Advent Technologies' RHyno Project Awarded €34.5 Million by EU Innovation Fund

LIVERMORE, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to further announce that the RHyno Project initiated by its Greek subsidiary, Advanced Energy Technologies, SA was approved for the full amount of its requested grant in the amount of €34.5 million by the EU Innovation Fund. The dedicated efforts of Nora Gourdoupi, Olga Bereketidou, and Anastasia Koustomitopoulou made this achievement possible. Advent will now prepare the grant agreement per the instructions provided to it by the European Climate, Infrastructure and Environment Executive Agency (CINEA).

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"We are very excited about the grant and the recognition of the hard work of these individuals," stated Konstantinos Ferderigos, the General Manager in Greece for the Company.

Gary Herman, Interim Chief Executive Officer, stated, "Nora, Olga and Anastasia, along with their talented team all worked very hard for this achievement. We appreciate the selection and recognition by the EU Innovation Fund. We thank our Advent colleagues and all those involved as we move this program forward and grow the business."

About RHyno Project

The Advent Renewable Hydrogen Innovative Technologies (RHyno) project involves the establishment of infrastructure for developing and manufacturing innovative fuel cells, electrolysers, and their key components, including Advent's ground-breaking Membrane Electrode Assembly technology at a megawatt (MW) scale. RHyno aims to pioneer the use of innovative materials to enhance power density and lifespan while significantly reducing the weight and volume of power systems through a streamlined balance of plant.

The state-of-the-art manufacturing facility is designed to optimize production processes, boost efficiency, and industrialize fuel cell and electrolyser technologies. These advancements are essential for decarbonizing carbon-intense industries, such as the aviation, maritime, and heavy-duty automotive sectors, with further potential for spillover to other sectors, positioning Advent at the forefront of the clean energy transition.

About Innovation Fund

The Innovation Fund is one of the world’s largest funding programs for the commercial demonstration of innovative low-carbon technologies, aiming to bring to market industrial solutions to decarbonize Europe and support its transition to climate neutrality. Among the wide range of financial instruments available on the EU level, it plays a unique role due to its size and focus on the last steps in the rollout of innovative clean tech.

Only three companies located in Greece were selected for funding in the Innovation Fund 2023 Call. Advent had the best ranking amongst all proposals submitted across Europe.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation operating in the fuel cell, methanol, and hydrogen technology space. Advent focuses on developing and manufacturing the Membrane Electrode Assembly (MEA) and the fuel cell stack, the most critical component of the fuel cell. Advent is headquartered in California, USA, with offices in Greece, and holds more than 100 patents related to the HT-PEM fuel cell technology. Advent's fuel cells enable the use of green eFuels (eMethanol), renewable natural gas, or hydrogen on board. The HT-PEM fuel cells are highly efficient in terms of thermal management and highly resilient under extreme environmental conditions, offering an "Any Fuel. Anywhere." platform. Applications include stationary, portable, data center, off-grid power generation markets, and heavy-duty mobility (automotive, aviation, marine).

For more information, visit www.advent.energy.