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Video from Avent partner Sanlorenzo. Advent Serene fuel cell visible in the background at minute 3:09 into the video.
Sanlorenzo Fuel Cell - A Leap Forward in the Future
Posted Sep 11, 2023
Sanlorenzo and Siemens partner in a groundbreaking project that is set to revolutionise the nautical industry and market: fuel cell, a system developed to produce electrical energy under carbon neutrality condition, utilizing green methanol as its source.
Green methanol, a safe fuel for humans, is produced renewably and wthout emitting harmful pollutants. This chemical compound can serve as a low-carbon liquid fuel, offering an alternative to fossil fuels, particularly in industries facing the significant challenge of decarbonization, such as maritime transport. Fuel Cell technology not only gives rise to a negative CO2 footprint as the only byproduct is water vapor, but also marks a pivotal step towards generating carbon-neutral power using next-generation fuels, ushering in a new era for the yachting industry.
It is setup for double bottom and a pop.. u guys deserve it for hanging on this far
honestly this is the tech i was waiting for this is whats needed to stop the bunker fuel toxifying the air and water.. this needs to be scaled up.. in 2020 i was booted from the reddit board for bringing up the bunker fuel issue over and over and they didnt want to hear it it was off limits.. i dont trust the reddit board.. i dont trust this company isnt being shorted by big oil but i love this serene tech.. hopefully can catch the eye of some govts and cargo ship owners
Advent Technologies Unveils its Serene Power Systems, Providing Clean Electric Power to the Marine Industry
09/21/2023
https://ir.advent.energy/news/news-details/2023/Advent-Technologies-Unveils-its-Serene-Power-Systems-Providing-Clean-Electric-Power-to-the-Marine-Industry/default.aspx
KJAX, great find. Thanks for sharing.
Bell for the delay in signing the contract for the big hydrogen project by Vassilis Grigoriou
from
Yannis Kostarellas
09/20/23
The CEO of Advent Technologies, Dr. Vassilis Grigoriou, who spoke at the OT FORUM, held in the context of the 87th TIF.
"Hydrogen is here to stay"
Speaking about climate change and the contribution of hydrogen, Advent's CEO emphasized that “it is a reality and obviously we have to do something as quickly as possible. "Something new is needed and hydrogen, especially green hydrogen is one of the new technologies coming, one of those solutions."
However, according to him, there is also politics. "There are countries and continents that want change and those that don't want change. Our economy is based on fossil fuels. And since Europe does not produce energy, with few exceptions like France's nuclear. He wants hydrogen for energy sufficiency and security," he added, among other things
In this context, Mr. Grigoriou pointed out that "Europe has made the decision to make hydrogen a big player. He has said that I will give enough money to produce enough quantities for machinery and storage areas, etc. We behind this piece saw this opportunity. Europe has put forward some projects of common interest, it wants to invest in hydrogen, it does not want to lose this industry, while it has chosen the South for its production activity."
What is worth underlining - according to Mr. Grigoriou - hydrogen is here to exist.
"In Western Macedonia there is the critical mass for the project "
Mr. Grigoriou for the planned investment of 780m. euro stated that "we believed and we still believe that in Western Macedonia there is the critical mass for such a project. There are people who worked for PPC and there is the culture, there is the University, it is close to Thessaloniki and we could build something world-class with the help of the EU. through the country".
And he continued by emphasizing that "Every 2-3 years Advent makes great achievements. We started as a start-up and now we are a large company on a global level. We distinguished ourselves at Los Alamos. We have ongoing projects with NASA, the US Army and the European Space Agency. We want to bring some of the pieces we have worldwide back to Greece. Europe wants to pay for this particular project and pays two differences. One difference is because Advent is a small company to go to the next step and become a company of 1000-2000 employees (funding gap) and it is ready to pay a lot of money because in other circumstances no one would be able to do the project and the government is required state aid'.
There is a delay in signing the contract
For Green HiPo he emphasized that we received the country's approval and notification last July.
"In the big countries, the contracts have been put forward and advances have been paid. Unfortunately in Greece we have very long delays and I hope we are in the final stages so that the final decision can be made whether we will proceed here or go somewhere else in Europe".
He also underlined that "in Greece we want to bring big players" and as Europe estimates there will be an additional 8.8 billion private expenditures. We, unfortunately for us, have got the biggest project of 700 million in the smallest country. We are waiting to get the contract and we will make the investment. I believe everything will be fine. It should be noted that Europe is not a federal state, the intentions are there but there is a delay. I understand that, but the markets don't. The company is persistent but there is a lot of pressure. In the end we will see if everything was right," he concluded.
In fact, he pointed out that Greece invited the company for the implementation of the program and not the other way around.
https://xronos--kozanis-gr.translate.goog/kabanaki-gia-tin-kathysterisi-stin-ypografi-symvasis-gia-to-megalo-project-tou-ydrogonou-apo-ton-vasili-grigoriou/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
87th TIF – OT FORUM – Grigoriou (Advent): Europe has taken the decision to make hydrogen a big player
The importance of hydrogen for Europe's energy sufficiency and security was underlined by the company's CEO speaking at the OT FORUM
16.09.2023
https://www.ot.gr/2023/09/16/ot-forum/87i-deth-ot-forum-grigoriou-advent-i-eyropi-exei-parei-tin-apofasi-na-kanei-to-ydrogono-megalo-paikti
The importance of hydrogen for Europe's energy sufficiency and security was underlined by the CEO of Advent Technologies, Dr. Vasilis Gregoriou.
Initially, Mr. Grigoriou referred to the flood disasters in Thessaly, stressing that everyone's thoughts are with our fellow human beings. "It is a TIF very different from the previous ones," he noted.
Speaking about climate change and the contribution of hydrogen, Advent's CEO stressed that "it's a reality and obviously we need to do something as quickly as possible." Something new is needed and hydrogen, especially green hydrogen is one of the new technologies coming in, one of those solutions."
However, according to him, there is also politics. "There are countries and continents that want change and those that don't want change. Our economy is based on fossil fuels. And since Europe does not produce energy, with a few exceptions such as France's nukes. He wants hydrogen for energy sufficiency and security," he added
In this context, Mr. Grigoriou pointed out that "Europe has taken the decision to make hydrogen a big player. He has said that I will give enough money to produce enough quantities for machinery and storage areas, etc. We behind this piece saw this opportunity. Europe has launched some projects of common interest, it wants to invest in hydrogen, it does not want to lose this industry, while it has chosen the South for its productive activity."
What is worth underlining -according to Mr. Gregoriou- hydrogen is here to exist.
The Advent
Referring to the company Advent Technologies, Mr. Grigoriou said that "it started from some laboratories in Patras. He made some membranes, semiconductors, electrodes, etc. Then we got money from individuals, venture capital in Greece and then abroad and now we are involved in the field of fuel cells. Hydrogen is a sector, we believe in fuel, but also in materialization. We think of new technologies with great performance and life, so you make a product cheaper."
Waiting for the lining for hydrogen cells
Regarding the planned investment in Western Macedonia, Advent's CEO noted that "we are trying to grow and within the framework of the Important Projects of Common European Interest program of the value chain "Hydrogen Technologies and Systems" (IPCEI Hydrogen) we are trying to invest in Greece.
He said: "Every 2-3 years Advent makes great achievements. We started from a start-up and now we are a big company globally. We excelled in Los Alamos. We have ongoing projects with NASA, the US military and the European Space Agency. In Kozani we have plans, in Western Macedonia there is the human resources, we could run the project of global construction and operation of an industrial unit, as well as Research and Development (R&D) facilities for fuel cell production and electrolysis units, in the area of Kozani".
"Of course, in Greece we have long delays. It is a European project and all European aid is EUR 5.4 billion. In Greece we want to bring big players and as Europe estimates there will be an additional €8.8 billion. private expenditure. We have received the largest project of ECU 700 million. in the smallest country. We are waiting to get the contract and we will make the investment. I believe that everything will be fine. It should be noted that Europe is not a federal state, the intentions are there but there is a delay. I understand that, but the markets do not. The company is persistent. In the end we will see if everything was right," he concluded.
Historic short interest:
You can go to this link to check short interest in a stock:
http://nasdaqtrader.com/Trader.aspx?id=ShortInterest
Publication schedule is here:
http://nasdaqtrader.com/Trader.aspx?id=ShortIntPubSch
Settlement Date/Short Interest/Percent Change/
Average Daily Share Volume/Days to Cover
08/31/2023 2,009,235 7.60 414,977 4.84
08/15/2023 1,867,254 2.81 419,858 4.45
07/31/2023 1,816,188 (11.68) 443,000 4.10
07/14/2023 2,056,344 (1.31) 956,875 2.15
06/30/2023 2,083,605 15.67 987,901 2.11
06/15/2023 1,801,260 (23.00) 579,032 3.11
05/31/2023 2,339,315 22.26 497,136 4.71
05/15/2023 1,913,363 41.71 394,966 4.84
04/28/2023 1,350,183 (33.84) 310,875 4.34
04/14/2023 2,040,792 (21.02) 657,158 3.11
03/31/2023 2,583,859 20.33 4,353,911 1.00
03/15/2023 2,147,222 (2.38) 305,496 7.03
02/28/2023 2,199,679 3.25 260,353 8.45
02/15/2023 2,130,426 10.81 365,729 5.83
01/31/2023 1,922,592 4.06 281,698 6.83
01/13/2023 1,847,653 (4.88) 240,143 7.69
12/30/2022 1,942,447 12.42 404,999 4.80
12/15/2022 1,727,866 7.30 264,335 6.54
11/30/2022 1,610,363 (13.84) 389,634 4.13
11/15/2022 1,869,005 10.16 641,118 2.92
10/31/2022 1,696,681 (0.33) 673,710 2.52
10/14/2022 1,702,277 0.71 1,019,136 1.67
09/30/2022 1,690,214 34.39 1,466,521 1.15
09/15/2022 1,257,705 1.43 742,675 1.69
08/31/2022 1,239,918 (9.04) 541,456 2.29
08/15/2022 1,363,175 (21.96) 1,073,402 1.27
07/29/2022 1,746,873 (19.85) 6,303,479 1.00
07/15/2022 2,179,422 (39.79) 1,327,200 1.64
06/30/2022 3,619,764 (7.31) 33,483,408 1.00
06/15/2022 3,905,326 (9.94) 660,717 5.91
05/31/2022 4,336,346 (7.10) 1,027,956 4.22
05/13/2022 4,667,710 1.46 907,404 5.14
04/29/2022 4,600,366 (4.07) 1,022,544 4.50
04/14/2022 4,795,331 2.48 20,269,266 1.00
03/31/2022 4,679,444 17.24 1,574,888 2.97
03/15/2022 3,991,412 (5.83) 664,298 6.01
02/28/2022 4,238,562 (13.57) 998,748 4.24
02/15/2022 4,903,847 4.63 335,895 14.60
01/31/2022 4,686,922 (2.10) 531,080 8.83
01/14/2022 4,787,227 (3.46) 267,349 17.91
12/31/2021 4,958,767 (2.68) 403,991 12.27
12/15/2021 5,095,296 18.63 336,459 15.14
11/30/2021 4,295,074 (7.76) 313,238 13.71
11/15/2021 4,656,557 6.87 268,131 17.37
10/29/2021 4,357,085 3.37 248,609 17.53
10/15/2021 4,214,962 (3.85) 189,943 22.19
09/30/2021 4,383,938 12.14 406,772 10.78
09/15/2021 3,909,300 1.37 295,906 13.21
08/31/2021 3,856,616 15.61 268,864 14.34
08/13/2021 3,335,970 3.98 171,925 19.40
07/30/2021 3,208,401 (9.88) 199,199 16.11
07/15/2021 3,560,301 (1.14) 350,236 10.17
06/30/2021 3,601,467 14.39 710,616 5.07
06/15/2021 3,148,311 (7.52) 264,331 11.91
05/28/2021 3,404,331 10.65 371,002 9.18
05/14/2021 3,076,658 (1.88) 320,563 9.60
04/30/2021 3,135,448 (22.22) 393,433 7.97
04/15/2021 4,031,176 1.19 308,706 13.06
03/31/2021 3,983,604 147.67 1,119,279 3.56
03/15/2021 1,608,410 37.20 436,676 3.68
02/26/2021 1,172,333 10.38 714,083 1.64
02/12/2021 1,062,081 75.87 983,824 1.08
01/29/2021 603,918 19.53 901,187 1.00
01/15/2021 505,253 60.15 1,265,763 1.00
12/31/2020 315,486 14.25 1,291,599 1.00
12/15/2020 276,132 696.89 2,329,085 1.00
11/30/2020 34,651 64.44 385,117 1.00
11/13/2020 21,072 (8.30) 51,859 1.00
10/30/2020 22,979 14.30 109,668 1.00
10/15/2020 20,104 332.72 369,485 1.00
09/30/2020 4,646 114.10 211,307 1.00
09/15/2020 2,170 136.13 67,112 1.00
Mitsotakis to focus on civil protection; government reshuffle postponed
Thursday, 14 September 2023
https://www.naftemporiki.gr/english/1513757/mitsotakis-to-focus-on-civil-protection-government-reshuffle-postponed/
The issue of government reshuffle is expected to be postponed after the prime minister's trip to New York where he will meet with Turkish President Recep Tayyip Erdogan.
