Advent Technologies Receives Notification of Euro 782.1 Million Funding from the Greek State for IPCEI Green HiPo Project
16 June 2022 - 10:37PM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent"), an
innovation-driven leader in the fuel cell and hydrogen technology
space, is pleased to announce that it has received notification
from the Greek State for funding under the Important Projects of
Common European Interest (“IPCEI”) Hydrogen – Technology, Green
HiPo. The notification from the Greek State has been sent to the
European Union (“EU”) under the IPCEI framework. Upon EU
ratification, total funding of euro 782.1 million for Advent’s
Green HiPo project will be made available over a period of six
years, as submitted in accordance with the following schedule:
Year
Funding
(euro million)
1
35.8
2
84.3
3
175.7
4
259.3
5
111.7
6
115.2
Total
782.1
Advent’s Green HiPo project was originally among five projects
out of twenty candidates from Greece for IPCEI funding. These five
projects were then subject to detailed review and due diligence by
the EU, resulting in two projects now being notified by the Greek
State. The notification in the first wave of IPCEI Hydrogen -
Technology projects is a testament to the world-class innovation
that Advent Technologies possesses and the belief that Greece and
the EU have in Advent’s ability to deliver such an important
project.
The scope of Green HiPo, over the initial period of six years,
is to innovatively manufacture fuel cell systems and electrolyser
systems. It is intended that the production of these systems will
take place in Greece in the region of Western Macedonia.
Dr. Vasilis Gregoriou, Advent Chairman and CEO, stated, “Today
is a milestone day for Advent but also for Greece and Europe. Green
HiPo will catalyse a sea-change of operational events within Advent
while the project is implemented. Our application was initially
submitted in April 2021, and the process for review and due
diligence by the EU has been thorough. We have been clear and
focused throughout the process, with the conviction that Advent’s
Green HiPo project will be instrumental in hydrogen generation and
clean energy production. Green HiPo demonstrates the commitment by
Greece and the EU to rapidly decarbonize power production and to
move forward to energy security and independence with hydrogen
technologies playing a crucial role.”
About Green HiPo
The Green HiPo project involves the development, design, and
manufacture of HT-PEM fuel cells and electrolysers for the
production of power and green hydrogen, respectively. The project
is expected to take place in Western Macedonia, and aid
significantly in the region’s transition from a coal-based economy
to a greener economic model. A new state-of-the-art facility in
Western Macedonia will be home to the production of fuel cells and
electrolysers and will contribute to the economic development of
the region.
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 150 patents issued,
pending, and licensed for 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 filed with the Securities and Exchange
Commission (“SEC”) on March 31, 2022, 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/20220616005561/en/
Advent Technologies Holdings, Inc. Naiem Hussain, Chief
Investment Officer press@advent.energy
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