Business

Advent Technologies will participate in the decarbonization of shipping in Denmark

Advent Technologies will participate in the decarbonization of shipping in Denmark

BOSTON–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-focused leader in fuel cell and hydrogen technology, announced its participation in a clean energy project in Denmark, aiming to power the ferry service between the Danish island of Læsø and Frederikshavn with a low-carbon propulsion system.

The project is funded by the EU Regional Development Fund “Collaboration for Innovation in the Offshore Cluster” and is facilitated by Energy Cluster Denmark. Project partners with Advent include Læsø Municipality, OSK-ShipTech, Emenergi, Nordhavn Power Solutions and Hydrogen Valley, as well as knowledge institutions DBI and AAU Energy.

The partners will work together to identify ideal alternative fuels to replace the ferry’s current diesel power plant and whether the Læsø ferry service will be able to operate efficiently on a day-to-day basis, using only green fuels. One of the proposals to be examined will be the combination of engines running on methanol and fuel cells. The aim will be to identify a panacea to decarbonize many of the 53 ferry routes currently operating in Danish waters.

Commenting on the potential of the project, Mr. Morten Sørensen, Senior Vice President of Advent, said: “We are pleased to join forces with trusted partners across multiple industries, with the common goal of creating a safe and sustainable solution for Danish ferries, replacing their current propulsion systems that run on traditional technologies and diesel fuels. As a project partner, Advent will play a key role in enabling significant reductions in emissions of climate-altering gases and air pollutants.

Currently, ferries to the Danish island of Læsø typically consume around 1,600 cubic meters of diesel fuel per year, which corresponds to the emission of around 5,000 tonnes of CO2 per year. In addition to demonstrating the proof of concept for this new low-carbon solution, the project will also seek to define the exact installation requirements for the new technology, as well as identify a thorough process for fueling and storage of methanol in passenger ferries.

Dr. Vasilis Gregoriou, President and CEO of Advent, said: “Advent Technologies is proud to actively participate in global efforts to ensure a clearer and more viable path to carbon neutrality. Green methanol is an ideal hydrogen carrier fuel and when combined with our fuel cells can provide the required synergy of clean fuel and clean power for the marine industry. Our HT-PEM technology is perfectly suited for the onboard use of methanol as a fuel in this project and, potentially, in the transport sector.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is an American company that develops, manufactures and assembles complete fuel cell systems and supplies its customers with essential 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 over 100 issued and licensed patents for its fuel cell technology, Advent owns the intellectual property of next-generation HT-PEM that enables various fuels to operate at high temperatures and under extreme conditions, providing a solution “Any Fuel” hose. Anywhere.” option for automotive, aviation, defense, oil and gas, marine, and power generation industries. For more information, visit www.advent.energy.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements can generally be identified by the use of words such as “anticipate”, “expect”, “plan”, “could”, “could”, “will”, “believe”, “estimate”, ” to expect “. “, “objective”, “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; the liquidity and potential exchanges of government securities; the impact of the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and plan expenses appropriately; expectations regarding future expenditures; future revenue mix and effect on gross margins; attracting and retaining qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s reputation and brand; expectations regarding its relationships and actions with technology partners and other third parties; the impact of future regulatory, judicial and legislative changes on the industry; ability to locate and acquire complementary technologies or services and integrate them into the Company’s activities; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies around the world in the industries in which the Company will operate; and the risks identified under “Risk Factors” in Advent’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, and other information filed with the SEC. Investors are cautioned not to place significant reliance on any forward-looking statements contained in this press release. We encourage you 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 contained 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 mentioned above. Investors, potential investors and others should pay particular attention to these risks and uncertainties.