The government holds a series of meetings ahead of Prime Minister Kyriakos Mitsotakis’ speech at the Thessaloniki International Fair (TIF) on Saturday. The scenarios for government reshuffle seem to have been “postponed” and government sources noted that the emphasis will be placed on specific structural changes.
According to information, an important part of the Prime Minister’s speech in Thessaloniki will be focused on the critical field of civil protection and the changes that will be required. The catastrophic floods in Thessaly as well as the battle with the flames during the summer showed that they need to proceed quickly with targeted actions and this is precisely the plan Kyriakos Mitsotakis will refer to.
The prime minister is expected to send the message that the support of the affected people and the works in the areas will proceed as quickly as possible. He will also refer to the climate crisis stressing that bold moves are needed.
He will also speak of everyday issues that concern the citizens. At the same time, he will insist on the need for reforms in critical sectors (health, education, justice, etc.), as these issues were high on the pre-election agenda.
A large part of Kyriakos Mitsotakis’ speech will be focused on the economy, with focus mainly on the affected areas. According to government sources, the Greek economy is performing very well and can meet immediate needs without deviating from the fiscal targets. At the same time, emphasis is also placed on the absorption of EU funds.
The issue of government reshuffle is expected to be postponed after the prime minister’s trip to New York where he will meet with Turkish President Recep Tayyip Erdogan.
woohoo how has any not given up yet on this scam? i guess logic was hey worth riding out now on repeat? my crystal ball sees reverse split and pirannha like shorts in ur future.. if ur blessed w a daytrader 150% gainer day then take it and run.. or come back lower w a smile ready for more punishment.. i lost like 5 or 8k on this dead pos i sold at 1.55... i gave my info to the class action lawyers but havent got any updates from them..
anybody join the lawsuits against these f'ers yet?
Thessaloniki International Fair: The History of the Region’s Biggest Event. This year, the Thessaloniki International Exhibition Center will host the from September 9th to September 17th. Thousands of visitors from Greece and across the world flock to Greece’s second city to be entertained, trade, browse, or simply be part of the festive atmosphere.
Next weekend the visit to TIF: (Prime Minister Kyriakos Mitsotakis 15th-17th)
The visit of Kyriakos Mitsotakis to Thessaloniki in the framework of the 87th TIF is planned for next weekend, so that by then the framework of support measures for the flood victims has been finalized.
The prime minister's speech and press conference will take place that two days.
https://www-makthes-gr.translate.goog/sti-larisa-metavainei-simera-o-k-mitsotakis-allazoyn-ta-schedia-gia-tin-episkepsi-sti-deth-664266?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc&_x_tr_hist=true
Reposts from Stocktwits board. Link to related article. https://en.protothema.gr/pm-mitsotakis-postpones-appearance-at-87th-thessaloniki-trade-fair-tif-amid-flood-disasters/
LinkedIn post.
https://stkt.co/w6kQGp8t
Advent Technologies Secures $2.2 Million Contract with the U.S. Department of Defense, Paving the Way for Higher Production Volumes of Portable Fuel Cell Systems
September 07 2023
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/91988375/advent-technologies-secures-2-2-million-contract
Approved for Public Release
Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is delighted to announce that its subsidiary, Advent Technologies, LLC, has secured a new $2.2 million contract with the U.S. Department of Defense (“DoD”). This milestone achievement comes under the General Technical Services prime contract titled 'Soldier Tactical Expeditionary Power - Energy Generation Services’, and it will play a crucial role in supporting the demanding defense mission requirements of the U.S. Army.
This contract is the continuation of a series of past contracts with the U.S. DoD and its primary objective is to further optimize Advent's proprietary Honey Badger 50™ (“HB50”) portable fuel cell system by integrating the Company’s innovative Ion Pair Membrane Electrode Assembly (“MEA”) technology. Upon the completion of this new 12-month contract, Advent and the U.S. DoD aim to reinforce their long-term collaboration by focusing on the manufacturing process of the enhanced HB50 fuel cell system, that will enable high-volume production manufacturing capacity.
MEAs form the heart of the fuel cell, and their performance determines the lifetime, efficiency, weight, and to a large extent, the cost of the end electrochemistry products. Advent’s Ion Pair MEA technology is anticipated to significantly enhance HB50’s performance, resulting in higher power density and improved compact packaging, making it an ideal solution for off-grid field applications, including military and rescue operations.
Since 2020, Advent Technologies, LLC has been actively refining its HB50 fuel cell system to create a highly portable and efficient power supply suitable for on-the-move battery charging and direct power supply for various U.S. Army applications. Through rigorous development efforts, the size and weight of the original 50W fuel cell system have been significantly reduced, culminating in successful field tests in 2022 and 2023, with the final technical report reinforcing its operational suitability.
The HB50 power system can be fueled by biodegradable methanol, providing near-silent power generation with clean emissions. Its compact design allows it to seamlessly power radio and satellite communications apparatus, remote surveillance systems, laptops, and other battery charging needs, making it an ideal choice for covert operations. The system’s unique thermal features enable it to operate within a wide ambient temperature range from considerably below freezing to surpassing 40°C, therefore ensuring reliability in challenging conditions and climates.
HB50's adaptability to run on methanol as hydrogen carrier fuel allows it to operate at a fraction of the weight of traditional military-grade batteries. This factor is aligned with the U.S. DoD's pursuit of lightweight and highly portable power solutions for their electronic needs, especially in conjunction with Integrated Visual Augmentation System and dismounted leader situational awareness systems for use during combat operations, like Nett Warrior.
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, commented, “This contract is a significant milestone in our journey to broaden market presence and establish Advent's portable fuel cell products as the leading choice for essential defense applications. Our collaboration with the U.S. Department of Defense on the Honey Badger 50™ fuel cell system opens the door to great opportunities and higher production volumes. Our vision encompasses a future where a substantial proportion of the U.S. Army’s remote operations will be powered by Advent’s highly innovative portable fuel cells. Beyond meeting the Army's needs, this optimized system represents a clean power solution for various other applications. Looking ahead, we have a strong vision for these unique fuel cells, foreseeing their widespread use in various sectors like robotics, agriculture, drones, emergency operations, as well as catering to the needs of leisure and camping enthusiasts in the hospitality industry.“
“We are very excited about this new contract and deeply honored to further expand our collaboration with the U.S. Department of Defense in advancing the development of our Honey Badger 50™ fuel cell system," said Vasilis Kopelas, General Manager of Advent LLC. "At Advent, we firmly believe in a world where fuel cells become the primary power option for challenging defense mission requirements, and we very much look forward to contributing to this new reality with our portable fuel cells. This enhanced version with Advent’s Ion Pair technology will set new benchmarks for fuel cell efficiency, longevity, and power density, providing reliable power both practically and sustainably for critical field operations."
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical 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 more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Advent Technologies Secures $1.3 Million Contract to Supply Methanol-Powered Fuel Cell Stacks to Asia’s Leisure Sector
September 05 2023
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/91966067/advent-technologies-secures-1-3-million-contract
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce a significant expansion order contract with a prominent fuel cell integrator operating in the Asian market. Under the terms of this agreement, Advent will provide its innovative eFuel-powered (“Serene”) fuel cell stacks to be incorporated in power applications within the leisure sector in the region.
The contract has a total initial value of $ 1.3 million. Deliveries are expected to commence in September 2023, with the supply chain projected to remain active throughout 2024 in accord with the customer's specified timeline. The primary application of Advent's fuel cell stacks is to serve as sustainable prime and back-up power sources in small cabins, working in conjunction with batteries.
The market for portable fuel cells, especially in the context of the leisure industry, is currently niche. However, because of the requirement to reduce carbon and other particulate emissions, this upswing in demand can be attributed to the increasing need for compact and portable fuel cell systems that are tailored to various leisure-related applications. The utilization of Advent’s Serene fuel cell stacks using liquid methanol as a hydrogen carrier fuel offers advantages in terms of transportation, logistics, and storage efficiency compared to gaseous hydrogen, thus enhancing operational safety.
Advent’s Serene fuel cells stand out with their small footprint, occupying only about a third of the space required by a typical diesel generator. Beyond their environmental advantage in terms of reduced emissions, Serene fuel cells provide an uninterrupted power supply across diverse environmental conditions and geographical locations. Serene fuel cells operate seamlessly within ambient temperatures ranging from -20°C to +50°C and are designed to function efficiently even in humid and polluted air, showcasing exceptional adaptability.
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, commented, "This new agreement signifies Advent's growing momentum within the realm of leisure applications. We are excited to establish a partnership with a distinguished fuel cell manufacturer operating in the dynamic East Asian market, which allows us to introduce our innovative methanol-powered fuel cell stacks to address the unique requirements of the leisure sector. Advent remains committed to transforming industries through sustainable solutions, and our methanol-powered fuel cells appeal as a safe, practical, and forward-thinking choice."
