Advent Technologies Provides Update on Green HiPo IPCEI Project

Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to provide an update on the implementation of the Green HiPo project under the framework of the Important Projects of Common European Interest (“IPCEI”) Hy2Tech. This update highlights recent milestones achieved in the project, emphasizing the collective dedication of the entire Advent team towards decarbonization, and the transformation of the clean energy landscape in Greece and Europe.

1. Acquisition of Land: Advent has successfully acquired the ownership rights to a prime parcel of real estate located in Kozani, Greece, laying the foundation for its future state-of-the-art facility for its Green HiPo IPCEI project. Advent expects to receive the final property transfer certificate from the local registry land office in the coming days. This land acquisition underscores Advent's unwavering dedication to establishing a robust infrastructure that will effectively and strategically support the objectives of the Green HiPo IPCEI project. Advent has also set-up a coordination and planning office in the center of Kozani which will serve as the operational hub for the Green HiPo IPCEI project.
2. Evaluation Underway: As a prerequisite for unlocking the State Aid funding for Green HiPo, the Hellenic Ministry of Development and Investment has commissioned a high-level review of the Green HiPo IPCEI project as previously ratified by the European Union. It is expected that this review will take approximately 6-8 weeks, during which time systems and processes will be assessed in order to ensure full transparency and accountability for the effective implementation of the Green HiPo IPCEI project.
3. Recruitment Process and Hiring of Key Professionals: Advent has begun the process of identifying and hiring key professionals - scientists, engineers, and managers who will play integral roles at the new state-of-the-art facility in Kozani. These talented individuals will drive critical functions such as research and development, first industrial deployment, and supply chain management. Their expertise will be instrumental in the development, design, and manufacture of innovative high-temperature proton exchange membrane fuel cell systems and electrolyser systems. Advent's careful selection process ensures that top-tier talent is recruited to support the successful execution of the Green HiPo IPCEI project, thereby ensuring the project's success and innovation.

Once the evaluation has been completed, the Hellenic Ministry of Development and Investment will invite Advent, as one of the two eligible companies under the IPCEI Hy2Tech framework in Greece, to confirm its final funding documents. Upon submission, Advent anticipates receiving up to 782.1 million euros in funding from the Greek State over a six-year period for its Green HiPo IPCEI project. This funding is part of the total 5.4 billion euros in aid authorized by the European Commission in July 2022 for various projects, including Green HiPo, which is one of 41 projects jointly prepared and notified by fifteen Member States under the IPCEI Hy2Tech umbrella. The project will involve close cooperation with over 300 external partners, including universities, research organizations, and SMEs across Europe, enabling extensive collaboration and knowledge sharing.