Advent Technologies Holdings, Inc. - ADN STOCK NEWS

Advent Technologies reported a remarkable 714% revenue increase in Q4 2021, reaching $2.9 million, driven by robust demand for its fuel cell products and acquisitions of UltraCell and SerEnergy. The company collected $3.0 million from SerEnergy customers related to pre-acquisition revenue. Despite this growth, Advent posted a net loss of $(9.0 million or $(0.18) per share), exacerbated by increased operating expenses of $16.3 million. Cash reserves stood at $79.8 million as of December 31, 2021, down from previous quarters. The company continues to focus on expanding its clean energy solutions.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced it will release its Q4 2021 financial results on March 28, 2022, and host a conference call at 9:00 AM ET the same day. The company, a leader in fuel cell and hydrogen technology, will discuss its performance during the call. Participants can access the call via specific phone numbers provided. Advent operates globally and holds over 100 patents in fuel cell technology.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has signed a preliminary strategic agreement with Daiden Equipment Sdn Bhd, a prominent industrial equipment provider in Malaysia. Daiden will distribute Advent's SereneU fuel cell products, supporting Malaysia's green energy transition. Initial shipments of the SereneU units are underway for testing, which may lead to the introduction of Advent's methanol-based fuel cells into the market. This collaboration aims to establish a sustainable power solution for Malaysia's telecom and utility sectors, bolstering both companies' positions in the renewable energy landscape.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has appointed Hechem Nadjar as Vice President of Business Development, focusing on Europe. With extensive experience in hydrogen and fuel cell technology from TotalEnergies and Shell, Nadjar's role will enhance Advent's efforts in increasing the distribution of their clean fuel cell solutions. Advent aims to contribute to global decarbonization, thereby securing strategic partnerships for their innovations in the transportation market. The company holds over 100 patents for its fuel cell technology.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has announced its next-generation Membrane Electrode Assembly (MEA), showcasing significant advancements in fuel cell technology. Initial testing indicates over 5x improvement in MEA lifetime and potential for 2x to 3x power density increase compared to current HT-PEM MEAs. The company aims to scale MEA production significantly by the end of 2023, targeting various markets including heavy-duty automotive and aviation. The collaboration with U.S. Department of Energy labs further strengthens its market position.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has appointed Vasilis Kopelas as Vice President of Business Development (Green Mobility), based in Athens, Greece. Kopelas has 15 years of experience in the automotive and fuel cell sectors, notably with Toyota Motor Europe. His role at Advent aims to bolster the company's clean fuel cell solutions and contribute to global decarbonization efforts. This strategic hire is anticipated to enhance Advent's market offerings and secure Joint Development Agreements, crucial for the company's growth in green technology.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced its participation in a clean energy project in Denmark aimed at powering the ferry service between Læsø and Frederikshavn with low-carbon propulsion. Funded by the EU Regional Development Fund, the project includes partners like the Læsø Municipality and OSK-ShipTech. The goal is to replace the ferry's diesel engines with alternative fuels like methanol. Currently, ferries consume around 1,600 cubic meters of diesel annually, releasing about 5,000 tons of CO2. The initiative supports the path towards carbon neutrality.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has signed a Memorandum of Understanding (MoU) with Electric Ship Facilities B.V. (ESF), enhancing its foothold in the fuel cell and hydrogen technology market. The collaboration allows ESF to act as a distributor for Advent's SereneU fuel cell products, focusing on trial processes and configurations for land and maritime applications. With a target market in Benelux, Germany, Switzerland, and Austria, this partnership aims to accelerate the adoption of methanol-based fuel cells amidst growing emissions regulations in Europe.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has secured new contracts worth $2.2 million with clean power generation and energy storage manufacturers for electrochemistry components. Deliveries started in Q4 2021 and are expected to continue through September 2022. The company is recognized for its innovative technology and aims to expand its customer base in the USA, Europe, and Asia. Advent reports 100% product acceptance with zero returns for quality issues in the electrochemistry component business. A new facility in Charlestown, Massachusetts, is set to boost production.