Advent Technologies’ RHyno Project awarded €34.5 Million by EU Innovation Fund

Rhea-AI Summary

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).

Positive

• Secured full €34.5 million grant funding from EU Innovation Fund
• Project received complete requested amount with no reduction

Negative

• None.

Insights

Financial Analyst

The €34.5 million EU Innovation Fund grant represents a significant financial boost for Advent Technologies, particularly considering its small market cap of around $5 million. This funding will substantially strengthen the company's balance sheet and support the development of the RHyno Project in Greece.

The grant approval demonstrates strong institutional backing for Advent's hydrogen technology initiatives and validates their innovation in the clean energy sector. For a small-cap company, securing such substantial EU funding significantly reduces financial risk and provides operational runway without diluting shareholders. The grant's size, being multiple times larger than the company's market cap, could catalyze increased investor interest in ADN's growth potential in the expanding hydrogen economy.

LIVERMORE, Calif., Nov. 04, 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 further announce that the RHyno Project initiated by its Greek subsidiary, Advanced Energy Technologies, SA was approved for the full amount of its requested grant in the amount of €34.5 million by the EU Innovation Fund. The dedicated efforts of Nora Gourdoupi, Olga Bereketidou, and Anastasia Koustomitopoulou, made this achievement possible. Advent will now prepare the grant agreement per the instructions provided to it by the European Climate, Infrastructure and Environment Executive Agency (CINEA).

“We are very excited about the grant and the recognition of the hard work of these individuals,” stated Konstantinos Ferderigos, the General Manager in Greece for the Company.

Gary Herman, Interim Chief Executive Officer stated, “Nora, Olga and Anastasia, along with their talented team all worked very hard for this achievement. We appreciate the selection and recognition by the EU Innovation Fund. We thank our Advent colleagues and all those involved as we move this program forward and grow the business.”

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.

Only three companies located in Greece were selected for funding in the Innovation Fund 2023 Call. 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 California, USA, with offices in Greece, and holds more than 100 patents related to the 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

How much funding did Advent Technologies (ADN) receive from the EU Innovation Fund?

Advent Technologies received €34.5 million in grant funding from the EU Innovation Fund for its RHyno Project.

Which Advent Technologies subsidiary was awarded the EU Innovation Fund grant?

Advanced Energy Technologies, SA, Advent's Greek subsidiary, was awarded the EU Innovation Fund grant for the RHyno Project.

What is the next step for Advent Technologies (ADN) regarding the EU Innovation Fund grant?

Advent Technologies will prepare the grant agreement according to instructions from the European Climate, Infrastructure and Environment Executive Agency (CINEA).