Advent Technologies Holdng Inc - ADN STOCK NEWS

Advent Technologies Holdings, Inc. (NASDAQ: ADN) celebrated the grand opening of its new fuel cell R&D and manufacturing facility in Charlestown, Massachusetts on April 3, 2023. The event was attended by Governor Maura Healey and notable state officials, highlighting the facility's potential to expand production capacity and meet the increasing global demand for clean energy components. The facility features advanced technology, including coating machines and analytical departments, aimed at enhancing product quality and lifespan. It is expected to create job opportunities and contribute significantly to Massachusetts' growing clean energy sector.

Advent Technologies Holdings reported Q4 2022 revenue of $2.0 million, down 22% year-over-year, and a full-year total of $7.8 million, up 18%. The net loss for Q4 stood at $47.6 million or $(0.92) per share, heavily impacted by a $38.9 million impairment charge. The company has cash reserves of $32.9 million as of Dec 31, 2022. Advent is pursuing funding of €782.1 million for the Green HiPo project, aiming to create 600 direct jobs. The newly opened R&D facility in Boston will enhance product scalability. Joint developments with Hyundai and projects in marine applications are underway, showcasing Advent's growth strategy.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced the election of its Chairman and CEO, Dr. Vasilis Gregoriou, as Chair of the Hy2Tech Facilitation Group during the 1st General Assembly for Hy2Tech and Hy2Use in Berlin on March 28, 2023. This group, part of the EU's Important Project of Common European Interest, focuses on advancing hydrogen technology in Europe. Advent's Green HiPo project received up to €782.1 million in funding, the highest for any project under Hy2Tech, supporting the development of fuel cell and electrolyser systems in Western Macedonia, Greece. The project is expected to unlock substantial private investments, promoting innovation in renewable energy.

Advent Technologies Holdings, Inc. (NASDAQ:ADN) recently completed a successful technology assessment with Hyundai Motor Company, focusing on Advent's innovative Membrane Electrode Assembly (MEA) technology. This collaboration has resulted in a Joint Development Agreement (JDA) aimed at advancing hydrogen fuel cell technology for Hyundai's applications. The agreement includes developing the HMC-Advent Ion Pair™ MEA, assessing cooling technologies, and promoting sustainable energy solutions. The partnership underscores both companies' commitment to revolutionizing the fuel cell market while working towards decarbonization.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) will report Q4 2022 results on March 31, 2023. A conference call is scheduled for the same day at 9:00 AM ET to discuss the results. Interested participants can access the call by dialing (888) 660-6182 or (929) 203-0891 for international callers, using conference ID 3273042. A replay will be available until April 14, 2023.

Advent is a leader in fuel cell and hydrogen technology, headquartered in Boston, with over 150 patents. The company emphasizes its innovative capabilities in renewable energy.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has opened a new state-of-the-art research and development facility at Hood Park in Charlestown, MA, marking a significant investment in its growth. The facility integrates corporate and R&D teams and spans approximately 21,000 square feet. Features include modern coating machines, quality control labs, and advanced testing stations for fuel cell components. Advent is developing the ion-pair MEA technology, which aims to produce more efficient fuel cells with longer lifespans. This facility is expected to enhance Advent's production capacity and support job creation in Massachusetts as the company seeks to meet rising demand in the clean energy sector.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) introduced the SereneCHP, a mobile combined heat and power system designed for remote energy needs. This 5kW system combines heating and cooling capabilities, providing up to 13 thermal kW of heat or 10.5 kW of cooling. It utilizes methanol as a hydrogen source, enhancing efficiency in energy production. The SereneCHP is portable, operates autonomously, and can reduce CO2 emissions by 80%-100%. This innovative solution addresses the energy demands of logistics centers and critical infrastructure while enabling users to progress towards their net zero goals.