Advent Technologies is nominated to be part of the first wave of IPCEI Hydrogen.
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”) announced that it has been nominated by the Greek Ministry of Development and Investment to be part of the first wave of Important Projects of Common European Interest (“IPCEI”) on Hydrogen.
Advent has also been selected by the Ministry to be the Coordinator of Technology Field 2 dedicated to fuel cells and associated technologies. As part of this process, Advent has been participating in “Challenge Sessions” where EU participating companies selected by their respective Member States are collaborating to formulate a common work plan that will set the roadmap to achieve the objectives of the hydrogen IPCEI.
Beyond coordinating Technology Field 2, Advent’s new responsibilities include preparing a joint document outlining the requirements and objectives of fuel cells in mobility and stationary markets to reach cost targets for a viable hydrogen ecosystem. This joint document will be part of a chapeau document that will justify all eligibility and compatibility conditions of IPCEI.
Advent will also be spearheading the Green HiPo project as part of the overall, joint “White Dragon” project. Along with a consortium of companies, Advent submitted a plan to the European Union and Greek government in May that will push forward the hydrogen economy in Greece. The Green HiPo project will develop, design, and manufacture fully scalable and highly efficient high-temperature polymer electrolyte membrane (“HT-PEM”) fuel cells for the production of power and heat.
Dr. Vasilis Gregoriou, Advent Chairman and CEO, stated:
We are excited to participate as the fuel cell partner in this submission of such a large-scale European project.
“This is the next crucial step for the creation and development of clean energy hydrogen technologies in Greece. The Green HiPo project is part of a thrilling long-term venture that is the key to unlocking our transition to greener power creation and transmission in Greece, and potentially, across the European Union.”
The electricity and heat provided by Advent will become a necessary solution for the country’s energy transition as Greece plans to decommission all lignite-fired power plants by 2028. A new state-of-the-art facility in Western Macedonia will be home to the production of fuel cells and will contribute to the economic development of the region by providing approximately 1,400 jobs in innovative sustainable technology.
The facility will initially manufacture fuel cells of 15kW/unit, gradually reaching 120kW, and then reaching 1MW scale single units before finally becoming a multi-MW platform.
Within seven years, Advent is set to support the full ramp-up to 400MW of renewable energy/electricity and 400MW of heat. The Green HiPo project will also create a manufacturing line of electrolyzers with a power level of 4.65GW.
Advent Technologies is Nominated to be Part of the First Wave of IPCEI Hydrogen, Boston, July 22, 2021
