Boston, Massachusetts – December 22, 2022 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”) today announced that on Monday, December 19, 2022, it hosted Massachusetts elected State Representative Jeffrey Roy at its new R&D and manufacturing facility at Hood Park in Charleston, Massachusetts.
State Representative Roy, the Chair of the Joint Committee on Telecommunications, Utilities and Energy, was welcomed to Advent’s state-of-the-art facility by CTO Dr. Emory De Castro, COO and General Counsel Jim Coffey, and Massachusetts State Representative Daniel J. Ryan who represents the Second Suffolk District, including Charlestown. The visit began with a presentation of Advent’s portfolio of fuel cell products and growth plans in the U.S. market and beyond, and continued with a tour of the facility.
During an instructive discussion with State Representative Roy, the Advent executives also had the opportunity to discuss how Advent’s 21,401 square foot custom-built facility will allow the Company to scale-up and deliver on the increasing global demand for electrochemical components in the clean energy sector by including:
- State-of-the-art coating machines to support the seamless transition from prototypes to production runs for advanced membranes and electrodes;
- A fully analytical facility dedicated to quality control, performance analysis, and improving product lifetime;
- Fuel cell test stations for statistical process control and development of next-generation membrane electrode assembly (MEA) materials, and,
- A mechanical engineering lab for developing automated processes for MEAs
One of the products to be manufactured at Hood Park is the new Advent MEA which is currently being developed within the framework of L’Innovator, the Company’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory, Brookhaven National Laboratory, and National Renewable Energy Laboratory. As part of their discussion with State Representative Roy, Dr. De Castro and Mr. Coffey shared how this new MEA will enable Advent to manufacture fuel cells that last at least three times as long and have double the power density compared with previous systems. In line with its growth plan, Advent intends that its proprietary fuel cell products such as Serene, Honey Badger 50™, and, M-ZERØ will be able to use the new Advent MEAs in mass production from 2024.
Dr. Emory De Castro, Chief Technology Officer of Advent Technologies stated, “We would like to extend our gratitude to State Representative Roy for taking the time to visit our new Charlestown facility. It was a great opportunity for us to describe how our upcoming move comes at the right time which will significantly assist Advent to become a leader in the hydrogen industry and augment our production capacity to meet the growing global demand for innovative fuel cell products and electrochemistry components. At the same time, we were glad to emphasize our commitment to continue investing in the domestic research and scientific community and helping Massachusetts reach its ambitious goal of achieving net-zero greenhouse gas emissions by 2050 through constantly focusing on innovation, sustainability, and energy efficiency.”
Jim Coffey, Chief Operating Officer and General Counsel of Advent Technologies added: “We were deeply honored to host State Representative Roy at our new Hood Park facility and highlight how it will unlock significant opportunities for Advent in the U.S. market while also creating job opportunities based in Massachusetts. We also deeply appreciate State Representative Dan Ryan’s continued interest in our company and his ideas for engaging the local workforce for the development of our technologies. One of our key goals is to build local business relationships with and to leverage from the proximity of Hood Park to the community and to its top research universities, which will help us enhance our innovative efforts and further validate Advent’s leading position in the electrochemistry components business.”
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