Advent Technologies' Chairman and CEO, Dr. Vasilis Gregoriou Elected as Chair of EU IPCEI Hy2Tech Group
March 29 2023 - 9:03AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN), an
innovation-driven leader in the fuel cell and hydrogen technology
sectors, is pleased to announce the election of its Chairman and
CEO, Dr. Vasilis Gregoriou, as the Chair of the Important Project
of Common European Interest (“IPCEI”) Hy2Tech Facilitation Group
(the “Facilitation Group”). The election took place at the 1st
General Assembly for Hy2Tech and Hy2Use, two of the European
Union's IPCEIs, which aim to promote research, innovation, and the
first industrial deployment of hydrogen technology infrastructure
in Europe.
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Dr. Vasilis Gregoriou (Chairman and CEO,
Advent Technologies) during the 1st General Assembly for Hy2Tech
and Hy2Use in Berlin, Germany. (Photo: Business Wire)
The General Assembly was held on March 28, 2023 in Berlin, and
was jointly organized by the German Federal Ministry for Economic
Affairs and Climate Action and the Ministry of Economic Affairs and
Climate Policy of the Netherlands. The General Assembly was
attended by executives from companies with projects ratified by the
European Union under the IPCEI framework, as well as government and
EU officials. Richard Schauperl, Senior Project Manager, R&D
Hydrogen and Fuel Cell at AVL GmbH, was also elected as the Deputy
Chair of the Facilitation Group.
Advent’s Green HiPo is one of 41 projects ratified under IPCEI
Hy2Tech, jointly prepared and notified by fifteen Member States.
The Member States have committed up to €5.4 billion in public
funding, which is expected to unlock €8.8 billion in private
investments. Advent is one of only eight small and medium-sized
enterprises (“SMEs”) to have received ratification for its project.
Direct participants will collaborate closely with each other and
over 300 external partners, such as universities, research
organizations, and SMEs across Europe.
Advent's Green HiPo project received a notification in June 2022
of up to €782.1 million in funding from the Greek State, the
highest amount of funding received for a project under IPCEI
Hy2Tech. The European Union officially ratified the project in July
2022. Green HiPo involves the state of the art development and
design of High-Temperature Proton Exchange Membrane ("HT-PEM") fuel
cells and electrolyser systems for the production of power and
green hydrogen respectively. Green HiPo will be based in the
Western Macedonia region of Greece, where a state of the art
facility will be established for the R&D and production of
innovative fuel cells and electrolyser systems.
Dr. Vasilis Gregoriou, Advent's Chairman and CEO,
commented, "I am deeply honored to have been elected as the
Chair of the Facilitation Group for IPCEI Hy2Tech, and I am
grateful for the trust and support from my fellow industry leaders.
Throughout my career, I have been dedicated to driving innovation
and collaboration in the technology industry through numerous
research and development initiatives. With my knowledge and
experience, I am excited to contribute to the achievement of IPCEI
Hy2Tech's objectives and ensure that all stakeholders are engaged
positively throughout the process. On behalf of the General
Assembly, we are all committed to driving Europe's hydrogen
industry forward by bringing our innovative projects to life and
contributing to the EU's REPowerEU plan."
About Advent Technologies Holdings,
Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles complete fuel cell systems as
well as supplying customers with critical components for fuel cells
in the renewable energy sector. Advent is headquartered in Boston,
Massachusetts, with offices in California, Greece, Denmark,
Germany, and the Philippines. With more than 150 patents issued,
pending, and/or licensed for fuel cell technology, Advent holds the
IP for next-generation HT-PEM that enables various fuels to
function at high temperatures and under extreme conditions,
suitable for the automotive, aviation, defense, oil and gas,
marine, and power generation sectors. For more information, visit
www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. Each forward-looking statement
contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, the Company’s ability to
maintain the listing of the Company’s common stock on Nasdaq;
future financial performance; public securities’ potential
liquidity and trading; impact from the outcome of any known and
unknown litigation; ability to forecast and maintain an adequate
rate of revenue growth and appropriately plan its expenses;
expectations regarding future expenditures; future mix of revenue
and effect on gross margins; attraction and retention of qualified
directors, officers, employees and key personnel; ability to
compete effectively in a competitive industry; ability to protect
and enhance Advent’s corporate reputation and brand; expectations
concerning its relationships and actions with technology partners
and other third parties; impact from future regulatory, judicial
and legislative changes to the industry; ability to locate and
acquire complementary technologies or services and integrate those
into the Company’s business; future arrangements with, or
investments in, other entities or associations; and intense
competition and competitive pressure from other companies worldwide
in the industries in which the Company will operate; and the risks
identified under the heading “Risk Factors” in Advent’s Annual
Report on Form 10-K filed with the Securities and Exchange
Commission (“SEC”) on March 31, 2022, as well as the other
information filed with the SEC. Investors are cautioned not to
place considerable reliance on the forward-looking statements
contained in this press release. You are encouraged to read
Advent’s filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. The
forward-looking statements in this press release speak only as of
the date of this document, and the Company undertakes no obligation
to update or revise any of these statements. Advent’s business is
subject to substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others should
give careful consideration to these risks and uncertainties.
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Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
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