Advent Technologies and the European Climate, Infrastructure and Environment Executive Agency (CINEA) Sign €34.5 Million EU Innovation Fund Grant Agreement
LIVERMORE, Calif. and ATHENS, Greece, March 11, 2025 (GLOBE NEWSWIRE) — Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent “or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that the European Climate, Infrastructure and Environment Executive Agency (CINEA) and Advent’s wholly owned Greek subsidiary, Advanced Energy Technologies S.A. have each signed the grant agreement for the Company’s monumental RHyno Project. This EU Innovation Fund grant will provide Advent with €34,534,318 in non-dilutive funding over the lifetime of the project, with funding to be received incrementally contingent upon completion of certain performance milestones.
Dr. Nora Gourdoupi, Senior Vice President, Corporate Business Development and leader of the RHyno project commented:
I am very proud of our team, and especially Dr. Olga Bereketidou, who demonstrated strong commitment in getting this project over the finish line.
“We met all the technical challenges head on and laid out a realistic and manageable road map for the completion of this project. The RHyno project is a big win for everyone at Advent, and it will certainly be a big win for Kozani, the Region of Western Macedonia, and the country of Greece.”
Jim Coffey, Advent’s Chief Operating Officer added:
The RHyno project will be transformative.
“It is the result of many years of hard work and dedication put in by our teams in Patras, Kozani, and Athens, Greece. The project positions the Company extremely well for the development of strong industrial partnerships, collaborations with top academic institutions, and validates our recent outreach efforts to municipal and government leaders in Kozani and Athens.”
Gary Herman, Chief Executive Officer stated,
Everyone on the team worked very hard for this achievement.
“Advent had the highest ranking amongst all the 337 proposals submitted in the Innovation Fund 2023 Call from across Europe. We thank our Advent colleagues, and especially our advisor on this project, PwC Greece (PwC) and its responsible engagement leader, Mr. Iannis Voutsinos We would also like to thank the collaborative efforts of Mr. Ioannis Kaltsas, Head of Division at the European Investment Bank, and Mr. Georgios Amanatides, the Regional Governor of Western Macedonia who were instrumental and contributed to our success.
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Advent Technologies and the European Climate, Infrastructure and Environment Executive Agency (CINEA) Sign €34.5 Million EU Innovation Fund Grant Agreement, source
