Last week, management team members from all Advent companies met to align business plans to lead the HT-PEM fuel cell business across the U.S., Europe, and Asia markets
BOSTON, Mass. – September 27, 2021 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”) today announces a stronger management team, following the company’s recent acquisitions of Serenergy A/S (“SerEnergy”) and fischer eco solutions GmbH (“FES”), to drive forward the company’s fuel cell stack systems across world markets.
Advent’s global team increased by 92 people with its August 31st acquisitions of SerEnergy and FES. The company now employs more than 170 people in the U.S., Europe, and Asia combined, including 55 employees in Aalborg, Denmark at Advent Technologies S/A (formerly SerEnergy), 20 employees in Manila, Philippines at Advent Technologies Philippines, Incorporated, and 17 employees in Achern, Germany at Advent Technologies GmbH (formerly FES).
New Expertise in R&D and Management
Joining the Advent management team includes:
- Morten Hougaard Sørensen, Senior Vice President in Denmark
- Joseph Abbott Kristensen, Senior Vice President in Denmark
- Daniel Hennig, Senior Vice President in Germany
- Jochen Baurmeister, CTO’s Office in Germany
- Preben Rasmussen, Vice President in Denmark
With the addition of SerEnergy and FES, Advent is now a leading manufacturer of high-temperature polymer electrolyte membrane (HT-PEM) fuel cells for critical backup, temporary or continuous 24/7 power to stationary markets across Europe and Asia. Its fuel cell systems work with methanol and hydrogen. Advent has strong R&D and manufacturing expertise and has plans to commercialize its products across maritime, automotive, and other industry application fields. Advent also looks forward to expanding its relationships within the telecommunications sector with clients such as Globe Telecom and SMART Communications Inc.
Ready to Ship Thousands of Fuel Cell Stack Systems
With stationary power products and enhanced manufacturing expertise, Advent is now positioned as a global fuel cell leader with the ability to deliver thousands of systems per year in the off-grid, portable, and other power-generation markets. Advent’s system development expertise and stack manufacturing facilities will also be essential in scaling up the company’s move into the mobility (including heavy-duty trucks and marine) markets. The “new” Advent has 38 R&D programs, and holds 190 patents issued, licensed, or pending.
Dr. Vasilis Gregoriou, Advent Chairman and CEO stated, “We are extremely proud and excited about this unification of the strongest know-how in the HT-PEM fuel cell technology industry. We can now meet the growing demands from markets transitioning to clean power technologies, and thus help decarbonize the world faster. Developing and commercializing new and alternative technologies, capable of running on “Any Fuel. Anywhere.” is a challenging task, but with the know-how and resources now unified within Advent, strong in all parameters of the supply chain, we are in a very good position to offer the markets the most reliable, efficient, and cost-effective fuel cell systems.”
Advent Chief Technology Officer Dr. Emory De Castro, added, “Advent now has established state-of-the-art R&D and manufacturing operations in Denmark and Germany. Our recent combination significantly accelerates our R&D scale-up production plan. Moreover, our next-generation Advent MEA will provide a significant cost advantage and be a catalyst for increasing market share. We believe that this is a new union where the sum greatly exceeds the value of the parts.”
Advent Now Covers the Full Supply Chain
With a new product portfolio of the latest, most tested and verified generations of HT-PEM fuel cells, covering the range from 25W and up to 90kW systems, Advent now covers the full vertical supply chain of its products — from sub-components development, production, and assembly to sales installations and service. Advent also brings a mature level of commercialization and a network of existing partnerships, and a global presence across APAC, EMEA, and AMER tuned for large-scale sales, distributions, and service.
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 approximately 190 patents issued, licensed, or pending for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures 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 our corporate reputation and brand; expectations concerning our relationships and actions with our 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 our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our 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 we undertake no obligation to update or revise any of these statements. Our 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.
Advent Technologies Holdings, Inc.
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