Advent Technologies Approved for €2.16 Million “RESCUE” Project

Rhea-AI Summary

Advent Technologies (NASDAQ: ADN) has announced its participation in the RESCUE project, a strategic initiative funded under HORIZON-JTI-CLEANH2-2024-04-01 for developing portable fuel cells for backup power during natural disasters. The four-year project has a total budget of €5 million with a 70% funding rate, of which Advent's approved budget is €2.16 million.

The project aims to develop a certified, portable 50 kW power generator system based on HT-PEM technology. The initiative is led by DLR (Germany) and includes partners from Greece, Denmark, and Germany. Advent will serve as the primary technology provider, focusing on system integration. The deliverable consists of a dual-fuel portable power generator system housed in separate 20-foot containers for mobility and deployment.

Positive

• Secured €2.16 million in project funding
• Leading technology provider role in collaborative €5 million project
• Development of innovative 50 kW portable power generator system

Negative

• None.

Insights

Clean Energy Technology Analyst

The €2.16M RESCUE project funding represents a strategic milestone for Advent Technologies, extending beyond mere financial support. The development of a 50kW HT-PEM dual-fuel portable power generator positions ADN at the forefront of an emerging market for resilient backup power solutions.

The project's structure offers three key advantages: First, the collaboration with prestigious institutions like DLR and DTU provides valuable R&D resources while reducing development costs. Second, the dual-fuel capability differentiates ADN's solution from traditional backup systems, offering flexibility in fuel sourcing - important during disasters. Third, the containerized design ensures rapid deployment, addressing a critical market need for portable, high-power clean energy solutions.

The commercial implications are significant:

• The disaster response market for backup power is projected to grow substantially due to increasing extreme weather events
• The certification process included in the project scope will accelerate commercial deployment
• The 4-year timeline allows for thorough testing and optimization, potentially leading to additional commercial applications

While the grant amount may seem modest relative to ADN's market cap, the strategic value lies in the technology validation and market positioning. The project could serve as a springboard for larger commercial contracts in critical infrastructure and emergency response sectors, where reliability commands premium pricing.

ATHENS, Greece, Feb. 11, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: ADN) Advent Technologies Holdings, Inc. through its wholly-owned subsidiary, Advent Technologies, SA is pleased to announce the launch of the RESCUE project, a strategic initiative funded under the HORIZON-JTI-CLEANH2-2024-04-01 call for "Portable Fuel Cells for Backup Power During Natural Disasters to Support Critical Infrastructures." The four year project has a total budget of €5 million, and a funding rate of 70%. Advent’s approved budget for the initiative is €2.16 million.

RESCUE aims to develop a certified, portable 50 kW power generator system designed to deliver reliable, sustainable backup power in critical situations based on HT-PEM technology. This collaborative effort brings together world-class partners, led by DLR (Germany) as the project coordinator, with participation from Advent Technologies (Greece), CERTH (Greece), THW (Germany), DTU (Denmark), and ProACT (Greece).

Advent Technologies will play a pivotal role in the project as the primary technology provider, focusing on system integration and innovation. The key deliverable is a 50 kW High-Temperature Proton Exchange Membrane Fuel Cell (HT-PEM FC) dual-fuel portable power generator system. This system will consist of a generator module and a fuel tank, each housed in separate 20-foot containers for optimal mobility and deployment.

Nora Gourdoupi, Advent’s Senior VP of Corporate Business Development stated, “Advent is proud to contribute its expertise to this transformative project, reaffirming its commitment to driving innovation in clean energy technologies.”

Gary Herman, Advent’s CEO commented, “I want to thank Nora, Olga Bereketidou and the Advent team on the RESCUE project. This is an important program and reiterates the Company’s commitment to expanding the use of its leading-edge clean tech technology solutions.”

The RESCUE project responds to the critical need for sustainable, portable power solutions, particularly in disaster-stricken regions where supporting essential infrastructure is paramount. By utilizing hydrogen and hydrogen-rich fuels, the project aims to set new benchmarks for energy resilience and environmental sustainability.

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 Livermore, CA, with offices in Athens and Patras Greece. 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.

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 (“SEC”) 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 give careful consideration to these risks and uncertainties.

Advent Technologies Holdings, Inc.
press@advent.energy

FAQ

What is the total budget for ADN's RESCUE project and how much funding will Advent Technologies receive?

The RESCUE project has a total budget of €5 million with a 70% funding rate. Advent Technologies' approved budget is €2.16 million.

What type of technology will ADN develop in the RESCUE project?

Advent Technologies will develop a certified, portable 50 kW power generator system based on HT-PEM technology, consisting of a generator module and fuel tank housed in separate 20-foot containers.

How long will the ADN RESCUE project run?

The RESCUE project will run for four years, starting from February 2025.

Who are the partners collaborating with ADN in the RESCUE project?

The project partners include DLR (Germany) as coordinator, CERTH (Greece), THW (Germany), DTU (Denmark), and ProACT (Greece), with Advent Technologies serving as the primary technology provider.