Minister Hatzidakis spoke with Advent executives about the Company’s Green HiPo Project under the framework of IPCEI and expansion throughout the region of Western Macedonia, Greece.
Boston, MA – October 7, 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 on Wednesday, October 5, 2022, the Greek Minister of Labour and Social Affairs, Kostis Hatzidakis, visited the Company’s research and production facilities in Patras, Greece, as part of his planned visit to the Patras Science Park.
Advent Senior Vice President of Corporate Business Development, Dr. Nora Gourdoupi, and Advent Director of Operations and Legal for Europe, Antigoni Vafeidou, welcomed Minister Hatzidakis to the Company’s state-of-the-art facilities focusing on the research and production of membranes, electrodes, and Membrane Electrode Assemblies.
During an instructive discussion, Dr. Gourdoupi and Ms. Vafeidou shared the next steps towards the implementation of the Green HiPo Project (“Green HiPo”) under the framework of the Important Projects of Common European Interest (“IPCEI”) Hydrogen – Technology and highlighted the Company’s intention to create approximately 630 direct jobs for qualified scientific and technical personnel and up to 4,620 indirect jobs over a period of six years. Green HiPo is expected to be based in Western Macedonia, Greece, and involves the development, design, and manufacture of high-temperature proton exchange membrane (“HT-PEM”) fuel cells and electrolysers for the production of power and green hydrogen respectively.
At the same time, Dr. Gourdoupi presented to Minister Hatzidakis the environmental benefits and the multiple applications – addressing both large and small energy needs – of Advent’s wide range of innovative fuel cell products. During the visit, Minister Hatzidakis was also informed about the Company’s history in the Greek market, which was founded in 2006 with a shared vision for a world with clean, safe, sustainable and affordable energy. Dr. Gourdoupi also provided an overview of the key achievements that the Company accomplished after its NASDAQ listing in February 2021 and shared details about the solid intellectual property portfolio it has developed, with more than 150 patents issued, pending, and/or licensed.
Dr. Gourdoupi stated: “We would like to extend our gratitude to Minister Hatzidakis for our constructive discussion during his visit to our facilities in Patras. It was a great opportunity to present the Company’s ambitious plans in Greece and share Advent’s commitment to continue investing in the domestic research and scientific community through a new state-of-the-art facility that will be home to the production and research activities for innovative fuel cells and electrolyser systems, which will significantly contribute to Western Macedonia’s economic development. We are confident that Green HiPo can be the starting point for new private investments and become a beacon of attraction for Greek scientists and specialized professionals who work abroad and want to further develop their careers by returning to Greece.”
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 – offering 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.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Michael Trontzos