Advent Technologies Secures Funding from Danish Energy Technology Development and Demonstration Program for Innovative R&D Project

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, A/S, has secured funding approval for its latest research and development project from the Danish Energy Technology Development and Demonstration Program (“EUDP”).

The project, titled 'Modular Efficient Power Generation with Advanced Fuel Cell Power Converters', has secured total funding of approximately $1.83 million and is scheduled to kick off in the second quarter of 2024, spanning a three-year duration. Funded by EUDP—a Danish organization committed to supporting private companies and universities in developing and demonstrating innovative energy technologies, in compliance with EU state aid rules—the project will be overseen by a consortium that will also include Aalborg University – Department of Energy, TKT Electronics ApS and DanTrafo A/S.

This initiative will pioneer the development of a cutting-edge modular, scalable, and high-density DC-DC power converter, specifically tailored for Advent's next-generation High-Temperature Proton Exchange Membrane (“HT-PEM”) fuel cell applications. Advent's next-generation HT-PEM fuel cell applications are built on the groundbreaking Ion-Pair Membrane Electrode Assembly (“MEA”) technology. This technology is currently commercialized by Advent, made available through the Company’s participation in the U.S. Department of Energy’s L’Innovator program, and developed in collaboration with top-tier U.S. research institutions, such as Los Alamos National Laboratory, Brookhaven National Laboratory, and, the National Renewable Energy Laboratory.

Advent’s Ion-Pair MEA technology aims to revolutionize the global fuel cell market by extending the expected lifetime of fuel cells to at least three times longer and delivering double the power density of Advent's earlier fuel cell systems. This makes them ideal for heavy-duty mobility applications. Manufacturing of these fuel cell systems will take place in Kozani, Greece, as part of the EU-approved Green HiPo IPCEI Project. Green HiPo encompasses the development, design, and manufacture of HT-PEM fuel cell systems and electrolyzer systems for the production of power and hydrogen, respectively. Green HiPo will significantly contribute to the region of Western Macedonia’s transition from a coal-based economy to a greener economic model, with a new state-of-the-art facility in Kozani serving as the production hub for fuel cells and electrolysers.