Advent Technologies Holdings, Inc. - ADN STOCK NEWS

Advent Technologies (NASDAQ: ADN) announced a milestone on May 5 with the submission of the 'White Dragon' proposal, a collaborative effort involving major Greek energy companies. This €8 billion plan aims to establish a comprehensive green hydrogen project in Greece, targeting a transition to cleaner energy. The project anticipates producing 250,000 tons of hydrogen annually and creating approximately 18,000 direct jobs. Additionally, it aims for significant CO2 savings of 11.5 million tons per year, facilitating the decarbonization of Greece's energy system.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced that its Chairman and CEO, Dr. Vasilis Gregoriou, will speak at Hydrogen 2021 on May 21, 2021. The conference, hosted by Reuters Events, aims to foster connections in the hydrogen market. Dr. Gregoriou's interview will focus on hydrogen's role in off-grid and portable sectors and highlight Advent’s high-temperature HT-PEM fuel cells. He will also participate in a roundtable discussing hydrogen's safety concerns and its impact on decarbonizing difficult sectors.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has postponed its annual stockholders' meeting to June 8, 2021, due to implications from the SEC’s Staff Statement on SPAC warrants. The meeting was initially set for May 20, 2021, allowing time to update the annual report and restate financial statements. Advent will conduct the meeting virtually in response to COVID-19 concerns. The company, specializing in fuel cell and hydrogen technology, holds over 120 patents for its advanced energy systems, promoting a flexible fuel approach for various sectors.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has provided a business update, noting the completion of its financial restatement and the filing of an amendment to its Form 10-K for 2020. The company anticipates reporting $1.49 million in revenue for Q1 2021, significantly surpassing its 2020 figures. Advent highlights increased demand for its HT-PEM technology and has opened a new headquarters in Boston. Despite the financial restatement process, Advent maintains a strong cash position of $124 million, allowing it to pursue its strategic goals and support upcoming market demand.

Advent Technologies Holdings (NASDAQ: ADN) has joined the Fuel Cell and Hydrogen Energy Association (FCHEA), enhancing its involvement in next-generation fuel cell and hydrogen technologies. The company focuses on innovative solutions for decarbonization, promoting its 'Any Fuel. Anywhere.' technology that converts various fuels into electricity. FCHEA advocates for the commercialization of fuel cell technology, shaping regulations and educating stakeholders on its benefits. Advent aims to collaborate with other members to advance the hydrogen and fuel cell industries and contribute to the clean energy transition.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) expressed its support for President Biden's American Jobs Plan, emphasizing its commitment to clean energy and the goal of achieving 100% clean power by 2035. The company is optimistic about the proposed $174 billion investment in the EV market. Advent produces fuel cells that convert hydrogen and renewable fuels into electricity, essential for decarbonizing various sectors. The company is pursuing initiatives such as a new manufacturing facility and collaborations with the U.S. Department of Energy to enhance fuel cell technology.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced that CMO Chris Kaskavelis will speak at the Saudi Energy Meet Virtual Expo on April 8, 2021. The Summit focuses on the future of energy post-COVID-19, highlighting renewable energy goals. Kaskavelis will present Advent’s patented high-temp membrane technology for fuel cells, suitable for various industries including automotive and aviation, emphasizing its robust and cost-effective characteristics in extreme conditions. Registration details for the event are available online.

Advent Technologies Holdings (NASDAQ: ADN) and its subsidiary UltraCell announced that the UltraCell 50 W Reformed Methanol Fuel Cell Power System, known as the 'Honey Badger', has been selected for a demonstration program by the U.S. Department of Defense. This initiative aims to support the U.S. Army's goal of a technology-enabled force by 2028. The Honey Badger is designed for mobility and can operate indoors without harmful emissions, addressing concerns about disposable batteries and traditional generators. The system is set for rapid design improvements over two years based on soldier feedback.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) reported its full-year financial results for 2020, revealing a 42.3% increase in revenue to $882,652, primarily due to rising demand for its Membrane Electrode Assemblies (MEAs). However, total revenues, including grants, fell by 10.8% to $1,089,480. The gross profit saw a significant rise of 65.6% to $368,834, while net loss stood at $4,184,840 with a diluted EPS of ($0.09). Advent projects net cash use between $15 million-$30 million and expenses between $25 million-$40 million for 2021.