Approved for Public Release
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.
HB50's adaptability to run on methanol as hydrogen carrier fuel
allows it to operate at a fraction of the weight of traditional
military-grade batteries. This factor is aligned with the U.S.
DoD's pursuit of lightweight and highly portable power solutions
for their electronic needs, especially in conjunction with
Integrated Visual Augmentation System and dismounted leader
situational awareness systems for use during combat operations,
like Nett Warrior.
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO,
commented, “This contract is a significant milestone in our journey
to broaden market presence and establish Advent's portable fuel
cell products as the leading choice for essential defense
applications. Our collaboration with the U.S. Department of Defense
on the Honey Badger 50™ fuel cell system opens the door to great
opportunities and higher production volumes. Our vision encompasses
a future where a substantial proportion of the U.S. Army’s remote
operations will be powered by Advent’s highly innovative portable
fuel cells. Beyond meeting the Army's needs, this optimized system
represents a clean power solution for various other applications.
Looking ahead, we have a strong vision for these unique fuel cells,
foreseeing their widespread use in various sectors like robotics,
agriculture, drones, emergency operations, as well as catering to
the needs of leisure and camping enthusiasts in the hospitality
industry.“
“We are very excited about this new contract and deeply honored
to further expand our collaboration with the U.S. Department of
Defense in advancing the development of our Honey Badger 50™ fuel
cell system," said Vasilis Kopelas, General Manager of Advent
LLC. "At Advent, we firmly believe in a world where fuel cells
become the primary power option for challenging defense mission
requirements, and we very much look forward to contributing to this
new reality with our portable fuel cells. This enhanced version
with Advent’s Ion Pair technology will set new benchmarks for fuel
cell efficiency, longevity, and power density, providing reliable
power both practically and sustainably for critical field
operations."
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230907883479/en/
Advent Technologies Holdings, Inc. Michael Trontzos
press@advent.energy
Advent Technologies (NASDAQ:ADN)
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