Advent Technologies receives a notification from the Greek state about the financing of its Green HiPo project in the amount of 782.1 million euros in accordance with the IPCEI procedure.

BOSTON, June 16, 2022–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: DNA) (“Advent”), an innovation leader in the fuel cell and hydrogen technology industry, is pleased to announce that we have received a notification from the Greek State to fund Green HiPo under the Important Project of Common European Interest (IPCEI) procedure.” Hydrogen is a technology. The notification from the Greek state was sent to the European Union (“EU”) through the IPCEI structure. Once the notification is ratified by the EU, the total funding of the Advent Green HiPo project of €782.1 million will be made available over six years according to the following schedule:

Year

Financing

(in millions of euros)

one

35.8

2

84.3

3

175.7

four

259.3

5

111.7

6

115.2

General

782.1

The Advent Green HiPo project was one of five projects initially selected from around twenty applications from Greece for IPCEI funding. These five projects then underwent a detailed assessment and due diligence by the EU, resulting in the notification of two projects by the Greek state today. This notification of the first wave of IPCEI Hydrogen – Technology projects demonstrates the exceptional level of innovation provided by Advent Technologies and the confidence of Greece and the EU in Advent’s ability to carry out such a project.

During an initial six-year period, Green HiPo’s goal will be to produce fuel cell systems and electrolyzer systems with an innovative approach. The production of these systems will take place in Greece, in the region of Western Macedonia.

Vassilis Gregoriou, Chairman of the Board and CEO of Advent: “Today is a significant day for Advent, as well as for Greece and Europe. With Advent Green, HiPo will be the crossroads of profound operational changes during project rollout. Our application was submitted in April 2021 and the EU has carried out a detailed assessment and due diligence process. We have been transparent and engaged in this process, guided by the belief that the Green HiPo Advent project will play a fundamental role in the production of hydrogen and clean energy technologies”.

About Green HiPo

The Green HiPo project aims to develop, design and manufacture HT-PEM fuel cells and electrolyzers for the production of electricity and green hydrogen, respectively. The project will be deployed in Western Macedonia and is expected to significantly help the region move from a coal-based economy to a greener economic model. The state-of-the-art site in Western Macedonia will ensure the production of fuel cells and electrolyzers and will contribute to the economic development of the region.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is an American company that designs, manufactures and assembles complete fuel cell systems and supplies its customers with critical fuel cell components in the renewable energy sector. Advent is based in Boston, Massachusetts and has offices in California, Greece, Denmark, Germany and the Philippines. With over 150 registered, pending and licensed fuel cell technology patents, Advent owns the intellectual property rights to the next generation HT-PEM, enabling various fuel cells to operate at high temperatures and under extreme conditions, thus providing “any fuel”. Anywhere.” automotive, aviation, defense, oil and gas, marine and energy industries. For more information, visit www.advent.energy.

Caution regarding forward-looking statements

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contacts

Advent Technologies Holdings, Inc.
Naeem Hussain, Head of Investments
[email protected]