Renewable energy sector fuel cell systems developer and components manufacturer Advent Technologies Holdings Inc. (ADN:NASDAQ), today announced that "it has received notification from the Greek State for funding under the Important Projects of Common European Interest (IPCEI) Hydrogen–Technology, Green HiPo."
The company advised that Greece has in turn submitted the necessary details to the European Union (EU) as required under the terms of the IPCEI framework. The firm indicated that once the EU ratifies the request, Advent's Green HiPo project will be eligible to receive total funding in the amount of 782.1 million euros ($829 million) over a period of six years.
Advent Technologies reported that under the terms of the Green HiPo project development plan, it will be tasked with developing, designing, and manufacturing high-temperature proton exchange membrane (HT-PEM) fuel cell systems and electrolyzer systems over a six-year period at a new state-of-the-art production facility in Western Macedonia.
Advent Technologies Holdings stated that the approved investment funding schedule (in euros) is expected to be as follows: 35.8 million in year one; 84.3 million in year two; 175.7 million in year three; 259.3 million in year four; 111.7 million in year five; and 115.2 million in year six.
The company mentioned that the Green HiPo project was one of twenty proposed projects submitted to the Greek State for IPCEI funding. The firm noted only five of these projects, including Green HiPo, were selected for advancement and submitted to the EU for a full and detailed review. To date, only Advent's Green HiPo and one other project have been officially notified by the Greek State.
The firm claimed that "the notification in the first wave of IPCEI Hydrogen–Technology projects is a testament to the world-class innovation that Advent Technologies possesses and the belief that Greece and the EU have in Advent's ability to deliver such an important project."
Advent Technologies Holdings' Chairman and CEO Dr. Vasilis Gregoriou commented, "Today is a milestone day for Advent but also for Greece and Europe. Green HiPo will catalyze a sea-change of operational events within Advent while the project is implemented. Our application was initially submitted in April 2021, and the process for review and due diligence by the EU has been thorough."
Dr. Gregoriou continued adding, "Advent's Green HiPo project will be instrumental in hydrogen generation and clean energy production. Green HiPo demonstrates the commitment by Greece and the EU to rapidly decarbonize power production and to move forward to energy security and independence with hydrogen technologies playing a crucial role."
Advent Technologies is an advanced materials and technology firm based in Boston, Mass. The company engineers, manufactures, and assembles fuel cell systems and critical components that aid in determining the performance of hydrogen fuel cells and other energy systems for applications in the fuel cell and hydrogen technology markets. The company designs and manufactures HT-PEM fuel cells, HT-PEM-based membrane electrode assemblies, membranes, and electrodes that are used in supplying stationary and portable power and green hydrogen for the automotive, aviation, defense, energy storage, marine, oil and gas, and sensor markets.
Advent Technologies started off the day with a market cap of around $59.8 million with approximately 51.6 million shares outstanding. ADN shares opened 150% higher today at $2.90 (+$1.74, +150.0%) over yesterday's $1.16 closing price. The stock has traded today between $2.76 and $4.48 per share and is currently trading at $4.01 (+$2.85, +245.69%).
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