Boston, MA – September 13, 2022 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, hosted on Monday, September 12, a joint press conference with the Prefecture of Western Macedonia, Greece, to discuss the Green HiPo Project (“Green HiPo”) under the framework of the Important Projects of Common European Interest (“IPCEI”) Hydrogen – Technology.
The press conference was held in Kozani, Greece, and speakers included Dr. Vasilis Gregoriou (Advent’s Chairman and CEO), Dr. Nora Gourdoupi (Advent’s Senior Vice President of Corporate Business Development), and the Regional Governor of Western Macedonia, George Kasapidis.
During the press conference, journalists from the region’s leading news agencies had the opportunity to ask questions relating to Green HiPo, which is expected to be based in the region of Western Macedonia and to construct a state-of-the-art development and manufacturing facility to produce fuel cells and electrolysers. Green HiPo received official ratification from the European Commission of the European Union in July 2022, following notification of up to €782.1 million in funding from the Greek State, which will be made available over a period of six years.
The Regional Governor of Western Macedonia, Mr. Kasapidis, highlighted the positively significant changes that projects like Green HiPo can bring. Mr. Kasapidis also expressed the region’s commitment to investment in its scientific community and in building constructive relationships with innovative companies like Advent. The goal of these public private partnerships is to ensure a more sustainable future for the region.
Dr. Gregoriou and Dr. Gourdoupi provided details on Advent’s path to growth and highlighted Green HiPo’s leading role in the region’s transition from a coal-based economy to a greener economic model. Moreover, they emphasized that Green HiPo’s planned state-of-the-art facility will contribute significantly to Western Macedonia’s economic development.
Dr. Gregoriou expressed Advent’s intention to create up to 650 jobs for qualified scientific and technical personnel over a six-year period. He also emphasized that Green HiPo can be a major starting point for new private investment and promising developments in the region.
Dr. Gregoriou described how hydrogen can fill the energy gap by enhancing environmental protection and ensuring energy self-sufficiency while emphasizing Advent’s vital role in accelerating the energy transition in Greece and Europe. Finally, Dr. Gregoriou expressed his confidence that green hydrogen will be a critical part of the energy mix and a key driver to accelerate global decarbonization.
Dr. Gourdoupi provided an overview of the Company’s innovative next-generation fuel cell technology and explained how Advent, through Green HiPo, is expected to manufacture over six years innovative fuel cell systems of cumulative total power output of 120MW and electrolysers of cumulative total capacity of 1.5GW. Dr. Gourdoupi also referred to the various applications of HT-PEM fuel cell products across a wide range of industries.
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/or 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, conferring the virtues of a flexible fuel 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.
Elisabeth Maragoula/Michael Trontzos
Advent Technologies Holdings, Inc.