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical 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 more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Briefing note on the meeting of Prime Minister Kyriakos Mitsotakis with business representatives from the Republic of Korea
Prime Minister Kyriakos Mitsotakis met in the afternoon with a business delegation from the Republic of Korea, at the Maximos Palace.
During the discussion with executives of leading Korean companies, the Prime Minister pointed out that the government's strategic goal is to strengthen Greece's economic relations and exchanges with the Republic of Korea, in the context of a wider opening of the Greek economy to Asia.
It was emphasized that there are many areas of common interest, such as the green transition, the decarbonization of maritime transport, the use of technology in civil protection, the further digitization of government services and the development of tourism.
In this context, it was pointed out that Greece can be a gateway to serve Europe's energy needs, especially as the adoption of new fuels such as hydrogen increases.
The possibility of attracting visitors from Korea to Greece and a direct air connection between the two countries was also noted, while taking advantage of the fact that Korea has one of the most productive entertainment industries in the world, while for its part our country offers a particularly attractive package of incentives to attract audiovisual producers.
The Prime Minister underlined that Greece is a country that is developing dynamically, at clearly faster rates than the eurozone average, attracts a large volume of direct foreign investment, has a highly skilled workforce and offers many opportunities in a number of sectors, where it has comparative advantages.
The two sides agreed to continue contacts to deepen their cooperation at a high level in the near future, while it was pointed out that this year the Republic of Korea will participate for the first time with a stand at the Thessaloniki International Exhibition.
On the Greek side, the Deputy Minister of Foreign Affairs for Economic Diplomacy and External Affairs Konstantinos Fragogiannis, the Director of the Diplomatic Office of the Prime Minister Ambassador Anna-Maria Boura, the Head of the Economic Office of the Prime Minister Alexis Patelis and the International Policy Advisor took part in the meeting and Public Diplomacy of Prime Minister Aristotelia Pelonis.
The Korean delegation consisted of the Chairman of the Korea Chamber of Commerce and Industry and Chairman of SK Group, Chey Taewon, the Executive Vice President for Innovation of SK Group, Yoosuk Kim, the Vice President and CEO of Hyundai Heavy Industries, Ka Sam Hyun, Hanwha Aerospace and Hanwha Foundation of Culture President Shin Hyun Woo, Hyundai Motor Europe Vice President Kim Yong Jin, Korea Chamber of Commerce and Industry Vice President Lee Seong Woo and Export-Import Bank Vice President and Chief Operating Officer of Korea, Kwon Woo Seog. The Ambassador of the Republic of Korea to Greece, Lee Jung Il, also took part in the meeting.
https://www.primeminister.gr/2023/09/04/32474#;
Maybe, but I don't see it. The one good thing is Hellenic Ministry of Development and Investment has been busy the last week or so.
KJAX, could items 30-35 (reproduced below) be somehow related to the green HiPO project, since they mention Western Macedonia and Kozani?
30. Approval of the Procedure III for the execution (Check of Documents of the Temporary Vendor) of the electronic open tender for the "PROCUREMENT OF PERSONAL PROTECTION EQUIPMENT (PPE) FOR THE NEEDS OF THE SERVICES OF THE REGION OF WEST MACEDONIA (Headquarters) and PE KOZANI of the PDM"
(Rapporteur: Head of the Financial Services Directorate)
31. Amending the budget of the Region of Western Macedonia 20th/2023 (Rapporteur: Head of the Directorate of Financial Services)
32. Approval of the allocation of credit concerning a premium for the project "REPAIR OF A SPECIAL PTO/DAS LABORATORY AT T.K.AG. CHRISTOFOROU" (Rapporteur: Head of the Financial Services Department)
33. Approval of the allocation of credit concerning a premium for the project "0.33 MW HYDROELECTRIC POWER PLANT AT THE SITE OF "SISANIOU DAM" OF DE ASKIO OF THE MUNICIPALITY OF VOIO OF KOZANI" (Rapporteur: Head of the Financial Services Department)
34. Approval of expenditure in favor of DEDIE for the relocation - variation of the distribution network of the project "IMPROVEMENT OF THE ROAD SECTION OF VOUNASAS-ELATIS ROAD WITHIN THE BOUNDARIES OF KOZANI (2018??04100009)" (Rapporteur: Head of the Directorate of Financial Services)
35. Approval of expenses of the Region of Western Macedonia (Rapporteur: Head of the Directorate of Financial Services)
Nothing about Green HiPo
Let us recall the topics in the live broadcast of the Economic Committee of 8-30-2023 are the following:
1. Approval of the minutes of the previous meeting
2. Approval of the 3rd Amendment (Amendment 3) of the Program of Projects financed by Cash Balances of Past Years of the Regional Unit of Florina for 2023 (Rapporteur: Deputy Governor of the Regional Unit of Florina)
3. Approval of the 4th Amendment (Amendment 4) of the Central Autonomous Resources Program (C.A.P.) of the Regional Unit of Florina for 2023 (Rapporteur: Deputy Governor of the Regional Unit of Florina)
4. Approval of the 1st Practical Tender for the project: "Asphalt pavements in the Itias Postal Code" (Rapporteur: Deputy Regional Governor of Florina Regional Unit - Head of the Technical Services Department)
5. Approval of the 1st Practical Tender for the project: "Road construction infrastructure to support entrepreneurship in P.E. Florina (Municipality of Amyntaio)" (Rapporteur: Deputy Regional Governor of Florina - Head of the Technical Services Department)
6. Approval of the Extension of the Deadline for the Work of the project: "Flood Protection - Technical Cleaning of the National - Provincial Road Network of Florina - Amyntaio 2020"
(Rapporteur: Deputy Regional Governor of the Florina Regional Unit – Head of the Technical Services Directorate)
7. Approval of the Electronic open public Tender for the selection of a Service contractor "Registration and Management of Spatial Data of the Services of the Regional Unit of Florina, in a Geographical Information System Environment" and the terms of the Declaration (Rapporteur: Deputy Regional Governor of the Regional Unit of Florina - Head of the Directorate of Administrative and Financial Services)
8. Approval of the refund of an Unduly Paid amount of the Florina Regional Unit (P.D.M.) (Rapporteur: Deputy Regional Governor of the Florina Regional Unit – Head of the Administrative and Financial Services Department)
9. Approval of the submission of a Proposal to the EAP 2017-2021 for the project entitled "Telecommunications Equipment Grant" Budget: €20,000.00 (including 24% VAT) (Rapporteur: Deputy Governor of the Kozani Regional Unit)
10. Approval of the submission of a Proposal to the EAP 2017-2021 for the project entitled: "Study of the voluntary reclamation of the Kozani Municipality Garden farm" Budget: €283,752.24 (Rapporteur: Deputy Regional Governor of the Kozani Regional Unit)
11. Approval of the 2nd Minutes of conducting an open - electronic process for the selection of a contractor for the construction of the project: "MAINTENANCE AND PROTECTION OF SISANI, MILOHORIO, MESOVOUNO AND PRAMORITSA DAMs" (Rapporteur: Deputy Governor of the Kozani Regional Unit - Head of the Technical Services Directorate)
12. Approval of the 1st Minutes for conducting an open – electronic process for the selection of a contractor for the construction of the project: "INTERNAL SEWAGE NETWORK OF THE EASTERN SETTLEMENT"
(Rapporteur: Deputy Governor of the Kozani Regional Unit – Head of the Technical Services Directorate)
13. Formation of a Committee for the Open procedure through the National System of Electronic Public Contracts of the project: "PROVISION OF SNOW CLEARING SERVICES FOR THE WINTER PERIOD 2023 - 2024 IN THE PROVINCIAL ROAD NETWORK OF THE REGIONAL UNIT OF KOZANI" Budget: €694,300.80 with VAT (Rapporteur: Deputy Governor of the Kozani Regional Unit – Head of the Technical Services Directorate)
14. Formation of a Committee for the Open process through the National System of Electronic Public Contracts of the project: "Pilot Energy Positive Building - The case of the Agricultural and Veterinary Center as an Experimental Laboratory in Western Macedonia" Budget: €530,000.00 including VAT. (Rapporteur: Deputy Governor of the Kozani Regional Unit – Head of the Technical Services Directorate)
15. Approval of expenditure for the co-organization of musical cultural events of the Association of Friends of Music "Velventine Fones" and the Regional Unit of Kozani, on September 10, 2023 (Rapporteur: Deputy Governor of the Regional Unit of Kozani)
16. Approval of expenditure for the participation of P.E. Kozani at the event of the Municipality of Kozani for the elderly, which will take place on September 10, 2023 (Speaker: Deputy Regional Governor of Kozani)
17. Approval of expenditure for the co-organization of the Educational Association of Alonakia "PONTOS" and the Regional Unity of Kozani in cultural events, on 7-9/9/2023 (Rapporteur: Deputy Governor of the Regional Unity of Kozani)
18. Approval of expenditure for the co-organization of the Eastern Cultural Association "The East" and the Regional Unity of Kozani in the festive events, 13-14/9/2023b
(Rapporteur: Deputy Regional Governor of Kozani)
19. Approval of the 10th amendment of the Central Autonomous Resources Program (CAP) 2023 of the Regional Unit of Kastoria (Rapporteur: Deputy Governor of the Regional Unit of Kastoria)
20. Approval of the 11th amendment of the Central Autonomous Resources Program (CAP) 2023 of the Regional Unit of Kastoria (Rapporteur: Deputy Governor of the Regional Unit of Kastoria)
21. Approval of 1st A.P.E., 1st P.T.K.M.N.E. and the 1st Supplementary Contract of the project: "Improvement of Lianotopi - Grammos road" contractor "Mr. Vasilios Dedes of Athanasios - Photios Demiris of Nikolaou" (Rapporteur: Deputy Governor of the Regional Unit of Kastoria - Head of the Technical Services Department)
22. Provision of Mandate and Power of Attorney to represent the Region of Western Macedonia (Rapporteur: Vice-Regional Governor of the Regional Unit of Kastoria – Head of the Directorate of Administrative and Financial Services)
23. Approval of P.E. expenses Kastoria (Rapporteur: Deputy Governor of the Regional Unit of Kastoria – Head of the Directorate of Administrative and Financial Services)
24. Approval of the Minutes II of the verification of the supporting documents of the temporary contractor of the project "COMPLETION OF ACCESS TO THE POROS BRIDGE"
(Rapporteur: Deputy Governor of the Regional Unit of Grevena – Head of the Technical Services Directorate)
25. Approval of specialization of expenditure appropriations for the year 2023 (Rapporteur: Deputy Governor of the Regional Unit of Grevena – Head of the Directorate of Administrative and Financial Services)
26. Approval of the draft Declaration of open tender procedure for the assignment of the service: "Lease of project machinery for the execution of road safety restoration works of the National Road Network" (Rapporteur: Head of the Technical Services Directorate)
27. Approval of the allocation of credit in the amount of thirteen thousand four hundred and eighty-six euros (€13,486.00), plus VAT, for the cleaning of fire protection zones in the area of D.D. Loukomi of the Municipality of Voi and for the repair and formation of a rural road of the Chrysavgi Community of the Municipality of Voi, for fire protection purposes (Rapporteur: Head of the Civil Protection Department)
28. Approval of the allocation of credit in the amount of fourteen thousand and five euros (€14,005.00), plus VAT, for the removal of debris, the repair and cleaning of the forest road network of the Public Forest of Voi in the location "Kapsalia" (Rapporteur: Head of the D/ of Civil Protection)
29. Appropriation of credit for the project "Extension of the Koromilia-Kolokynthos irrigation network to Mesopotamia" (Rapporteur: Head of the Planning and Development Department)
30. Approval of the Procedure III for the execution (Check of Documents of the Temporary Vendor) of the electronic open tender for the "PROCUREMENT OF PERSONAL PROTECTION EQUIPMENT (PPE) FOR THE NEEDS OF THE SERVICES OF THE REGION OF WEST MACEDONIA (Headquarters) and PE KOZANI of the PDM"
(Rapporteur: Head of the Financial Services Directorate)
31. Amending the budget of the Region of Western Macedonia 20th/2023 (Rapporteur: Head of the Directorate of Financial Services)
32. Approval of the allocation of credit concerning a premium for the project "REPAIR OF A SPECIAL PTO/DAS LABORATORY AT T.K.AG. CHRISTOFOROU" (Rapporteur: Head of the Financial Services Department)
33. Approval of the allocation of credit concerning a premium for the project "0.33 MW HYDROELECTRIC POWER PLANT AT THE SITE OF "SISANIOU DAM" OF DE ASKIO OF THE MUNICIPALITY OF VOIO OF KOZANI" (Rapporteur: Head of the Financial Services Department)
34. Approval of expenditure in favor of DEDIE for the relocation - variation of the distribution network of the project "IMPROVEMENT OF THE ROAD SECTION OF VOUNASAS-ELATIS ROAD WITHIN THE BOUNDARIES OF KOZANI (2018??04100009)" (Rapporteur: Head of the Directorate of Financial Services)
35. Approval of expenses of the Region of Western Macedonia (Rapporteur: Head of the Directorate of Financial Services)
https://www-pdm-gov-gr.translate.goog/apeftheias-metadosi-tis-synedriasis-tis-oikonomikis-epitropis-tis-perifereias-dytikis-makedonias-30-8-2023/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
Advent Technologies Receives Richard P. Feynman Innovation Prize for Technology Transfer Excellence from Los Alamos National Laboratory
August 31 2023
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/91937597/advent-technologies-receives-richard-p-feynman-in
Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that it has received the esteemed Richard P. Feynman Innovation Prize for Technology Transfer Excellence from the U.S. Department of Energy’s Los Alamos National Laboratory.
