Advent Technologies Receives Funding Update for €60 Million to Launch Green HiPo IPCEI Project

By: Advent Technologies Inc. via Business Wire

November 16, 2023 at 08:00 AM EST

Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that its wholly owned subsidiary, Advent Technologies S.A. has received an update from the Greek State regarding the implementation of the Green HiPo IPCEI Hy2Tech project (the “Green HiPo Project”).

In a letter dated November 13, 2023, signed by the Governor of the Just Transition Special Authority (“JTSA”), a division of the Greek State, Advent received confirmation of the Greek State’s continued commitment to the Green HiPo Project in line with Advent’s July 18, 2022, IPCEI EU ratification announcement, and an updated funding plan for the Green HiPo Project. The plan outlines a current budget of EUR 60 million, with 40% of that funding (EUR 24 million) as a grant from Greece’s Just Transition Fund to launch the Green HiPo Project.

Advent will submit a summary report to the Greek State setting forth its revised funding plan in light of the Greek State’s update concerning this initial grant. Once submitted, Advent expects that this initial grant will commence and the successful implementation of the Green HiPo Project will begin in earnest.

The Greek State’s initial funding will be part of the broader €5.4 billion development package authorized by the European Commission in July 2022. The Green HiPo Project is one of 41 projects sharing this funding as part of the broader group of projects under the IPCEI Hy2Tech.

Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, commented: “We express our sincere appreciation to the Greek State for its continued commitment to a transition away from coal and towards a green energy future. The Advent team eagerly looks forward to the commencement of the Green HiPo Project, anticipating its significant role in advancing the Hy2Tech program and supporting Europe’s decarbonization and energy independence objectives.”

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, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

About Green HiPo

The Green HiPo Project involves the development, design, and manufacture of HT-PEM fuel cell systems and electrolyser systems for the production of power and hydrogen, respectively. The project will be based in the Western Macedonia region of Greece and will aid significantly in the region’s transition from a coal-based economy to a greener economic model. A new state-of-the-art facility in Kozani will be home to the production of fuel cells and electrolysers and will contribute to the economic development of the region.

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