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Advent Technologies’ Greek Subsidiary Awarded Grant from EU Innovation Fund for RHyno Project

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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.

La sussidiaria greca di Advent Technologies Holdings, Advanced Energy Technologies SA, ha ottenuto un finanziamento dal Fondo Innovazione dell'UE per il Progetto RHyno. L'azienda specializzata in celle a combustibile e tecnologie dell'idrogeno è stata invitata a redigere il contratto di finanziamento, con la firma prevista per il Q1 2025. Ulteriori dettagli sulle condizioni del finanziamento saranno divulgati dall'azienda nel prossimo futuro.

La subsidiaria griega de Advent Technologies Holdings, Advanced Energy Technologies SA, ha obtenido una subvención del Fondo de Innovación de la UE para el Proyecto RHyno. La empresa de tecnología de celdas de combustible e hidrógeno ha sido invitada a preparar el acuerdo de subvención, con la firma prevista para el Q1 2025. Más detalles sobre las condiciones de la subvención serán divulgados por la empresa en un futuro cercano.

Advent Technologies Holdings의 그리스 자회사인 Advanced Energy Technologies SAEU 혁신 기금으로부터 RHyno 프로젝트를 위한 보조금을 확보했습니다. 연료 전지 및 수소 기술 전문 기업은 보조금 계약을 준비하라는 초대를 받았으며, 계약서 서명은 2025년 1분기로 예상됩니다. 보조금 조건에 대한 추가 세부 사항은 가까운 시일 내에 회사에서 공개될 예정입니다.

La filiale grecque d'Advent Technologies Holdings, Advanced Energy Technologies SA, a obtenu une subvention du Fonds d'Innovation de l'UE pour le Projet RHyno. L'entreprise spécialisée dans les technologies des piles à hydrogène a été invitée à préparer l'accord de subvention, dont la signature est prévue pour le T1 2025. D'autres détails concernant les conditions de la subvention seront divulgués par l'entreprise dans un avenir proche.

Die griechische Tochtergesellschaft von Advent Technologies Holdings, Advanced Energy Technologies SA, hat einen Zuschuss aus dem EU-Innovationsfonds für das RHyno-Projekt gesichert. Das Unternehmen, das auf Brennstoffzellen- und Wasserstofftechnologie spezialisiert ist, wurde eingeladen, den Zuschussvertrag vorzubereiten, dessen Unterzeichnung für Q1 2025 erwartet wird. Weitere Details zu den Zuschussbedingungen werden in naher Zukunft vom Unternehmen bekannt gegeben.

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  • Secured new EU Innovation Fund grant, potentially providing additional funding
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LIVERMORE, Calif., Oct. 31, 2024 (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 its Greek subsidiary, Advanced Energy Technologies SA, has been awarded a grant from the EU Innovation Fund and invited to prepare the grant agreement. Further details about the grant and its conditions will be provided by the Company soon. Grant agreements are expected to be signed in the first quarter of 2025.

About RHyno Project

The Advent Renewable Hydrogen Innovative Technologies (RHyno) project involves the establishment of infrastructure for developing and manufacturing 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 manufacturing 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 Innovation Fund

The 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.

From hundreds of candidates the EU Commission has selected 85 innovative net-zero projects to receive €4.8 billion in grants from the Innovation Fund 2023 Call, helping to put cutting-edge clean technologies into action across Europe. For the first time, projects of different scales (large, medium and small, alongside pilots) and with a cleantech manufacturing focus are awarded under the 2023 call for proposals. This is the largest since the start of the Innovation Fund in 2020, boosting the total amount of support to €12 billion and increasing the number of projects by 70%. Only three companies located in Greece were selected, and Advent had the best ranking amongst all proposals submitted across Europe.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation operating in the fuel cell, methanol, and hydrogen technology space. Advent focuses on developing and manufacturing the Membrane Electrode Assembly (MEA) and the fuel cell stack, the most critical component of the fuel cell. Advent is headquartered in Livermore, California, USA, with offices in Patras and Athens Greece. The Company holds more than 100 patents related to its 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 give careful consideration to these risks and uncertainties.

Contacts

Advent Technologies Holdings, Inc.
press@advent.energy


FAQ

What grant did Advent Technologies (ADN) receive in October 2024?

Advent Technologies' Greek subsidiary, Advanced Energy Technologies SA, received a grant from the EU Innovation Fund for the RHyno Project.

When will Advent Technologies (ADN) sign the EU Innovation Fund grant agreement?

The grant agreement is expected to be signed in the first quarter of 2025.

What is the RHyno Project grant awarded to Advent Technologies (ADN)?

The RHyno Project grant is an EU Innovation Fund award given to Advent Technologies' Greek subsidiary, though specific details and conditions of the grant are yet to be disclosed.

Advent Technologies Holdings, Inc.

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