This year, the Richard P. Feynman Innovation Prizes have honored remarkable achievements in technology transfer poised for commercialization. The recognition spans across diverse domains such as hydrogen fuel cell systems, sustainable energy solutions, and forensic science. The award ceremony took place at the SALA Event Center in Los Alamos on August 30th, featuring Dr. Thom Mason, Director of Los Alamos National Laboratory, as the keynote speaker.
This accolade directly stems from Advent's active participation in the inaugural L’Innovator™ program. Collaborating with esteemed institutions like Los Alamos National Laboratory, Brookhaven National Laboratory, and the National Renewable Energy Laboratory, Advent leverages the program to reach into advanced technology from top-tier U.S. research institutions. The program's mission revolves around advancing and commercializing ion-pair Membrane Electrode Assembly (“MEA”) technology.
MEAs significantly influence the performance, longevity, efficiency, weight, and cost of fuel cells. Through L’Innovator, Advent and U.S. national laboratory researchers have successfully dealt with the common challenges in the product development cycle, and subsequently established domestic manufacturing capabilities. This initiative advances innovative technology and supports commercial success, as well as having a key role in strengthening the domestic supply chain and promoting the adoption of clean hydrogen technology to help achieve U.S. greenhouse gas emission targets.
Advent's groundbreaking Ion-Pair™ MEA technology positions the Company as a frontrunner in transforming global MEA markets. Advent’s Ion-Pair MEAs have already demonstrated an increase in operational lifetimes as well as operating at far higher current densities compared with high-temperature PBI-based MEAs. Thus, Advent’s Ion-Pair powered fuel cells are well suited for demanding applications such as heavy-duty mobility.
Present at the prestigious award ceremony was Advent's Chief Technology Officer, Dr. Emory De Castro, who remarked, "We are honored to receive the Richard P. Feynman Innovation Prize for Technology Transfer Excellence. This award reflects the dedication of our team and the collaboration with esteemed institutions in the L’Innovator program. Our gratitude extends to the U.S. Department of Energy’s Los Alamos National Laboratory, Brookhaven National Laboratory, and the National Renewable Energy Laboratory for their partnership. Through L’Innovator, we have expanded our horizons, entering markets previously inaccessible with existing HT-PEM materials. The potential for the Advent Ion Pair MEA technology to revolutionize the fuel cell industry and drive global sustainable energy solutions is truly exciting."
Moved it up to .5435
Order Date 08/28/2023 03:31:53 PM ET
I didn't get any.
They do not want to sell stock down here.
08/28/23 15:47:19 0.5458 0.5431 0.5464 81
08/28/23 15:47:19 0.5458 0.5431 0.5464 400
08/28/23 15:45:44 0.5435 0.5435 0.5472 175
08/28/23 15:45:44 0.5435 0.5435 0.548 400
08/28/23 15:45:44 0.5435 0.5435 0.548 100
08/28/23 15:45:44 0.5435 0.5435 0.548 100
08/28/23 15:45:44 0.5435 0.5435 0.548 100
08/28/23 15:45:44 0.5435 0.5435 0.548 100
08/28/23 15:45:44 0.5435 0.5435 0.548 100
08/28/23 15:40:01 0.5489 0.5435 0.548 50
08/28/23 15:35:11 0.5489 0.5435 0.549 1,000
08/28/23 15:32:02 0.549 0.5435 0.549 20
08/28/23 15:32:02 0.549 0.5435 0.549 1
08/28/23 15:32:02 0.549 0.5435 0.549 1
08/28/23 15:32:02 0.549 0.5435 0.549 100
08/28/23 15:28:04 0.5425 0.5431 0.5496 1
08/28/23 15:24:16 0.5425 0.5425 0.5496 7
08/28/23 15:24:16 0.5425 0.5425 0.5496 10
Placed an order for 500@ .5425 Got 100 filled , then someone else got filled and I was left hanging.
08/28/23 15:24:16 0.5425 0.5425 0.5496 7
08/28/23 15:24:16 0.5425 0.5425 0.5496 10
08/28/23 15:24:16 0.5425 0.5425 0.5496 100
08/28/23 15:17:52 0.5425 0.5412 0.5496 100
08/28/23 15:13:40 0.5412 0.5412 0.5496 80
08/28/23 15:11:40 0.5412 0.5412 0.5496 1
Eom, agree, thanks for sharing.
This post makes a ton of sense... opened my eye's to this aspect. Image we see the Onassis family get tied in to $ADN!!!
https://stocktwits.com/Emro/message/541090042
As of 2001, Greek companies owned around 3,000 merchant vessels—more than any other country and about 18 percent of the world’s fleet. The Greeks have been maritime traders for millennia, but the modern prominence of their shipping industry dates from the end of World War II. In the late 1940s, the United States government began to sell off surplus war ships under the Ship Sales Act. Savvy Greek maritime businessmen like Aristotle Onassis and (the elder) Stavros Niarchos purchased large tanker vessels and smaller ships at incredible bargains, sometimes through illegal means.
https://slate.com/news-and-politics/2005/08/what-s-with-the-greek-shipping-magnates.html
I see, I was a little confused.
Hatzimarkakis: Hydrogen production can provide energy self-sufficiency in Greece
17 08 2023
https://energypress.gr/news/hatzimarkakis-i-paragogi-ydrogonoy-mporei-na-parashei-energeiaki-aytarkeia-stin-ellada
If a hydrogen policy is used strategically correctly, the strong Greek government could significantly strengthen its role within Europe, but also internationally.
George Hatzimarkakis, CEO of the European Hydrogen Association "Hydrogen Europe" and former German MEP, emphasizes the above in his statement.
The fundamental objectives of the European Union emphasized by Mr. Hatzimarkakis as part of the European Green Deal have come into force since this summer. Most of the proposed legislation as part of the "Fit for 55" proposals has been the subject of political negotiation and has yet to be formally adopted.
The former MEP points out that “many were surprised by the strong role of hydrogen in the Green Deal. Since 2020, however, there has been a realization that Europe's climate goals cannot be achieved unless the electricity and gas sectors are more closely linked. Hydrogen plays exactly this role. The European hydrogen strategy from summer 2020 was a good basis, but it has now expired and should be completely renewed. Some Member States have already followed this path, for example Germany has adapted its national hydrogen strategy and will also adopt it at government level this summer.
For Greece, this means that the data available to date could be brought together to form a very modern hydrogen strategy, perhaps based on what other EU member states are currently doing. Greece's advantages are obvious : the elections formed a strong government that is capable of action and is very well recognized in the EU, which can guarantee rapid action on the matter of the hydrogen strategy. Quick action is required because pole positions are being awarded right now. In the first place, Greece has a good chance of being far ahead. What are the main benefits?
In addition to a very efficient government, Greece has a strong industrial environment in the field of the hydrogen economy. A total of 15 companies from Greece participate in Hydrogen Europe alone, among them all the major energy companies. For the size of the country, this is very good compared to other Member States.
With the hydrogen industry, Greece is more strongly represented than countries like Portugal, which have comparable conditions. And the numbers are rising, especially since almost all Greek regions have already expressed interest in getting more involved in the hydrogen sector and also in joining the Hydrogen Europe association.
Another important feature of Greece's pioneering role is the Special Projects of Common European Interest (IPCEI). Here Greece has been actively involved in the process and the largest project for electrolysis production is in Western Macedonia, with almost 800 million euros. The Greek government has thus expressed its interest in essentially playing a leading role in this basic technology. It is pleasing that the Greek companies that have applied can also afford this industrial process.
Western Macedonia is another important keyword: the transition from lignite to renewable energy sources in this region will only be possible with the help of a storage potential. Seasonal storage is only possible with hydrogen these days. This is exactly where Greece can create a beacon project, especially since the Greek government wants to phase out lignite much earlier than other governments.
The most important factor, however, is the Greek shipping fleet: at almost 60%, Greece has the largest merchant fleet in Europe. The role of the country in the transition of shipping to green technologies is primary. In the meantime, important decisions have been made by the biggest players in the global shipping trade, it is about replacing dirty diesel with green fuels. Meanwhile, methanol, which is formed from hydrogen and green carbon dioxide, has been favored by many actors. Ammonia is also on the table as a possible synthetic fuel, also based on green hydrogen. Hydrogen will thus play a critical role in decarbonising shipping, so Greece could lead the way here by smartly promoting the appropriate conversion of ships.
But it's not just about the fuel for the ships. It is also what ships carry. A large percentage of Greek ships carry oil and chemicals, which together make up almost 40% of the fleet. In the future, these ships could carry ammonia, methanol or even hydrogen in its cold form. The conversion of these ships is also generously supported by the European Union. Greece could indeed take the lead here and assume a global leadership role here.
