Advent Technologies Secures $2.2 Million Contract with the U.S. Department of Defense, Paving the Way for Higher Production Volumes of Portable Fuel Cell Systems

Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is delighted to announce that its subsidiary, Advent Technologies, LLC, has secured a new $2.2 million contract with the U.S. Department of Defense (“DoD”). This milestone achievement comes under the General Technical Services prime contract titled 'Soldier Tactical Expeditionary Power - Energy Generation Services’, and it will play a crucial role in supporting the demanding defense mission requirements of the U.S. Army.

This contract is the continuation of a series of past contracts with the U.S. DoD and its primary objective is to further optimize Advent's proprietary Honey Badger 50 (“HB50”) portable fuel cell system by integrating the Company’s innovative Ion Pair Membrane Electrode Assembly (“MEA”) technology. Upon the completion of this new 12-month contract, Advent and the U.S. DoD aim to reinforce their long-term collaboration by focusing on the manufacturing process of the enhanced HB50 fuel cell system, that will enable high-volume production manufacturing capacity.

MEAs form the heart of the fuel cell, and their performance determines the lifetime, efficiency, weight, and to a large extent, the cost of the end electrochemistry products. Advent’s Ion Pair MEA technology is anticipated to significantly enhance HB50’s performance, resulting in higher power density and improved compact packaging, making it an ideal solution for off-grid field applications, including military and rescue operations.

Since 2020, Advent Technologies, LLC has been actively refining its HB50 fuel cell system to create a highly portable and efficient power supply suitable for on-the-move battery charging and direct power supply for various U.S. Army applications. Through rigorous development efforts, the size and weight of the original 50W fuel cell system have been significantly reduced, culminating in successful field tests in 2022 and 2023, with the final technical report reinforcing its operational suitability.

The HB50 power system can be fueled by biodegradable methanol, providing near-silent power generation with clean emissions. Its compact design allows it to seamlessly power radio and satellite communications apparatus, remote surveillance systems, laptops, and other battery charging needs, making it an ideal choice for covert operations. The system’s unique thermal features enable it to operate within a wide ambient temperature range from considerably below freezing to surpassing 40°C, therefore ensuring reliability in challenging conditions and climates.