Advent Technologies and Safran Power Units Sign MoU to Advance HT-PEM Fuel Cell Technology for the Aerospace Sector
May 31 2023 - 9:45AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or
the "Company"), an innovation-driven leader in the fuel cell and
hydrogen technology sectors, today signed a Memorandum of
Understanding ("MoU") with Safran Power Units, a leader in
auxiliary power systems and turbojet engines. Leveraging Advent's
proprietary Ion Pair™ Membrane Electrode Assembly (“MEA”)
technology, and Safran Aerospace knowledge and capabilities, this
new collaboration will seek to advance the development of
next-generation high-temperature proton exchange membrane
(“HT-PEM”) fuel cell technology, specifically for the aerospace
sector.
HT-PEM enables more efficient heat management versus low
temperature-PEM (“LT-PEM”). It is more adapted for applications
requiring high amounts of power combined with strong integration
constraints such as aviation. HT PEM is more robust and can
withstand toughest conditions, such as extreme temperatures and
pollution, versus LT-PEM.
The collaboration is further supported by a strong research
consortium including Safran Tech (the Research & Technology
Center of Safran Group), the French Alternative Energies and Atomic
Energy Commission, Fraunhofer Institute, the French National Centre
for Scientific Research, the University of Strasbourg, and the
IMDEA Energy Institute. Led by Safran Power Units and with the
support of Advent, the consortium has secured a grant for the Clean
Hydrogen Partnership TC3-08 NIMPHEA Project. Running from 2023 to
2026, the project is funded by Horizon Europe. NIMPHEA Project's
main objective is to develop an aircraft-compatible,
next-generation HT-PEM MEA. This involves optimizing and enhancing
various components such as the catalyst layer, membrane, and gas
diffusion layer. Advent’s Ion Pair™ MEA technology serves as the
foundation for these advancements.
As part of the newly signed MoU, Advent and Safran Power Units
are exploring a Joint Development Agreement for the advancement of
HT-PEM fuel cells in aviation and for enhancing Advent’s supply
capability.
"We are excited about the collaboration with Safran Power Units,
as it signifies a major leap forward in advancing our HT-PEM fuel
cell technology for the aerospace sector," commented Dr. Vasilis
Gregoriou, Advent’s Chairman and CEO. "With our collective
expertise, we are ideally poised to accelerate the development of
next-generation fuel cell solutions, making aviation cleaner, more
efficient, and more sustainable. This collaboration represents a
remarkable opportunity to demonstrate the applicability and
potential of Advent’s fuel cell technology in decarbonizing the
aviation industry."
Vasilis Kopelas, Advent’s Vice President of Corporate
Strategy & Business Development (Green Mobility), added,
"We are proud to collaborate with Safran Power Units, a major
aviation partner focused on innovation, to advance the
decarbonization of the aerospace sector through the development of
HT-PEM fuel cell technology. We look forward to a long and highly
successful collaboration, leveraging our Ion Pair™ MEA technology
and Safran Power Units expertise, to drive the adoption of Advent’s
next-generation fuel cell solutions and contribute to a greener
future for aviation."
Ghislaine Doukhan, Safran Power Units CEO, commented: “We
are delighted to start this exciting collaboration with Advent. By
combining our strengths, we are confident in our ability to
spearhead the advancement of HT-PEM fuel cell technology in the
aerospace sector. This partnership perfectly aligns with our
unwavering dedication to innovation and sustainable aviation."
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, 2023, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230531005710/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula / Michael
Trontzos press@advent.energy
Advent Technologies (NASDAQ:ADN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Advent Technologies (NASDAQ:ADN)
Historical Stock Chart
From Jul 2023 to Jul 2024