Advent Technologies Holdng Inc - ADN STOCK NEWS

Advent Technologies Holdings (NASDAQ: ADN) has announced a strategic collaboration with a global energy technology firm to develop a 50kW–500kW marine fuel cell solution for superyachts. This initiative aims to provide a sustainable auxiliary power source, replacing conventional diesel engines for tasks like anchoring and maneuvering. An initial order for 20 methanol-powered Serene fuel cell systems has been placed. Following this, both companies aim to explore applications beyond marine use. The Serene fuel cells are noted for their high efficiency, low emissions, and adaptability, supporting Advent's commitment to green technology.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) is collaborating with Alfa Laval to explore the use of its methanol-powered high-temperature proton exchange membrane (HT-PEM) fuel cells in the marine industry. Funded by the Danish Energy Technology Development and Demonstration Program, this project focuses on testing fuel cells as marine auxiliary power. Advent's technology aims to increase efficiency and output while utilizing methanol, a promising maritime fuel. CEO Vasilis Gregoriou emphasized the company's commitment to decarbonizing shipping and achieving net zero by 2050.

Advent Technologies (NASDAQ: ADN) has initiated a proof of concept project with Vantage Towers Greece to replace diesel generators with its biomethanol-powered fuel cell systems. This collaboration aims to provide sustainable power solutions for over 5,250 telecom towers across Greece, reducing carbon emissions significantly. Advent's fuel cells offer low CO2, NOx, and SOx emissions, and are suitable for various environmental conditions. The success of this project may lead to broader deployments in Europe, aligning with efforts to drive sustainable digitalization in the telecommunications sector.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) announced the successful delivery of Serene HT-PEM fuel cell systems to BSZ Netz GmbH, a German subsidiary of TSG Transmission Systems Germany GmbH. The 5kW methanol-powered fuel cells will serve as a back-up power source for portable power stations in the communications industry. Consuming less space than traditional diesel generators, these fuel cells also produce lower emissions and operate efficiently under various weather conditions. Advent has deployed around 1,000 methanol-powered fuel cells globally, enhancing its role in the clean energy transition.

Advent Technologies Holdings (NASDAQ: ADN) announced the successful completion of a research project funded by the European Space Agency (ESA) focused on developing a closed-loop regenerative fuel cell system (RFCS). This initiative commenced in 2014, culminating in the delivery of a high-temperature proton exchange membrane (HT-PEM) stack. The RFCS showcased its capability during testing phases, meeting energy demands for three lunar cycles, highlighting its potential for space applications. Advent’s proprietary technology is geared towards supporting aerospace and terrestrial applications, with prospects for future projects.

Advent Technologies Holdings reported Q3 2022 revenue of $2.4 million, marking a 43% increase year-over-year. The company's net loss was $11.5 million, or $0.22 per share. Cash reserves stood at $42.4 million as of September 30, 2022. Significant developments included the EU's approval of €782.1 million for the Green HiPo project, aimed at hydrogen technology. Advent entered agreements with multiple entities, including the German State of Brandenburg and DEPA Commercial S.A., enhancing its strategic partnerships in hydrogen projects.

Advent Technologies Holdings (NASDAQ: ADN) has appointed Von McConnell to its board of directors. McConnell, with almost 40 years in telecommunications, including leadership roles at Sprint Corporation, brings extensive experience in advanced technology and innovation. He expressed excitement about Advent’s potential in fuel cell technology and aims to support the company's IPCEI Green HiPo project. This appointment fills the vacancy left by Katrina Fritz, who resigned in May 2022.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) will report its Q3 2022 financial results on November 14, 2022, followed by a conference call at 9:00 AM ET. The call can be accessed by dialing (888) 660-6182 within the U.S. or (929) 203-0891 internationally. A replay will be available until November 28, 2022. Advent specializes in fuel cell and hydrogen technology, holding over 150 patents. The company is based in Boston, with additional offices globally.

Advent Technologies Holdings, Inc. (NASDAQ: ADN) hosted Massachusetts officials on October 14, 2022, at its new Hood Park facility in Charlestown. This facility will focus on the production of next-generation fuel cell components, including the Advent Membrane Electrode Assembly (MEA), anticipated to be operational by December 2022. The event highlighted Advent’s proprietary High-Temperature Proton Exchange Membrane technology and the company’s commitment to contributing to Massachusetts’ climate goals, aiming for net-zero emissions by 2050. Advent's growth plan includes job creation and scaling production capabilities.