In the future, there will be three distinct categories of hydrogen countries: those that produce it, those that consume it, and those that distribute it. Greece could produce a lot, but it offers much more as a distribution hub country. Not only because of its strategic location near the Persian Gulf, but also because of its prominent role in the shipping sector. The fact that in the eastern Mediterranean we do not have pipelines connecting North Africa to the European continent, as in the western Mediterranean, leads to a clear consequence: Greece must organize other forms of transportation and transport of hydrogen. Just as gas can be transported through pipelines as well as through LMG, hydrogen can be transported through derivatives such as ammonia and does not necessarily need a pipeline for this.
Hydrogen production provides energy self-sufficiency to the country. If the hydrogen policy is used strategically correctly, the strong Greek government could significantly strengthen its role within Europe, but also internationally. Autonomy creates political room for maneuver that hydrogen could really bring about. This would also leave room for many national issues to be approached very differently."
It shows the strict rules about fighting corruption. Why wouldn't the EU have the funds? They wouldn't hand it over to Greece without vetting process.
How does this show EU has the funds?
KJAX, thank you for the insightful responses.
EU has the funds
On May 3, 2023, the European Commission (the “Commission”) proposed a new directive[1] in the area of criminal law with the goal to harmonize corruption offenses, sanctions, related prevention and enforcement (the “Proposed Directive”). If adopted by the European Parliament and Council, the directive would significantly contribute to unifying and tightening rules across Europe. EU Member States would have to transpose that framework into national law within 18 months.[2] Since the Commission proposes “minimum rules concerning the definition of criminal offences and sanctions in the area of corruption, as well as measures to better prevent and fight corruption”[3], the Member States may go beyond the standards set out in the Proposed Directive and adopt even stricter rules in the area of corruption.
1. Key Takeaways
The Commission suggests minimum standards to harmonize the definitions and sanctions for active and passive bribery both in the private and public sectors, as well as of related offenses such as “misappropriation”, “trading in influence”, “abuse of functions”, “obstruction of justice”, and “enrichment from corruption offences”.
The Proposed Directive is based on a broad notion of public officials, not only covering EU officials, but also – across branches – functionaries of Member States, third country and international organizations and courts.
The proposal reflects that certain elements of gifts and hospitality are socially more accepted in the area of private enterprise compared with interactions with state functionaries.
If committed by a leading person, a legal person can be held liable for corruption offenses committed for its benefit.
The Commission resorts to its usual terminology by requiring Member States to adopt “effective, proportionate and dissuasive” sanctions, both for natural persons and legal entities. Penalties for human beings may include imprisonment, the sanctions for legal entities may entail fines of no less than 5% of the total worldwide turnover. Further consequences include debarment or disqualification from commercial activities.
Effective internal controls, ethics awareness, and compliance programs to prevent corruption are considered a mitigating factor, as well as the rapid and voluntary disclosure to the competent authorities.
Jurisdiction attaches, (1) if the offense is committed in whole or in part in the territory of a Member State; (2) if the offender is a national of or has his or her habitual residence in a Member State; or (3) if the offense is committed for the benefit of a legal person established in the territory of a Member State.
2. Individual Criminal Liability
At its core, the Proposed Directive provides definitions of bribery in the public sector and the private sector; both in the active and passive alternative.
a) Bribery in the Public Sector
Section 7 of the Proposed Directive defines bribery in the public sector as such:
Member States shall take the necessary measures to ensure that the following conduct is punishable as a criminal offense, when committed intentionally:
(a) the promise, offer or giving, directly or through an intermediary, of an advantage of any kind to a public official for that official or for a third party in order for the public official to act or refrain from acting in accordance with his duty or in the exercise of that official’s functions (active bribery);
(b) the request or receipt by a public official, directly or through an intermediary, of an advantage of any kind or the promise of such an advantage for that official or for a third party, in order for the public official to act or to refrain from acting in accordance with his duty or in the exercise of that official’s functions (passive bribery).
The Proposed Directive is based on a broad notion of public officials, including not only (European) “Union officials,” but also national officials of Member States and of third countries, as well as any other person assigned and exercising a public service function in Member States or third countries, for an international organization or for an international court.[4] The definition of national officials is said to not only include persons holding executive, administrative or judicial offices, but also legislative office[5] (an area in which some countries such as Germany may have had some deficiencies in terms of combatting corruption[6]).
However, the Proposed Directive also contains elements that may, if interpreted broadly, limit the scope of the offense considerably. By way of example, the “advantage” to the public official or third party needs a connection with some performance of the public official in return, given that it must be “in order for the public to act or refrain from acting in accordance with his duty or in the exercise of that official’s functions”. This is arguably more restrictive than some current national laws that criminalize the granting or accepting of benefits without a specific compensation in return.[7]
b) Bribery in the Private Sector
The EU Commission also seeks to introduce an concept of bribery in the private sector
Member States shall take the necessary measures to ensure that the following conduct shall be punishable as a criminal offense, when committed intentionally and in the course of economic, financial, business or commercial activities:
(a) the promise, offer or giving, directly or through an intermediary, an undue advantage of any kind to a person who in any capacity directs or works for a private-sector entity, for that person or for a third party, in order for that person to act or to refrain from acting, in breach of that person’s duties (active bribery);
(b) the request or receipt by a person, directly or through an intermediary, of an undue advantage of any kind or the promise of such an advantage, for that person or for a third party, while in any capacity directing or working for a private-sector entity, to act or to refrain from acting, in breach of that person’s duties (passive bribery).[8]
In principle, this offense appears to be similarly conceptualized as bribery in the public sector. However, a remarkable feature is that this offense requires an “undue advantage” as opposed to a mere “advantage”. By suggesting this qualification, the Commission seems to reflect that certain elements of gifts and hospitality are socially more accepted in the area of private enterprise compared with interactions with state functionaries. Interestingly, the Proposed Directive does not contain a definition of “advantage”, let alone of an “undue advantage”, which may open the door for a broad interpretation of that element.
c) Further Offenses and Substantive Stipulations
The Proposed Directive would also impact national criminal laws, in that its Articles 9 to 13 require Members States to introduce or refine further offenses which form part of the fight against corruption, i.e. “misappropriation”, “trading in influence”, “abuse of functions”, “obstruction of justice”, and “enrichment from corruption offences”.
Member States are also requested to ensure that they can punish these offenses in cases of incitement, as well as aiding and abetting.[9] The Proposed Directive does not require Member States to criminalize “attempts” of bribery and passive bribery,[10] but this is an area where Member States may go beyond the Proposed Directive.[11]
3. Sanctions
With respect to punishment, the Commission resorts to its usual terminology by requiring Member States to adopt “effective, proportionate and dissuasive” criminal penalties, but also provides rather detailed specifications for the ranges of punishment.[12] Pursuant to the Proposed Directive, bribery in the public sector, as well as obstruction of justice, need to be punishable by a maximum term of at least six years. Bribery in the private sector is apparently deemed less grave, as the Commission foresees a maximum term of at least five years. Further legal consequences envisioned by the Proposed Directive entail, among others, fines, removal and disqualification from public office or the exercise of commercial activities in the context of which the offense was committed, and exclusions from access to public funding.[13]
4. Jurisdiction
In essence, the Proposed Directive foresees jurisdiction of the Member States over corruption offenses if one of three conditions apply:
The offense is committed in whole or in part in the territory of a Member State;
The offender is a national of or has his or her habitual residence in a Member State; or
The offense is committed for the benefit of a legal person established in the territory of a Member State.[14]
This is arguably a similar framework to the version set out by the U.S. Foreign Corrupt Practices Act.[15] Practical enforcement would need to show whether extraterritorial enforcement of anti-corruption law by EU Member States or the European Public Prosecutor’s Office would gain a more significant role than in the past.
5. Corporate Liability / Relevancy of Compliance Programs and Internal Control Systems
The Proposed Directive prescribes that the Member States take necessary measures to ensure that legal entities can be “held liable” for any of such crimes.[16] This language is supposedly due to the fact that European legal orders vary significantly when it comes to “corporate crime”. Presumably against this background, the Proposed Directive takes a narrow approach, in that it requires that the offense be committed:
for the benefit of a legal person;
by a natural person within the legal person, acting either individually or as part of an organ of the legal person; and
by having a leading position within the legal person, based on at least one of the following: A power of representation of the legal person; the authority to take decisions on behalf of the legal person; or the authority to exercise control within the legal person.
If a more subordinate employee committed a relevant offense, legal persons must be held liable if the lack of supervision or control by a leading person has made possible the commission of a crime by a person under his or her authority.[17]
In terms of sanctions for legal persons, the Proposed Directive stipulates that they need to include criminal or non-criminal fines of a maximum limit of no less than 5% of the total worldwide turnover of the legal person, including related entities, in the business year preceding the decision imposing the fine.[18] Further sanctions include the exclusion from entitlement to public benefits or aid; the temporary or permanent exclusion from public procurement procedures; temporary or permanent disqualification of that legal person from the exercise of commercial activities; the withdrawal of permits or authorizations to pursue activities in the context of which the offense was committed; the possibility for public authorities to annul or rescind a contract with the legal entity in the context of which the offense was committed; the placing of that legal person under judicial supervision; the judicial winding-up of that legal person; or the temporary or permanent closure of establishments which have been used for committing the offense.[19]
Article 18 of the Proposed Directive includes examples of aggravating and mitigating circumstances. A very relevant mitigating circumstance applies to a legal entity if it has implemented effective internal controls, ethics awareness, and compliance programs to prevent corruption prior to or after the commission of the offense.[20] The Proposed Directive is not more detailed on the specific requirement in this regard. A legal person can benefit from a further, arguably controversial, mitigating factor if it rapidly and voluntarily discloses the offense to the competent authorities and takes remedial measures.[21] This incentive forms part of a general international trend to encourage legal entities to inform prosecuting authorities of criminal offenses committed in its corporate environment.[22]
6. Prevention, Enforcement and Monitoring
The Commission goes considerably beyond merely harmonizing the substantive law, but aims through a variety of means to lay the ground for a comprehensive fight against corruption. For instance, the Proposed Directive sets out several Member State obligations to prevent corruption (such as raising public awareness).[23] It also introduces “specialized bodies”, both in the prevention and repression of corruption, to be established by the Member States,[24] and makes further provisions for resources, training, and investigative tools,[25] as well as cooperation between Member States and EU institutions[26].
https://www.gibsondunn.com/eu-commission-proposes-harmonized-framework-to-combat-corruption/
That could be the case with that interpenetration. If Green HiPo funding doesn't come through this year, then yes, they will have to dilute to stay a float.
Does anyone know where these Green HiPo funds that Advent has been waiting forever to receive are currently residing? The reason for asking is because the long wait/delay is bringing out the conspiracy theory nature in me, and makes me wonder if there is something corrupt going on, where someone is benefitting monetarily from the delay. Conflict of interests sort of thing. Maybe they are collecting interest, maybe bribes from gas/coal industry. Any thoughts?
