Hyundai Motor Company and Advent Technologies Sign Joint Development Agreement Following Successful Fuel Cell Technology Assessment

Hyundai Motor Company today announced a successful technology assessment with Advent Technologies Holdings, Inc. (“Advent”), an innovation-driven leader in the fuel cell and hydrogen technology sectors. The assessment evaluated Advent's proprietary Membrane Electrode Assembly (“MEA”) technology for supplying Hyundai’s high-temperature fuel cell needs, and following its success, the two companies have entered into a Joint Development Agreement (“JDA”).

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From left to right: Seung Hyun Hong, Ph.D. (Vice President, Materials Research & Engineering Center, Hyundai), Jim Coffey (Chief Operating Officer & General Counsel, Advent Technologies) (Photo: Business Wire)

The signing ceremony took place on March 22, 2023, at Advent’s headquarters in Charlestown, Massachusetts, and included senior executives from both companies. Under the agreement, Hyundai and Advent will work together to further develop HMC-Advent Ion Pair MEA, establish commercial criteria for MEA supply, and evaluate Advent's advanced fuel cell technology for Hyundai's heavy-duty and/or stationary application. Additionally, the parties will introduce advanced cooling technologies for mobility High-Temperature Proton Exchange Membrane (HT-PEM) fuel cell stacks. Advent will work closely as Hyundai evaluates these stack cooling technologies and ensure optimal performance under different operating conditions.

This partnership builds upon a commitment from both companies to develop sustainable energy solutions for carbon-intensive applications. Hyundai aims to accelerate the establishment of a hydrogen-based society based on its vision, Progress for Humanity, and this JDA aligns with that vision. The synergy generated by combining the two companies’ advanced technology in this JDA is expected to revolutionize the global MEA market by providing significant improvement in lifetime and an increase in power density versus current HT-PEM MEAs.

“The Advent team worldwide is proud and excited to enter into the next phase of a highly promising collaboration with Hyundai, with today's JDA signing at our Hood Park facility in Charlestown, MA. Through this collaboration, we aim to accelerate the shift towards sustainable energy and help shape a cleaner, more efficient future by assisting Hyundai in bringing its future mobility strategy to life,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “With our common goal to decarbonize heavy-duty transport, we are committed to contributing to Hyundai’s goal of building innovative, high-performance fuel cell solutions that will make a significant impact in reducing greenhouse gas emissions.”