Advent Technologies Holdings, Inc. - ADN STOCK NEWS

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced a definitive agreement to acquire the fuel cell systems businesses of fischer Group for EUR52 million in cash and stock. This acquisition includes Serenergy and fischer eco solutions GmbH, enhancing Advent's capabilities in high-temperature polymer electrolyte membrane (HT-PEM) fuel cells. With thousands of systems shipped globally, Serenergy focuses on the off-grid market, and FES contributes critical component production. The deal is expected to close in Q3 2021, aiming to accelerate Advent's revenue and market share in the alternative power sector.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced that its Chairman and CEO, Dr. Vasilis Gregoriou, will speak at the European Hydrogen Conference on June 23, 2021. His 20-minute interview will cover the role of fuel cell technologies in the hydrogen economy and Advent's innovative "Any Fuel. Anywhere." technology that supports emission-free power solutions. The conference aims to address projects and regulations aligned with the European Commission’s net-zero emissions target, featuring expert discussions on hydrogen supply and demand.

Advent Technologies Holdings (NASDAQ: ADN) announced that Chairman and CEO Dr. Vasilis Gregoriou will speak at the European Hydrogen Conference on June 23, 2021. He will discuss fuel cell technologies and Advent's innovative ‘Any Fuel. Anywhere.’ solutions in a 20-minute presentation. The conference aims to address the hydrogen economy and achieving net-zero emissions targets. Advent, headquartered in Boston, specializes in developing fuel cell components and holds over 120 patents. This event aligns with their focus on advancing clean energy technology and facilitating the transition to a hydrogen economy.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced that CEO Dr. Vasilis Gregoriou will participate in the Edison Open House: Transport Futures event on June 16, 2021. This digital investors event, co-hosted with the London Stock Exchange, focuses on innovations in transportation. Dr. Gregoriou will discuss hydrogen fuel cells' role in decarbonizing transport, highlighting Advent's unique technology for various fuel environments. The event spans three days, each themed around different aspects of transport, showcasing key industry advancements.

Advent Technologies (NASDAQ: ADN) will join the Russell 3000^® Index after the annual reconstitution, effective June 28, 2021. The Russell 3000^® Index includes the largest U.S. stocks based on market capitalization. This addition is seen as a testament to Advent's market expansion in hydrogen technology, according to CEO Dr. Vasilis Gregoriou. Advent's patented high-temperature fuel cells support industries in transitioning to cleaner energy solutions. The Russell indexes track over $10.6 trillion in assets, indicating significant visibility for Advent.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced that its subsidiary, UltraCell LLC, secured a contract with the U.S. Department of Defense to advance the MIL-STD certification of its 50 W Reformed Methanol Wearable Fuel Cell Power System, known as the Honey Badger. The contract focuses on completing the certification for U.S. Army integration. The Honey Badger, optimized for Soldier-worn use, has demonstrated successful field trials and is intended to support military operations through its versatile design and ability to operate with existing supply chain materials.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has hosted U.S. Ambassador to Greece, Geoffrey R. Pyatt, at its Patras Science Park facilities. The visit showcased Advent's innovations in fuel cell technology through various production areas, including FC Stacks/R&D and MEA production. Advent is refurbishing additional labs for R&D, set to be completed this summer. CEO Dr. Vasilis Gregoriou emphasized the company's flexible fuel options and potential to enter new markets like automotive and aviation. Ambassador Pyatt highlighted the collaboration between U.S. and Greek tech sectors for a sustainable energy future.

Advent Technologies (NASDAQ: ADN) reported a remarkable 500% year-over-year increase in bookings and shipments of materials for redox flow batteries (RFBs) in Q1 2021. This surge reflects new supply agreements and Advent’s significant input into RFB systems. The company’s materials enhance the cost-effectiveness of utility-scale energy storage and are crucial for addressing renewable energy supply-demand imbalances. Advent is advancing its mass production capabilities and developing cost-efficient electrodes and membranes, critical for the renewable energy sector.

Advent Technologies Holdings reported Q1 2021 financial results, showcasing total revenue of $1.49 million, significantly up from $0.10 million in Q1 2020. This surge is attributed to heightened demand for HT-PEM fuel cell materials and IoT sensors. Gross profit rose to $1.14 million, with a gross margin of 77%. However, operating costs escalated to $8.14 million. Net income reached $2.91 million, translating to $0.08 per share. Cash reserves increased to $124.97 million, bolstered by a $140.17 million cash raise. Advent continues to expand its product portfolio and market presence.