Advent Technologies Holdings Inc - ADN STOCK NEWS

Advent Technologies Holdings, Inc. (ADN) announces approval for funding for its RiverCell 3 project, aiming to develop a maritime fuel cell system with a total capacity exceeding 500kW. The project has a budget of $12.4 million, with Advent's portion being $6.1 million. Collaborative partners include MEYER NEPTUN Engineering GmbH, Siemens Energy Global GmbH & Co. KG, Lloyd's Register EMEA Niederlassung Deutschland, and Hochschule Wismar Bereich Seefahrt, Anlagentechnik und Logistik. The project, which started in January 2024, is expected to conclude on December 31, 2026. Advent's innovative Ion Pair™ MEA technology plays a crucial role in this project, promising significant advancements in maritime applications.

Advent Technologies' subsidiary, Advanced Energy Technologies S.A., receives a €24 million state aid package from Greece's Just Transition Fund for its Green HiPo Important Project of Common European Interest. The project aims to develop HT-PEM fuel cells and electrolysers for power and green hydrogen production in Greece, contributing to the country's transition to a greener economic model.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced the appointment of Naiem Hussain as its new Chief Financial Officer, bringing extensive expertise in corporate finance, with a focus on IPOs, fundraisings, and mergers and acquisitions within the energy technology and fuel cell industries. Mr. Hussain replaces Kevin Brackman, who resigned from his position on January 5, 2024. His professional journey includes roles at ICI plc, Close Brothers, and Imperial Innovations, with a focus on energy technology. Mr. Hussain's appointment is expected to contribute to the ongoing success and expansion of the company.

Advent Technologies Holdings, an innovation-driven leader in the fuel cell and hydrogen technology space, announces 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. 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. 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 fuel cell applications. The 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. Manufacturing of these fuel cell systems will take place in Kozani, Greece, as part of the EU-approved Green HiPo IPCEI Project, significantly contributing to the region of Western Macedonia’s transition to a greener economic model.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced a registered direct offering to purchase 10,000,000 shares of common stock at a per share purchase price of $0.20, resulting in gross proceeds of $2,000,000.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) is pleased to introduce the SereneP, a revolutionary product line set to redefine portable power solutions with a focus on construction and EV charging applications. The SereneP offers unparalleled flexibility, environmental benefits, rugged reliability, and competitive advantages over traditional power sources. The company's global network of fuel suppliers guarantees a steady methanol supply for SereneP, positioning it as an ideal solution for the evolving demand for clean and highly portable power across construction and beyond.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) has signed a new frame contract with Volta Energy, a Dutch company specializing in hybrid mobile power products. The initial value of the contract is €1.8 million, and deliveries are set to begin in January 2024. Advent will supply its methanol-powered fuel cell units to Volta Energy, serving as sustainable backup power solutions. The press release highlights the successful collaboration between the two companies and the environmental benefits of Advent's Serene fuel cells.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announces a new $2.8 million contract with the U.S. Department of Defense for the development of the HB50 portable fuel cell system. This contract is in addition to the previous $2.2 million contract announced in September 2023. The HB50 system, fueled by biodegradable methanol, is designed to power communication devices, surveillance systems, and laptops for defense applications. Advent Technologies aims to set new industry standards in fuel cell efficiency, longevity, and power density with this innovative technology.

Advent Technologies Holdings, Inc. (ADN) has been granted an additional 180-day compliance period by Nasdaq to regain compliance with the minimum bid price rule. The company must meet the $1.00 bid price per share requirement by May 20, 2024, to avoid potential delisting.