Advent Technologies and the European Climate, Infrastructure and Environment Executive Agency (CINEA) Sign €34.5 Million EU Innovation Fund Grant Agreement
Advent Technologies (NASDAQ: ADN) has secured a significant €34.5 million non-dilutive grant from the European Climate, Infrastructure and Environment Executive Agency (CINEA) for its RHyno Project. The grant agreement was signed with Advent's Greek subsidiary, Advanced Energy Technologies S.A.
The funding will be distributed incrementally based on achieving specific performance milestones. Notably, Advent's proposal ranked highest among 337 submissions in the Innovation Fund 2023 Call across Europe. The project will be implemented in Kozani, Western Macedonia, Greece, with the company's teams from Patras, Kozani, and Athens leading the development.
Advent Technologies (NASDAQ: ADN) ha ottenuto un significativo finanziamento non diluitivo di 34,5 milioni di euro dall'Agenzia Esecutiva Europea per il Clima, le Infrastrutture e l'Ambiente (CINEA) per il suo Progetto RHyno. L'accordo di finanziamento è stato firmato con la filiale greca di Advent, Advanced Energy Technologies S.A.
I fondi saranno distribuiti in modo incrementale in base al raggiungimento di specifici traguardi di performance. È importante notare che la proposta di Advent si è classificata al primo posto tra 337 candidature nel Bando del Fondo per l'Innovazione 2023 in tutta Europa. Il progetto sarà realizzato a Kozani, nella Macedonia Occidentale, in Grecia, con i team dell'azienda provenienti da Patrasso, Kozani e Atene che guideranno lo sviluppo.
Advent Technologies (NASDAQ: ADN) ha obtenido una importante subvención no dilutiva de 34,5 millones de euros de la Agencia Ejecutiva Europea de Clima, Infraestructura y Medio Ambiente (CINEA) para su Proyecto RHyno. El acuerdo de subvención se firmó con la filial griega de Advent, Advanced Energy Technologies S.A.
La financiación se distribuirá de manera incremental en función del logro de hitos de rendimiento específicos. Cabe destacar que la propuesta de Advent ocupó el primer lugar entre 337 presentaciones en la Convocatoria del Fondo de Innovación 2023 en toda Europa. El proyecto se llevará a cabo en Kozani, Macedonia Occidental, Grecia, con los equipos de la empresa de Patras, Kozani y Atenas liderando el desarrollo.
Advent Technologies (NASDAQ: ADN)는 유럽 기후, 인프라 및 환경 집행 기관(CINEA)으로부터 RHyno 프로젝트를 위해 3,450만 유로의 비희석 보조금을 확보했습니다. 보조금 계약은 Advent의 그리스 자회사인 Advanced Energy Technologies S.A.와 체결되었습니다.
자금은 특정 성과 이정표를 달성하는 데 따라 점진적으로 분배됩니다. 특히 Advent의 제안은 유럽 전역에서 337개의 제출물 중에서 혁신 기금 2023 공모에서 가장 높은 순위를 차지했습니다. 이 프로젝트는 그리스 서부 마케도니아의 코자니에서 시행되며, 파트라스, 코자니, 아테네의 회사 팀이 개발을 주도합니다.
Advent Technologies (NASDAQ: ADN) a obtenu une subvention non dilutive significative de 34,5 millions d'euros de l'Agence exécutive européenne pour le climat, l'infrastructure et l'environnement (CINEA) pour son Projet RHyno. L'accord de subvention a été signé avec la filiale grecque d'Advent, Advanced Energy Technologies S.A.
Le financement sera distribué progressivement en fonction de l'atteinte d'étapes de performance spécifiques. Il est à noter que la proposition d'Advent a été classée au premier rang parmi 337 soumissions dans l'Appel à projets du Fonds d'Innovation 2023 à travers l'Europe. Le projet sera réalisé à Kozani, en Macédoine occidentale, en Grèce, avec les équipes de l'entreprise de Patras, Kozani et Athènes dirigeant le développement.
Advent Technologies (NASDAQ: ADN) hat einen bedeutenden nicht verwässernden Zuschuss in Höhe von 34,5 Millionen Euro von der Europäischen Exekutivagentur für Klima, Infrastruktur und Umwelt (CINEA) für sein RHyno-Projekt erhalten. Der Zuschussvertrag wurde mit der griechischen Tochtergesellschaft von Advent, Advanced Energy Technologies S.A., unterzeichnet.
Die Finanzierung wird schrittweise basierend auf dem Erreichen spezifischer Leistungsmeilensteine verteilt. Bemerkenswert ist, dass der Vorschlag von Advent unter 337 Einreichungen im Innovationsfonds 2023 Aufruf in ganz Europa den höchsten Rang einnahm. Das Projekt wird in Kozani, Westmakedonien, Griechenland, umgesetzt, wobei die Teams des Unternehmens aus Patras, Kozani und Athen die Entwicklung leiten.
- Secured €34.5M non-dilutive funding from EU Innovation Fund
- Ranked #1 among 337 proposals in Innovation Fund 2023 Call
- Project enables development of industrial partnerships and academic collaborations
- None.
Insights
Advent Technologies has secured a substantial
The non-dilutive nature of this funding is particularly valuable for shareholders as it doesn't reduce equity ownership while substantially boosting the company's financial resources. The milestone-based funding structure creates both a roadmap for execution and natural accountability checkpoints, though it also means the company must successfully meet performance targets to receive the full amount.
