Advent Technologies Holdings, Inc. - ADN STOCK NEWS

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.

Advent Technologies (NASDAQ: ADN) has secured an eight-year lease for 21,401 square feet at Hood Park, Charlestown, MA. This facility will focus on developing high-temperature polymer electrolyte membrane (HT-PEM) fuel cell technology, pivotal for automotive, aviation, and off-grid applications. The facility will feature advanced coating machines, analytical facilities, and numerous fuel cell test stations. CEO Dr. Vasilis Gregoriou highlighted the significant industry interest in HT-PEM technology, aiming for joint development agreements with major OEMs. The new site marks an expansion of Advent’s operations in the Northeast.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has signed a joint development agreement with the US Department of Energy's Los Alamos, Brookhaven, and National Renewable Energy Laboratories. This CRADA focuses on developing high-temperature proton exchange membrane (HT-PEM) fuel cell technology that allows various fuels, enhancing manufacturing in the sector. The partnership aims to accelerate clean energy solutions for hard-to-decarbonize sectors, with anticipated commercialization of the technology in 2021 and mass production by 2023. The collaboration leverages advanced research facilities to innovate sustainable fuel solutions.