Advent Technologies Holdings, Inc. - ADN STOCK NEWS

Advanced Energy Technologies S.A., a wholly-owned subsidiary of Advent Technologies Holdings (NASDAQ: ADN), has appointed three new members to its Board of Directors. The new directors are Konstantinos Ferderigos, Advent's Global IT Director and Greece Operations General Manager; Dimosthenis Dimopoulos, Head Lawyer of Dimosthenis Dimopoulos & Associates Law Office; and Vasilis Bournas, founder and CEO of B&S Consulting. Ferderigos brings expertise in IT, AI, and cybersecurity, Dimopoulos contributes 40 years of corporate and tax law experience, while Bournas adds financial consulting and business advisory expertise.

Advent Technologies (NASDAQ: ADN) has secured a €34.5 million grant from the EU Innovation Fund for its RHyno Project. The grant was awarded to Advent's Greek subsidiary, Advanced Energy Technologies, SA, following approval for the full requested amount. The company will now proceed with preparing the grant agreement according to guidelines from the European Climate, Infrastructure and Environment Executive Agency (CINEA).

Advent Technologies Holdings' Greek subsidiary, Advanced Energy Technologies SA, has secured a grant from the EU Innovation Fund for the RHyno Project. The fuel cell and hydrogen technology company has been invited to prepare the grant agreement, with signing expected in Q1 2025. Further details about the grant conditions will be disclosed by the company in the near future.

Advent Technologies (NASDAQ: ADN) announced significant management changes, removing Chairman and CEO Vasilis Gregoriou and Chief Strategy Officer Chris Kaskavelis. Gary Herman has been appointed as Interim CEO, highlighting the company's untapped potential in clean energy solutions. The company also appointed Konstantinos Ferderigos as General Manager for Greek Operations and Dr. Steven Rock as the new Chief Strategy Officer. The restructuring aims to strengthen Advent's position in HT-PEM fuel cell technology and global decarbonization initiatives across multiple industries including aviation, automotive, marine, telecom, and military sectors.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has announced significant breakthroughs in its Membrane Electrode Assembly (MEA) technology. The Advent MEA G2 technology, developed in collaboration with U.S. Department of Energy laboratories, has achieved:

1. 2.5x Power Density vs. Legacy MEAs, operating at 0.35W/cm2 compared to 0.14W/cm2.
2. Significant Potential for Lifetime Improvement, with 4x slower degradation and 25-fold improvement in start-up/shut-down stability.
3. Superior Heat Rejection and Management Properties, surpassing the U.S. DoE heat rejection goal with ΔQ/T of 1.1 kW/°C.

The technology enables the use of green eFuels and is being tested by strategic partners in the automotive and aerospace industries. Advent aims to enable OEMs to manufacture fuel cell systems using eFuels like eMethanol for a capex cost below $0.1/kWh.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) reported Q1 2024 financial results, highlighting:

• Revenue of $3.5 million and income from grants of $1.4 million, totaling $4.9 million
• Operating expenses decreased by $3.3 million year-over-year to $8.3 million
• Net loss of $(9.4) million or $(3.62) per share
• Unrestricted cash reserves of $0.8 million as of March 31, 2024

The company continued work on projects with Airbus, the U.S. Department of Defense, and major automotive manufacturers. Advent is focusing on developing and manufacturing its MEA technology for HT-PEM fuel cells, aiming to achieve 3x power density and lifetime performance improvements. The company is streamlining operations to reduce costs and seeking partnerships with OEMs to accelerate market adoption of its technology.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) reported Q2 2024 financial results, highlighting operational progress despite financial challenges. Key points include:

- Revenue of $0.8 million and grant income of $0.7 million, totaling $1.5 million
- Operating expenses decreased by $1.2 million year-over-year to $10.0 million
- Net loss of $(11.3) million or $(4.28) per share
- Unrestricted cash reserves of $0.7 million as of June 30, 2024

The company continued work on projects with Airbus, U.S. Department of Defense, and major automotive manufacturers. Advent is focusing on developing its MEA technology to improve performance and reduce costs. A 1-for-30 reverse stock split was implemented to regain Nasdaq compliance and attract investors.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has received a notification from Nasdaq regarding its compliance with listing requirements. The company has rectified its previous deficiency related to the filing of its annual report on Form 10-K. However, it remains noncompliant due to delayed filing of Quarterly Reports for Q1 and Q2 2024. Nasdaq has granted an extension until October 14, 2024, to file these reports.

Additionally, Advent Technologies announced significant changes to its Board of Directors. Five directors have resigned, and three new directors have been appointed: Gary Herman (Class I), Marc Seelenfreund, and Avtar Dhaliwal (both Class II). The new appointees will also serve on the Audit Committee.

Advent Technologies (NASDAQ: ADN) reported Q4 2023 financial results, showing a revenue decrease of 3.6% year-over-year to $2.3 million. The company experienced a net loss of $(25.7) million or $(12.04) per share. Advent has shifted its strategy, focusing on MEA innovation and technology licensing while reducing direct sales efforts. This led to a 70% cost reduction compared to the previous year.

The company's Ion Pair™ MEA technology has shown significant advancements, doubling power output and potentially doubling the lifetime of competing HT-PEM fuel cell systems. Advent is pursuing partnerships in automotive, aerospace, defense, marine, and data center markets. Notable collaborations include a $13 million partnership with Airbus and $5 million in contracts with the U.S. Department of Defense.