KAJAX, with respect to the following paragraph, which you highlighted in your post, and clearly take as very positive, by interpreting it very positively (same as others on Stocktwits), to mean that they don't have to raise additional funds for the rest of the year.
"So as I look forward to the second half of the year, I'm anticipating that our monthly spend for operating and capital expenses will probably range between $2.5 million and $3 million per month. And so the $3.4 million that we raised back in June is sufficient or even more than sufficient to cover what we expect to be our monthly spend rate in the second half of the year."
I actually had a very different, not so positive interpretation when I heard it during the live webcast. I interpreted it to mean that if needed, they can raise up to $3.4 million monthly for the rest of the year as they did back in June, which is more than enough, as they are currently spending between $2.5 to $3 million monthly. I could be wrong, there are holes in both interpretations.
In my case one could say, but that's clearly not what he said. On the other hand, assuming they don't get the Green HiPo funds, how can $3.4 million they raised in June last until year end, when they are spending $2-3 million a month? I know they had an additional $10 million in cash, but they would have to spend it all to make it to the end of the year without raising additional cash.
Eom and KJAX, great posts, thanks. I had been trying to get free online access to the transcripts of the earnings call to post here, and was unable to find them. Seeking Alpha has the transcripts but require a subscription which I don't have. I was particularly interested in the portion of the transcripts both of you posted, I believe in response to the very first question during the Q&A. Once again thank you.
Vasilis Gregoriou
Thank you, Kevin.
Advent have significant opportunities for its high temperature PEM technology, advanced materials and fuel cell system products. Advent is a clear energy technology company, developing innovative products for key sectors that require clean energy. We look forward to growing the business and to give you a breadth of development. I would like to thank you all for joining us today.
Before we open the line to any questions from the company's analysis, I would like to address questions submitted by Lacie Midgley with Panmure Gordon, who is unable to join the call today. The first question is, can you provide an update on the Green HiPo project and expect the timing on evaluation, confirmation of final funding documents and subsequent releases of funding.
As I said a little bit in the script, we are very keen to officially launch the green HiPo, and we have demonstrated particular actions that says that we're moving in this direction. First of all, we schedule all the R&D and development work. Second, we have identified a suitable site.
We purchased the land, and we have commenced with planning. Third, very important, we have entered this very strategic agreements with BASF another option that we cannot mention right now. And we will announce, obviously, the details at the appropriate time that ensures that the minute we start - we have this giant with us to be able to manufacture the products with quality and at the right time.
In the meantime, as we said, we are complaint to the European Union because we feel that this is a big delay here from the state, and it's simply not acceptable by us. So I sent the letter to commissioner Breton, who initiated an internal discussion within the European Commission with DG growth and DG internal market industry and SME.
These are policy departments, the directional general. And there, what we got back is that despite that within the holiday month, the European union will work very close to the Greek authorities, to be able to inform us and us inform you the shareholders that the project we received the foreseen public funds. So I think where in the last stages. And there, as you know, we have very big delays with interaction with other European partners. Of course, we have suffered, we believe a big loss in our valuation because of all of that.
So this thing needs to be resolved as soon as possible. The Europeans understand that this is a project of common European interest. It's not Greece only, not Italy for - then oral let's say, it's not transfer McAfee. So I think the Europeans were push very hard on this. Now we received on August 4, a letter by the Deputy Minister of Economy and Finance from Greece, Mr. [indiscernible] and respond to my letter to him on July 25. And basically, the idea is, and I will go over later in a bit - the idea is that the Greek state is examining and planning ways to implement actions and to strengthen the initiatives that will contribute to the transition, the productive and growth model of the great economy towards climate neutrality.
Parameters for the plan and such actions include implemented projects at specific times, the viability of the completed proposal plans as well as compliance with regulatory obligations and guidelines regarding the management of European funds. The Greek state is kind of reviewing funding for IPCEI program and we'll provide further updates at the appropriate time. So the delay is solely with the Greek state, and we expect this to be resolved very, very soon.
You can imagine we do everything in our capacity to finish this. And we will keep you posted on the developments, which, as I said, I think that will be very strong. Second question is, again, from Lacie. Can you provide an update on the Hyundai JDA and next key milestones, including expected first half? As you know, the - as with other automotive manufacturers, Hyundai is an OEM.
And basically, they were developing in the fuel cell system in collaboration with the OEM. We have a joint development agreement now where the Advent MEA and actually our fuel cell expertise as well will be incorporated in an automotive agent with Hyundai. And Hyundai has shown great interest in the technology and basically behind on fair technology. And we - also there, we incorporate Hyundai technology as well. We use Hyundai catalyst for that particular program.
So the whole idea is to achieve the power targets that they are conducive for automotive in order for this to become an actual product. Now, as you know, we have three core hardware models on the market already.
So we have good experience from using them. And as I said in other calls as well, it's not only Hyundai that we work with, we have other large companies that we cannot name but we're working very hard - actively with all of them. The other question is how has the collaboration with Siemens Energy for maritime fuel cell solution progress?
Is licenses progressing to JDA or similar depending on successful technology testing? And there, the collaboration with Siemens, as you know, is on this very exciting section of maritime. We're very happy that our methanol vision because we have this for quite some time now, as you know, the ones that you follow us the methanol and eventually e-methanol that arrive from green hydrogen, we believe will be the key fuel in the path to net zero for maritime.
So not only [indiscernible] but also Alfa Laval, Maersk, they all work there, and we try to collaborate with [indiscernible], but we have the recent success with Siemens and Sanlorenzo, and we feel very proud about that. So again, the idea is that when you use high temperature PEM and e-methanol, we're talking about a similar system and an expensive one-stage reformation, whereas low temperature then requires 99.99% pure hydrogen.
The selling system now that we use, it's made in Denmark. And we're talking about 100 kilo, but we actually also can go to 250 kilo easing. So that's the status over there. I think there is the right technology and the right market, and it's a obligation, if you will, to grow this as fast as we can. Another question is how has conversation as part of the early stages of the BASF agreement progressed with regard to establishing the end-to-end supply chain in Europe.
I think we discussed that also in the script. Basically, the idea is that the BASF agreement is very significant for us because, one, it endorses our technology; and second, we fortify our supply chain. We are working on high temperature PEM with BASF for about 15 years now, as you know. BASF is a global leader in manufacturing and brands, electrodes, a lot of expertise with PVI. And as I said, we're very close and for me, would be a key parameter, this association in accelerating the Green HiPo Project.
Win-win situation for both parties and very secure deal, if you will, for the customer as well. Another thing I don't want to be left out of the conversation is the ability of BASF to manage precious metals in closed loop processing of this material. That's very important when we go from more pilot programs to throw large-scale manufacturing.
The next question is, does your current cash position and currently burn rate gives you sufficient headroom has been funding received for and to execute on the Green HiPo Project and other commitments?
I'm going to turn this to Kevin. So Kevin, could you please answer this?
Kevin Brackman
Yes, sure. Thank you, Vassili. So let me share some information on our liquidity situation and cash burn rate. So we finished the second quarter with right around $10 million of available cash on our balance sheet. As you know, over the past three months or so, we've put in place a couple of different equity facilities.
One is an equity line of credit with Lincoln Park Capital. The other is an ATM facility with H.C. Wainwright. Each of those facilities gives us the opportunity to access up to $50 million of capital over the next three years. And that's our - at our discretion on whether and when we utilize those facilities.
So we have those two facilities in place. As I mentioned in my comments this morning, we raised $3.4 million in the month of June, utilizing one of those two facilities. At the same time, we have also taken actions recently to reduce our costs and to reduce our spend rate.
So as I look forward to the second half of the year, I'm anticipating that our monthly spend for operating and capital expenses will probably range between $2.5 million and $3 million per month. And so the $3.4 million that we raised back in June is sufficient or even more than sufficient to cover what we expect to be our monthly spend rate in the second half of the year.
So that would continue to be our plan in the short term. It's to continue to use these facilities to raise the cash that we need to cover our operating expenses until such time that we receive funding from either Green HiPo or from other sources of capital. And with that, I will turn it back to Vassili.
From CC: In the meantime, as we said, we are complaint to the European Union because we feel that this is a big delay here from the state, and it's simply not acceptable by us. So I sent the letter to commissioner Breton, who initiated an internal discussion within the European Commission with DG growth and DG internal market industry and SME.
These are policy departments, the directional general. And there, what we got back is that despite that within the holiday month, the European union will work very close to the Greek authorities, to be able to inform us and us inform you the shareholders that the project we received the foreseen public funds. So I think where in the last stages. And there, as you know, we have very big delays with interaction with other European partners. Of course, we have suffered, we believe a big loss in our valuation because of all of that.
So this thing needs to be resolved as soon as possible. The Europeans understand that this is a project of common European interest. It's not Greece only, not Italy for - then oral let's say, it's not transfer McAfee. So I think the Europeans were push very hard on this. Now we received on August 4, a letter by the Deputy Minister of Economy and Finance from Greece, Mr. [indiscernible] and respond to my letter to him on July 25. And basically, the idea is, and I will go over later in a bit - the idea is that the Greek state is examining and planning ways to implement actions and to strengthen the initiatives that will contribute to the transition, the productive and growth model of the great economy towards climate neutrality.
Parameters for the plan and such actions include implemented projects at specific times, the viability of the completed proposal plans as well as compliance with regulatory obligations and guidelines regarding the management of European funds. The Greek state is kind of reviewing funding for IPCEI program and we'll provide further updates at the appropriate time. So the delay is solely with the Greek state, and we expect this to be resolved very, very soon.
Advent Technologies Reports Q2 2023 Results
August 11 2023
Link to Press Release https://ir.advent.energy/news/news-details/2023/Advent-Technologies-Reports-Q2-2023-Results/default.aspx
Link to Webcast https://events.q4inc.com/attendee/477223135
Highlights
- Agreement with BASF to establish end-to-end supply chain for hydrogen fuel cell systems in Europe.
- Signed MoU with Safran Power Units to advance HT-PEM fuel cell technology for the aerospace sector.
- Secured $1.1 million contract to supply HT-PEM MEAs for fuel cell-powered trucks in Asia.
- Working actively with the Greek State for the timely signing of Advent’s Green HiPo project, following official ratification from the European Commission under the Important Projects of Common European Interest (“IPCEI”) Hy2Tech Program.
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced consolidated financial results for the three months ended June 30, 2023. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Q2 2023 Financial Highlights
(All comparisons are to Q2 2022, unless otherwise stated)
- Revenue of $1.1 million and income from grants of $0.7 million, for a total of $1.8 million.
- Operating expenses of $11.2 million, a year-over-year increase of $0.6 million, primarily related to an increase in research and development costs, as well as expenses related to our new Hood Park facility in Charlestown, MA.
- Recognized $9.8 million of asset impairment charges, mostly related to the assessment of goodwill and other intangible assets from the Company’s acquisitions in 2021.
- Net loss in Q2 of $(21.8) million or $(0.41) per share.
