Advent Technologies Participates in the 2nd European Electrolyser Summit

Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology sectors, participated in the 2nd European Electrolyser Summit held in Brussels on June 26. Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, joined a group of 30 CEOs representing the European electrolyser manufacturing sector in a meeting with European Commissioner Thierry Breton. The primary purpose of the meeting was to discuss and address the objectives outlined in the Joint Declaration of the May 2022 EU Electrolyser Summit.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230627468532/en/

From left to right: Jorgo Chatzimarkakis (CEO, Hydrogen Europe), Thierry Breton (European Commissioner for the Internal Market), Dr. Vasilis Gregoriou (Chairman and CEO, Advent Technologies)

The meeting, jointly organized by the European Commission and Hydrogen Europe as part of the Electrolyser Partnership, brought together approximately 44 companies actively involved in the European electrolyser supply chain. This partnership, established in September 2022 following the 1st Electrolyser Summit, witnessed the signing of the Joint Declaration by 20 industry leaders, including Advent, and Commissioner Breton.

Following the 2nd European Electrolyser Summit, the industry remains steadfast in its commitment to achieving the ambitious goals set out in the REPowerEU communication. The objective is to accomplish 10 million tons (Mt) of domestic hydrogen production and import 10Mt of hydrogen by 2030. As part of this commitment, the industry is planning to significantly increase electrolyser production in the EU, aiming to ramp-up capacity by a factor of seven within three years. This will involve scaling-up from the current 3GW production capacity to approximately 21 GW by 2025.

In a recently published document, the partnership members and the European Commission provided an update on the progress that has been made one year after the signing of the Joint Declaration. The document highlights the industry's continued efforts to expand its European footprint as the regulatory framework moves closer to completion. Notable developments include the Renewable Energy Directive, Delegated Acts on Additionality, and the Hydrogen Bank.