Boston, MA – May 30, 2022 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, today announced that it strongly endorses Greece’s first-ever climate law, which recently made its way to Parliament.
After several months of in-depth public consultation, and in the light of the ongoing developments in the global geopolitical landscape, the climate law was published on Wednesday, May 18, and outlines a well-structured and thorough national plan for phasing out fossil fuels from transport, buildings, and electricity generation.
The new climate law was tabled on the same day that the European Commission presented its REPowerEU package to reduce dependence on Russian fossil fuels. It seeks, among other things, to encourage investment in clean energy technologies, such as green hydrogen, with a view to accelerate adoption in the Greek market. With this new legislative framework, Greece has actively committed to play a leading role in the great European effort to deal with the global climate crisis and its devastating impact, quickly and effectively.
The goals of the newly-introduced climate law are aimed at:
- Reducing carbon dioxide emissions and helping tackle climate change.
- Creating significant growth opportunities but also a competitive advantage in the medium term.
- Contributing to the consolidation of a climate of trust and stability in the market.
- Reducing the country’s dependence on imported fossil fuels and to achieve significant reductions in energy cost.
- Encouraging the attraction of investments to sectors such as Renewable Energy Sources, electro-mobility, electricity storage, adoption of green hydrogen.
- Utilizing a total of 300 billion euros that will be mobilized at the European level by the end of the decade.
The new climate law sets out specific quantitative targets and addresses key sectors of the economy such as electricity & heat production, transportation, industry, buildings, agriculture & animal breeding, waste and land use & forestry, with the primary aim of achieving:
- A 55% reduction in emissions by 2030
- A 80% reduction in emissions by 2040
- Climate neutrality by 2050
Through the new climate law, the Greek government has demonstrated its commitment to introducing a series of binding measures to further accelerate the country’s decarbonization efforts. This new series of measures constitutes the roadmap that will act as the guiding point for the transition of society and the economy to climate neutrality.
Commenting on this significant development for Greece’s clean energy future, Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated, “the first national climate law represents one of the most important moments in Greece’s legislative history, as well as a key reference point in the global fight to tackle climate change. I believe that only through accelerating the energy transition with specific actions, we will overcome the global energy crisis and reduce costs for consumers. For many years, Advent has been at the forefront of the hydrogen economy by engaging in business, commerce, and research and development activities. Hydrogen’s moment is here, and we are thrilled to see that the Greek government realizes its advantages and actively encourages its faster adoption into the Greek market. We look forward to continuing innovation and bringing our long-standing and global expertise into play, aiming to greatly contribute to Greece’s faster transition to clean energy technologies.”
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 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.
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Advent Technologies Holdings, Inc.
Michael Trontzos / Chris Kaskavelis