Advent Technologies Secures Additional New Contract worth $2.8 Million from U.S. Department of Defense for its Portable Fuel Cell System

Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology space, is delighted to announce that its subsidiary, Advent Technologies, LLC, has secured an additional new $2.8 million contract with the U.S. Department of Defense (DoD). This milestone achievement augments Advent’s $2.2 million contract that was announced on September 7, 2023, which focuses on finalizing the design of the Honey Badger 50 (“HB50”) portable fuel cell system through the integration of the Company’s innovative Ion Pair Membrane Electrode Assembly (“MEA”) technology.

Under this new defense contract which comes under the umbrella of the Envision Innovative Solutions (‘’EIS’’), Advent will develop advanced manufacturing processes to enable a substantial increase in the production capacity while maintaining quality of the HB50 system. This new project is aligned with Advent’s and the DoD’s shared objective to strengthen their long-term collaboration and transform HB50 into a portable and clean source of power.

Since 2020, Advent Technologies, LLC has diligently refined the HB50 fuel cell system, resulting in a highly portable and efficient power source. Rigorous development efforts have significantly reduced the size and weight of the original 50W portable fuel cell, as validated by successful field tests in 2022 and 2023, confirming its operational suitability.

Fueled by biodegradable methanol, the compact HB50 seamlessly powers applications such as communication devices, surveillance systems and laptops, making the HB50 ideal for covert operations. Its thermal capabilities ensure reliable operation across ambient temperatures from below freezing to over 40°C. HB50's adaptability to liquid methanol as a hydrogen carrier fuel aligns perfectly with the DoD's pursuit of lightweight and portable power solutions.

Advent Technologies envisions the widespread use of the HB50 portable fuel cell system across many sectors such as defense, robotics, agriculture, drones, emergency operations, and leisure and camping. The enhanced HB50 version, integrated with Advent's Ion Pair MEA technology, is expected to set new industry standards in fuel cell efficiency, longevity, and power density, providing dependable and sustainable power solutions for critical field operations.