Advent Technologies Enters into Technology Assessment Agreement with the World’s Second Largest Automaker

BOSTON, May 09, 2022–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: DNA) (“Advent” or the “Company”), an innovation-driven leader in fuel cell technology and hydrogen, is pleased to announce the signing of a technology evaluation agreement with a second major global car manufacturer.

With a common goal of sustainability and accelerating the decarbonization of the US automotive industry, Advent supports efforts to advance innovative fuel cell technology as a sustainable and efficient option for achieving carbon neutrality. Specifically, Advent will provide assistance through:

  • Provide membrane electrode assemblies (“MEA”) for testing, evaluation, and optimization under collaborator conditions.

  • Provide assistance on MEA operational metrics while collaborator provides feedback to Advent on performance and sustainability.

  • Sharing technical know-how for fuel cells, proprietary HT-PEM technology and leveraging HT PEM for advanced cooling systems.

A primary focus will be to conduct a detailed evaluation of Advent’s proprietary HT-PEM technology and newly launched MEAs to examine future opportunities. Subject to the successful execution of the first phase of the project, the companies will endeavor to establish a joint development agreement governing, among other things, specific requirements, objectives, milestones and plans for the product.

The new Advent MEAs that will be tested in this project are currently being developed under The Innovator, Advent’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory, Brookhaven National Laboratory and the National Renewable Energy Laboratory. MEAs are the most important components of a fuel cell as they largely define the performance, lifetime, weight and cost of the final system. Advent MEAs operate at high temperatures (80ohC to 240ohC) while the LT-PEM technology in place is limited to less than 100ohC. High temperature operation is essential for efficient heat removal in heavy mobility applications, making HT-PEM an ideal technology for trucks, aviation and marine. Additionally, Advent MEAs can run on impure hydrogen that can be reformed onboard from methanol, natural gas and other renewable fuels, and are resistant to extremes of temperature, humidity and fuel quality. the air.

Dr. Emory De Castro, Chief Technology Officer of Advent, said, “We look forward to decarbonizing the automotive industry using next-generation fuel cell technology and welcome this very impactful collaboration. MEA is the heart of the fuel cell and an essential component used in fuel cells and other electrochemical applications such as CO2-free hydrogen production and energy storage. At Advent technologies, we all look forward to a long and fruitful collaboration, which will allow us to share our long-standing expertise and help reshape the automotive industry. replacing the need for conventional fuels while producing clean energy.”

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is an American company that develops, manufactures and assembles fuel cell systems and critical components for fuel cells and other advanced energy systems. Advent is headquartered in Boston, Massachusetts, with offices in California, Denmark, Germany, Greece and the Philippines. With more than 150 patents issued, pending or licensed for its fuel cell technology, Advent owns the intellectual property of the next generation HT-PEM which allows various fuels to operate at high temperatures under extreme conditions – providing a “Any fuel. Everywhere.” option for automotive, marine, aviation and power generation industries. For more information, visit www.advent.energy.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements can generally be identified by the use of words such as “anticipates”, “expects”, “plans”, “could”, “may”, “will”, “believes”, “estimates”, “anticipates,” “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 this statement. Applicable risks and uncertainties include, among others, future financial performance; liquidity and potential trading of government securities; the impact of the outcome of any known and unknown litigation; to forecast and maintain an adequate rate of revenue growth and to plan its expenses appropriately; expectations regarding future expenses; future revenue mix 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 the company’s reputation and brand; expectations regarding relationships and actions with technology partners and other third parties; the impact of future regulatory, judicial and legislative changes on the industry; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other businesses around the world; and the risks identified under “Risk Factors” in Advent’s annual report on Form 10-K filed with the Securities and Exchange Commission, together with such other information each has with the SEC. We caution investors not to place significant reliance on any forward-looking statements contained in this press release. We encourage you to read the filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements contained in this press release speak only as of the date of this document, without obligation to update or revise any of these statements. Investors, potential investors and others should pay particular attention to these risks and uncertainties.

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contacts

Advent Technologies Holdings, Inc.
Michael Trontzos / Chris Kaskavelis
[email protected]

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