- Unrestricted cash reserves were $10.1 million as of June 30, 2023, a decrease of $9.5 million from March 31, 2023, which includes $3.4 million of cash raised from the Company’s equity line of credit with Lincoln Park Capital, $1.9 million paid to complete the acquisition of the fuel cell systems business in Denmark, Germany and the Philippines, $0.8 million paid to acquire land in Kozani, Greece for the Green HiPo project, and $0.4 million paid for the build-out of the Hood Park facility.
“The consolidation of our operations continued apace during Q2 2023, which has increased focus towards securing commercial contracts across our core energy markets of stationary and mobility. This has also resulted in our cash burn becoming gradually reduced, and as various non-core fixed costs decline, we will continue to drive efficiencies wherever possible,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “OEMs are increasingly showing interest in our HT-PEM technology due to its functional applicability and adaptability with a range of non-fossil fuel sources. We are confident that our technology can provide the means for our core markets to move to an environmentally cleaner and large-scale sustainable model. We shall remain focused on successfully developing innovative fuel cell systems and expanding our collaboration agreements with world-class partners.”
Business Updates
BASF and Advent Sign Agreement to Establish End-to-End Supply Chain for Hydrogen Fuel Cell Systems in Europe: BASF Environmental Catalyst and Metal Solutions, a global leader in precious metals and catalysis, and Advent concluded the terms of a new agreement to join efforts in building a full-loop component supply chain for fuel cells.
For the past 20 years, BASF Environmental Catalyst and Metal Solutions has been a leader in membrane and membrane electrode assembly (“MEA”) technology for high temperature proton exchange membrane (“HT-PEM”) fuel cells with a strong foundation in precious metal services and catalysis. Advent is a significant manufacturer of HT-PEM fuel cell systems, targeting emerging markets in the field of sustainable and decentralized energy such as stationary power that can replace diesel generators, maritime power from e-methanol fuel cells, and heavy-duty mobility.
HT-PEM fuel cells operate at 120°C to 180°C, offer a broad operating window and can tolerate impurities in the hydrogen fuel gas. The fuel cells also enable simplified cooling and do not require humidification. Advent offers competitive fuel cell systems for stationary and portable applications based on methanol and on-site reforming. Looking ahead, HT-PEM fuel cells will also become available for heavy-duty mobility and maritime power.
The scope of the agreement includes BASF’s role in scaling-up MEA production at Advent’s planned state-of-the-art manufacturing facility in Western Macedonia, Greece, while offering Advent its full portfolio of products and services to enable circularity in key materials. Both companies will cooperate on BASF’s latest membrane development, Celtec®-Z, and the new Ion Pair™ MEA by Advent, aiming for improved performance, lifetime and cost competitiveness.
Advent Technologies and Safran Power Units Sign MoU to Advance HT-PEM Fuel Cell Technology for the Aerospace Sector: Advent signed a memorandum of understanding (“MoU”) with Safran Power Units, a leader in auxiliary power systems and turbojet engines. Leveraging Advent’s proprietary Ion Pair™ MEA technology, and Safran’s aerospace knowledge and capabilities, this new collaboration seeks to advance the development of next-generation HT-PEM fuel cell technology, specifically for the aerospace sector.
HT-PEM enables more efficient heat management versus low temperature-PEM (“LT-PEM”). HT-PEM is more adapted for applications requiring high amounts of power combined with strong integration constraints such as aviation. HT-PEM is also more robust and can withstand tougher operating conditions, such as extreme temperatures and pollution, versus LT-PEM.
The collaboration is further supported by a strong research consortium including Safran Tech (the Research & Technology Center of Safran Group), the French Alternative Energies and Atomic Energy Commission, Fraunhofer Institute, the French National Centre for Scientific Research, the University of Strasbourg, and the IMDEA Energy Institute. Led by Safran Power Units and with the support of Advent, the consortium has secured a grant for the Clean Hydrogen Partnership TC3-08 NIMPHEA Project. Running from 2023 to 2026, the project is funded by Horizon Europe. NIMPHEA Project’s main objective is to develop an aircraft-compatible, next-generation HT-PEM MEA. This involves optimizing and enhancing various components such as the catalyst layer, membrane, and gas diffusion layer. Advent’s Ion Pair™ MEA technology serves as the foundation for these advancements.
As part of the MoU, Advent and Safran Power Units are exploring a joint development agreement for the advancement of HT-PEM fuel cells in aviation and for enhancing Advent’s supply capability.
Advent Technologies Secures $1.1 Million Contract to Supply its HT-PEM MEAs for Fuel Cell-Powered Trucks in Asia: Advent announced a contract with a prominent fuel cell manufacturer specializing in truck applications in the East Asian market. Under this contract, Advent will supply MEAs to support the development of advanced fuel cell solutions for trucks. The contract, which was signed in the second quarter of 2023 with a combined value of $1.1 million, comes after a highly successful testing phase of Advent’s proprietary MEA technology conducted by its customer. Advent will deliver HT-PEM MEAs with a projected continuation of deliveries aligned to the customer’s specified timeframe.
The use of Advent’s MEA technology in fuel cell-powered trucks is a critical and substantial enhancement to EV technology, effectively tackling the challenges associated with charging infrastructure and the limited range of pure EVs. MEAs are the critical component of fuel cell systems and have a pivotal role in determining the overall performance, durability, efficiency, weight, and cost-effectiveness of the electrochemical products they empower.
Advent’s electrochemistry components business includes electrodes, membranes, and MEAs. These components are critical for fuel cells, electrolysers, and for long-duration energy storage such as flow batteries.
European Electrolyser Summit: Advent participated in the 2nd European Electrolyser Summit held in Brussels. Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, was part of a group of 30 CEOs representing the European electrolyser manufacturing sector in a meeting with European Commissioner Thierry Breton. The primary purpose of the meeting was to discuss and address the objectives outlined in the Joint Declaration of the May 2022 EU Electrolyser Summit. The meeting, jointly organized by the European Commission and Hydrogen Europe as part of the Electrolyser Partnership, brought together approximately 44 companies actively involved in the European electrolyser supply chain.
Following the 2nd European Electrolyser Summit, the industry remains steadfast in its commitment of achieving the ambitious goals set out in the REPowerEU communication. The objective is to accomplish 10 million tons (“Mt”) of domestic hydrogen production and import 10Mt of hydrogen by 2030. As part of this commitment, the industry is planning to significantly increase electrolyser production in the EU, aiming to ramp-up capacity by a factor of seven within three years. This will involve scaling-up from the current 3GW production capacity to approximately 21GW by 2025.
In a recently published document, the partnership members and the European Commission provided an update on the progress that has been made one year after the signing of the Joint Declaration. The document highlights the industry’s continued efforts to expand its European footprint as the regulatory framework moves closer to completion. Notable developments include the Renewable Energy Directive, Delegated Acts on Additionality, and the Hydrogen Bank.
Update on Green HiPo Project: On May 26, 2023, Advent provided an update on the implementation of the Green HiPo project under the framework of IPCEI Hy2Tech. This update highlighted the recent milestones achieved in the project as described below, emphasizing the collective dedication of the entire Advent team towards decarbonization, and the transformation of the clean energy landscape in Greece and Europe.
1. Acquisition of Land: Advent successfully acquired the ownership rights to a prime parcel of real estate located in Kozani, Greece, where its planned state-of-the-art facility for its Green HiPo IPCEI project is expected to be located. This land acquisition underscores Advent’s unwavering dedication to establishing a robust infrastructure that will effectively and strategically support the objectives of the Green HiPo IPCEI project. Advent has also set-up a coordination and planning office in the center of Kozani which will serve as the operational hub for the Green HiPo IPCEI project.
2. Recruitment Process and Hiring of Key Professionals: Advent has initiated the process of identifying and hiring key professionals – scientists, engineers, and managers who will play integral roles at the new state-of-the-art facility in Kozani. These individuals will drive critical functions such as research and development, first industrial deployment, and supply chain management. Their expertise will be instrumental in the development, design, and manufacture of innovative fuel cell systems and electrolyser systems. Advent’s careful selection process will ensure that top-tier talent is recruited to support the successful execution of the Green HiPo IPCEI project, thereby ensuring the project’s success and innovation.
On August 4, 2023, Advent was informed by the Ministry of National Economy and Finance that the Greek State is currently reviewing the financing for IPCEI Hy2Tech. Accordingly, and as a pre-requisite for unlocking the State Aid funding for Green HiPo, the Greek State is examining and planning ways to implement actions and to strengthen initiatives that will contribute to the transition of the productive and growth model of the Greek economy towards climate neutrality. Parameters for the planning of such actions include implementing projects at specific times, the viability of the completed proposed plans, as well as compliance with regulatory obligations and guidelines regarding the management of European funds.
Dr. Gregoriou concluded, “Advent continues to make significant progress in both the stationary and mobility power sectors. We will continue to consolidate our business with a view to maximizing efficiency and effectiveness throughout our global operations, and to focus on core markets and significant projects. The Greek State is progressing with its review of the Green HiPo project, and we await the finalization of all necessary procedures. I am confident in the potential of Advent and our technology, and I am very optimistic that we will continue to increase market share as economies embrace clean energy and decarbonization.”
Conference Call
The Company will host a conference call on Friday, August 11, 2023, at 9:00 AM ET to discuss its results.
To access the call please dial (888) 660-6182 from the United States, or (929) 203-0891 from outside the U.S. The conference call I.D. number is 3273042. Participants should dial in 5 to 10 minutes before the scheduled time.
A replay of the call can also be accessed via phone through August 25, 2023, by dialing (800) 770-2030 from the U.S., or (647) 362-9199 from outside the U.S. The conference I.D. number is 3273042.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical 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 more than 150 patents issued, pending, or licensed worldwide for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures and under extreme conditions – offering a flexible option for the automotive, aviation, defense, oil and gas, maritime, and power generation sectors. For more information, please visit www.advent.energy.
Advent Technologies Announces Date for Second Quarter 2023 Earnings Call
August 04 2023
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/91737371/advent-technologies-announces-date-for-second-quar
Company to Report Q2 2023 Results on August 11, 2023
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced that it will release its financial results for the second quarter ended June 30, 2023 on Friday, August 11, 2023 and will host a conference call the same day at 9:00 AM ET to discuss its results.
To access the call please dial (888) 660-6182 from the United States, or (929) 203-0891 from outside the U.S. The conference call I.D. number is 3273042. Participants should dial in 5 to 10 minutes before the scheduled time.
A replay of the call can also be accessed via phone through August 25, 2023, by dialing (800) 770-2030 from the U.S., or (647) 362-9199 from outside the U.S. The conference I.D. number is 3273042.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical 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 more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Economy Ministry seeks to increase ‘Greece 2.0’ program by 5 billion euros
Friday, August 4, 2023
https://www.naftemporiki.gr/english/1501352/economy-ministry-seeks-to-increase-greece-2-0-program-by-5-billion-euros/
The Economy and Finance Ministry seeks to increase the budget of the Recovery and Resilience Facility (Greece 2.0) by 5 billion euros, with Alternate Minister Nikos Papathanasis expected to submit the relevant request to the European Commission.
The new proposal of “Greece 2.0” will be submitted by the end of August and will initially include the REPowerEU funds amounting to 795 million euros as well as a request for additional loan resources of 5 billion euros which will be added to the loan part of the program totaling 12.7 billion euros. Provided that the relevant request is approved, the total amount to Greece will rise to 36 billion euros from 31.16 billion euros.