What's most impressive is the competitive validation - Advent's proposal ranked highest among 337 submissions across Europe, signaling strong technological merit and potential. For a small-cap company in the emerging hydrogen technology space, this level of institutional validation can significantly enhance credibility with potential partners, customers, and investors.
While the full financial impact will be realized gradually as milestones are achieved rather than as an immediate cash infusion, this funding significantly enhances Advent's ability to advance its technology without immediate capital market reliance. The grant effectively provides a government-backed runway extension for a company operating in a capital-intensive sector.
The EU Innovation Fund grant awarded to Advent Technologies represents more than just financial support - it's a strategic validation of the company's approach in the competitive hydrogen and fuel cell space. The fund specifically targets breakthrough technologies with commercial potential for decarbonization, suggesting the RHyno Project meets these stringent criteria.
The geographic focus on Western Macedonia, Greece is noteworthy as this region is undergoing an energy transition away from coal-based electricity. Positioning a hydrogen technology project in this area aligns with the EU's Just Transition Mechanism, potentially creating additional partnership opportunities with other European green energy initiatives.
Management's emphasis on developing industrial partnerships and academic collaborations indicates they're taking the right approach to commercialization in the complex energy sector. The involvement of regional government officials and the European Investment Bank also suggests this project has broader institutional backing beyond just the grant itself.
The company's fuel cell technology must demonstrate significant promise to have achieved the top ranking among hundreds of proposals. For investors, this external technical validation helps reduce the technology risk profile, though commercial execution challenges will remain as with any emerging energy technology. This grant effectively provides Advent with both financial resources and enhanced institutional credibility in a highly competitive field.
LIVERMORE, Calif. and ATHENS, Greece, March 11, 2025 (GLOBE NEWSWIRE) -- Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that the European Climate, Infrastructure and Environment Executive Agency (CINEA) and Advent’s wholly owned Greek subsidiary, Advanced Energy Technologies S.A. have each signed the grant agreement for the Company’s monumental RHyno Project. This EU Innovation Fund grant will provide Advent with
Dr. Nora Gourdoupi, Senior Vice President, Corporate Business Development and leader of the RHyno project commented “I am very proud of our team, and especially Dr. Olga Bereketidou, who demonstrated strong commitment in getting this project over the finish line. We met all the technical challenges head on and laid out a realistic and manageable road map for the completion of this project. The RHyno project is a big win for everyone at Advent, and it will certainly be a big win for Kozani, the Region of Western Macedonia, and the country of Greece.”
Jim Coffey, Advent’s Chief Operating Officer added “The RHyno project will be transformative. It is the result of many years of hard work and dedication put in by our teams in Patras, Kozani, and Athens, Greece. The project positions the Company extremely well for the development of strong industrial partnerships, collaborations with top academic institutions, and validates our recent outreach efforts to municipal and government leaders in Kozani and Athens.”
Gary Herman, Chief Executive Officer stated, “Everyone on the team worked very hard for this achievement. Advent had the highest ranking amongst all the 337 proposals submitted in the Innovation Fund 2023 Call from across Europe. We thank our Advent colleagues, and especially our advisor on this project, PwC Greece (PwC) and its responsible engagement leader, Mr. Iannis Voutsinos We would also like to thank the collaborative efforts of Mr. Ioannis Kaltsas, Head of Division at the European Investment Bank, and Mr. Georgios Amanatides, the Regional Governor of Western Macedonia who were instrumental and contributed to our success.
About RHyno Project
The Advent Renewable Hydrogen Innovative Technologies (RHyno) project involves the establishment of infrastructure for developing innovative fuel cells, electrolysers, and their key components including Advent ground-breaking Membrane Electrode Assembly technology at a megawatt (MW) scale. RHyno aims to pioneer the use of innovative materials to enhance power density and lifespan while significantly reducing the weight and volume of power systems through a streamlined balance of plant.
The state-of-the-art facility is designed to optimize production processes, boost efficiency, and industrialize fuel cell and electrolyser technologies. These advancements are essential for decarbonizing carbon intense industries, such as the aviation, maritime and heavy-duty automotive sectors, with further potential for spillover to other sectors, positioning Advent at the forefront of the clean energy transition.
About the EU Innovation Fund
The EU Innovation Fund is one of the world’s largest funding programmes for the commercial demonstration of innovative low-carbon technologies, aiming to bring to market industrial solutions to decarbonize Europe and support its transition to climate neutrality. Among the wide range of financial instruments available on the EU level, it plays a unique role due to its size and focus on the last steps in the rollout of innovative clean tech.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation operating in the fuel cell, methanol, and hydrogen technology sector. Advent focuses on developing and manufacturing the Membrane Electrode Assembly (MEA) and the fuel cell stack, the most critical component of the fuel cell system. Advent is headquartered in Livermore, CA, with offices in Athens and Patras, Greece. The Company holds approximately 150 patents related to HT-PEM fuel cell technology. Advent's fuel cells enable the use of green eFuels (eMethanol), renewable natural gas, or hydrogen on board. The HT-PEM fuel cells are highly efficient in terms of thermal management and highly resilient under extreme environmental conditions, offering an "Any Fuel. Anywhere." platform. Applications include stationary, portable, data center, off-grid power generation markets, and heavy-duty mobility (automotive, aviation, marine).
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 on August 13, 2024, 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 consider these risks and uncertainties.
Contacts
Advent Technologies Holdings, Inc.
press@advent.energy
FAQ
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