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Advent Technologies Announces New Orders of HT-PEM MEAs by Safran Power Units
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Advent Technologies Holdings (NASDAQ: ADN) announced new orders for its proprietary Membrane Electrode Assemblies (MEAs) from Safran Power Units, a leader in auxiliary power systems. Deliveries, initiated in Q1 2022, will continue into Q2 2022 and support R&D efforts. Advent's HT-PEM technology is noted for its efficiency in extreme conditions and suitability for aviation applications. The company is also developing an enhanced MEA in collaboration with the US Department of Energy’s laboratories, aiming to strengthen its market position.
Positive
New orders for proprietary MEAs from Safran Power Units indicate strong demand.
HT-PEM technology enhances performance and is suitable for aviation, promising increased market share.
Collaboration with US Department of Energy's laboratories on new MEA positions Advent as an innovator in the industry.
Negative
None.
BOSTON--(BUSINESS WIRE)--
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce new orders for its proprietary Membrane Electrode Assemblies (“MEAs”) by Safran Power Units, a leader in auxiliary power systems and turbojet engines. The MEAs are based on Advent’s proprietary high temperature-proton exchange membrane technology (“HT-PEM”). The supply of Advent’s MEAs started in the first quarter of 2022, and deliveries are expected to continue through the second quarter of 2022. The MEAs will support Safran Power Units’ R&D efforts.
HT-PEM technology has applications across multiple industries because it:
can operate with almost any low-carbon or zero-carbon fuel,
enables more efficient heat management versus low temperature-PEM (“LT-PEM”), where the former is more adapted for applications such as heavy-duty automotive and aviation, and
can withstand extreme temperatures, pollution, and humidity, leading to a longer lifetime and lower total cost of ownership versus LT-PEM.
Safran Power Units constantly innovates and develops new power unit solutions, featuring higher performances with lower environmental footprint and operating costs, relying on its expertise in hybridization and fuel cells. Safran Power Units has been a long-term customer of Advent, having tested and deployed the Company’s state-of-the-art MEAs in a variety of applications in the past.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said, “We are delighted about our long-term collaboration with Safran Power Units, as well as the continuous trust they have with our MEAs over the past years. The HT-PEM technology is particularly suitable for aviation and aerospace industry applications because they require heavy-duty resilience with lightweight, high-power performance.”
MEAs form the heart of the fuel cell, and their performance determines the lifetime, efficiency, weight, and to a large extent, the cost of the end electrochemistry products. Due to their high temperature of operation between 120 °C to 200 °C, Advent’s MEAs can work with impure hydrogen, which can be reformed on-board from methanol, natural gas, and other renewable fuels.
Advent is also developing a new, enhanced MEA (“Advent MEA”) in collaboration with the US Department of Energy’s Los Alamos National Laboratory, Brookhaven National Laboratory, and National Renewable Energy Laboratory within the framework of the L’Innovator program. The new Advent MEA is expected to redefine the MEA market globally 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 100 patents issued and licensed for its 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 “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www. Advent.energy.
About Safran Power Units:
Safran Power Units designs and manufactures auxiliary power units (APU) and starting systems for civil and military aircraft, as well as turbojet engines for missiles and target drones. It is a world leader in its market, with over 21,000 systems delivered worldwide, since its creation in 1961. Safran Power Units is also Safran’s center of excellence in the domain of fuel cells.
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/A filed with the Securities and Exchange Commission on May 20, 2021, 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.