It is pointed out that the request to increase the allocated budget of the existing action by 5 billion euros will expand the possibilities and scope of financing investments.
The request will incorporate a reduction of the maximum economic assistance to Greece by 339 million euros as a result of the higher than expected increase in real GDP, while absolutely necessary changes may be proposed, due to objective difficulties. Given that the Recovery and Resilience Facility has an expiry date in 2026, speeding up procedures and overcoming obstacles is critical.
REPOWEREU
Although the potential increase in the overall budget cannot be characterized as negligible, REPowerEU is considered to be of major importance.
Given the current energy crisis, and with a view to reducing the country’s energy dependence and energy costs, but also the reforms and investments in the framework of the national Recovery and Resilience Facility, as well as the general policies and actions presented in the National Energy and Climate Plan (NECP), further actions are deemed necessary to accelerate the energy transition through energy conservation, diversification of energy supply and faster deployment of renewable energy sources (RES) to replace fossil fuels in the domestic sector, industry and energy production.
The proposed investments and reforms under the REPowerEU fund aim to further promote:
• energy efficiency through actions aimed at the energy renovations of households and the tertiary sector, as well as promoting the energy efficiency of water supply and sewerage companies
• the penetration of RES through actions that promote energy storage, the production of green hydrogen and biomethane, the installation of photovoltaic systems in combination with storage systems (batteries) and the saving of energy for households with the installation of solar water heaters
• carbon dioxide capture, use, transport and storage technologies and infrastructures to address climate change and minimize greenhouse gas emissions through the development of carbon dioxide capture and storage facilities in Greece and the installation of capture, use, transport and carbon dioxide storage to large consumers for whom there is no alternative way to reduce their emissions in a technically feasible and economical way.
Western Macedonia: From lignite to hydrogen, with Advent Technologies' Green HiPo "vehicle"
Thanasis Tegos August 3, 2023
https://tharos.gr/dytiki-makedonia-apo-ton-ligniti-sto-ydrogono-me-ochima-to-green-hipo-tis-advent-technologies/
Interviews in "Tharros", on the occasion of the great investment in our region, of the "Green HiPo" of Advent Technologies (Advent), a company listed on the NASDAQ stock exchange in New York
On the occasion of the great investment in our region, the " Green HiPo " of Advent Technologies (Advent), a company listed on the NASDAQ stock exchange in New York , " Tharros " proceeded to interviews the Regional Governor of Western Macedonia Giorgos Kasapidis, the Deputy Minister of the Interior, Responsible for matters of Macedonia and Thrace, Stathis Konstantinidis, and the President and CEO of Advent Technologies , Dr. Vasilis Grigoriou.
With the plan of Advent Technologies in Kozani, approximately 650 jobs will be created within the next 6 years, by attracting scientists and utilizing the local potential and the University of Western Macedonia. The investment of "Green HiPo" can reach 780 million euros. Innovative fuel cell systems with a total capacity of 120MW and electrolysis units with a total capacity of 1.5GW will be produced in the area.
Advent's "Green HiPo" is one of five projects proposed by Greece for funding under the Important Projects of Common European Interest program of the Hydrogen Technologies and Systems value chain (IPCEI Hydrogen), and one of the first two to receive validation by the European Commission. The approval of the "Green HiPo" by the competent bodies proves the world-class innovative technology that Advent has and the confidence shown by both Greece and the EU in the company's ability to implement such an important project for the transition them to a clean energy future.
The purpose of "Green HiPo" is the construction and operation of an industrial unit, as well as Research and Development (R&D) facilities for the production of fuel cells and electrolysis units, in the area of ??Kozani. These products will be used to produce electricity and green hydrogen , respectively. Green hydrogen is the most environmentally friendly option, as it is produced from renewable sources such as solar and wind energy, through the process of electrolysis, which emits no harmful emissions. Mass production of green hydrogen is needed to decarbonize polluting industries such as steel, fertilizers and refineries, which are responsible for around 14% of global CO2 emissions.
The interviews in "Courage" about the great investment in our region, the "Green HiPo" of Advent Technologies (Advent)
Question to Mr. Stathis Konstantinidis, Deputy Minister of the Interior, Responsible for Macedonia and Thrace: How important is the implementation of projects like Advent's Green HiPo for the consolidation of Northern Greece as an energy center of clean forms of energy?
Western Macedonia: From Lignite To Hydrogen, With "Vehicle" Advent Technologies' Green Hipo
Our region is the energy lung of our country. That is why it is a very important investment, not only for the creation of jobs, but because such an investment also creates an ecosystem. We want Western Macedonia and Northern Greece to pioneer new technologies and renewable forms of energy. Therefore we want companies, which are active in cutting-edge technologies.
I consider this proposal to be one of them. This is a mature proposal. The Region of Western Macedonia and the Regional Governor Giorgos Kasapidis have invested a lot in hydrogen. There are other plans for our area. They are known to all of us and we hope they will play an important role.
Questions to Mr. Georgios Kasapidis, Regional Governor of Western Macedonia:
Why is Advent's Green HiPo project of pivotal importance for the region of Western Macedonia and how is it expected to contribute to the regeneration of the local economy?
The project is of pivotal importance. It concerns the largest investment in green hydrogen technology at this time in Europe and one of the largest in the world.
It is an investment costing around 800 million with over 650 well-paid jobs. It is an investment that is at the core of the European policy for it and is supported by a special framework of important programs of Europe. It is also very important because, from this investment we succeeded and attracted it with the same forces with the support of the prime minister himself, who is personally interested in investments in Western Macedonia. The project will create equivalent jobs to those that will be lost through de-lignitization. At the same time, the burden on the environment will be zero because these are investments that are green and the final products that will be produced will be sold throughout Europe and throughout the world.
What moves have been made with the aim of ensuring that this particular investment will go to Western Macedonia and not to some other region of Greece or Europe?
Western Macedonia has the highest investment incentives of any other Region in Greece, and among the highest in Europe. The Just Transition program foresees special funding for the education and training of workers on the new technologies and the new professions that will open up. This makes it possible for workers who are currently involved in conventional energy technologies to be retrained with funding from the program and to have their training paid for as long as it takes to acquire up-to-date knowledge and skills on these technologies that will secure them a job .
Question to Dr. Vassilis Grigoriou, President and CEO of Advent Technologies:
Why did you choose the region of Western Macedonia for this specific investment and how is Green HiPo expected to contribute to the fulfillment of Europe's ambitious goals?
Although we have industrial production units in two more EU countries, namely Germany and Denmark, we chose Western Macedonia for the implementation of Green HiPo, continuing to show in practice its faith in the dynamics of Greek society and economy. We hope that the project will attract highly qualified scientific and technical personnel. At the same time, the purpose of Advent is also to reverse the brain drain that Greece has been suffering from in recent years and to turn it into a brain gain, bringing back to the country, knowledge and potential that it lost in previous years.
Green HiPo will contribute to meeting the European Union's target of producing 10 million tonnes of renewable hydrogen in Europe by 2030. Through Green HiPo, we aim to contribute to Europe's transition from a carbon-based economy to a more "green" economic model and help our country at the same time.
There is no doubt that Greece has all the resources to act as a strategic hub for the European hydrogen and fuel cell industry. With the implementation of the project expected to start very soon, the entire Advent team will continue to work every day with the goal of turning Greece into an example of how a small country can be a producer of world-class innovation and competitive products.
Grigoriou (Advent): Hydrogen is here to stay – We will see rapid market growth within the decade
8/3/2023
https://energypress.gr/news/grigorioy-advent-ydrogono-erhetai-gia-na-meinei-tha-doyme-ragdaia-anaptyxi-tis-agoras-mesa
Advent Technologies CEO Vassilis Grigoriou, attending the Hydrogen & Green Gases Forum, spoke about the importance of the technology that is being developed in relation to hydrogen, estimating that we will see rapid market growth in the coming years.
In detail, on the sidelines of the Conference, he noted:
This is a very special day, as hydrogen is gaining more and more value in Greece, but also in Europe and worldwide. So we are very happy to follow the proceedings of the Conference and I think many people will learn new things.
The technology is very important because green hydrogen comes from the electrolysis of water, where we use RES, to make a clean fuel, which can also be used in many other chemical processes. So in reality, while natural gas is a transition fuel, hydrogen is the final stage. I believe that it will be a part of our lives much faster than previous predictions estimated.
It is not true that there is a large cost. This has to do with 2 things. With the way of production, which every day improves with technological breakthroughs and economies of scale. That is, if there is no market, a product is expensive. But if there is a market and demand, it is produced in larger quantities, so it becomes cheaper.
I strongly believe that with the developments that we have, because of the Russian invasion of Ukraine, we will have a huge acceleration, throughout this ecosystem, and in a decade we will reach a point, where hydrogen will be a large part of the energy chain.
19.8 million for the Hydrogen Innovation Hub at AEVAL
CourageCourage August 3, 2023
https://tharos.gr/198-ekat-gia-ton-komvo-kainotomias-ydrogonou-stin-aeval/
Proposal of €1,500,000 from the Region for the management of cheese milk of the cheese factories of Western Macedonia
Presented to the 3rd Territorial Committee of Western Macedonia by a team of EKETA, specifically by the Director of Research Mr. Panagiotis Grammelis and the Mechanical Engineer Mr. Nikos Margaritis following the invitation of the Regional Governor Giorgos Kasapidis, the 2nd Innovation Pocket – Hydrogen Node, an emblematic project for the promotion of RES and innovative entrepreneurship. The project has been included in the Just Development Transition Program 2021-2027 with a budget of €19,799,974.00 and the Beneficiary of the Act is the National Center for Research and Technological Development (EKETA).
The title of the project is " Hydrogen Innovation Hub " with the acronym "H2-HUB". The purpose of the proposed Action is the independent research and the development of demonstrative applications of H2 technologies in terms of its production, storage and utilization in Greece and the wider region of South-Eastern Europe, in order to contribute to strengthening the competitiveness of the region.
As part of the research project, the H2-HUB includes a Pilot Unit for the production of Green H2 and its applications, while the following research actions will be developed:
- Evaluation of energy flows, energy consumption of facilities
- Building basic pilot unit operation scenarios
- Determination of optimal pilot unit operation scenario
- Optimizing the automation of the entire installation with the aim of better energy management of the installation and the effective response to emergency security incidents
- Evaluation of energy efficiency of electrolytes, batteries, fuel cells of different sizes with the aim of choosing the best technology for each case.
The Beneficiary and Operator of the proposed Action, within the framework of the H2-HUB, will, among other things, develop and operate the necessary laboratory infrastructures for the implementation of measurements and performance certifications of the equipment for Hydrogen and will contribute to the wide dissemination of know-how, in non-exclusive and non-discriminatory basis, to develop skilled human resources & support expected / ongoing green hydrogen industrial investments in the country and internationally.
Specifically, the H2-HUB will consist of:
1) Photovoltaic park (PV)
2) Two H2 production electrolytes, to produce up to 100 kg of green H2 per day, for research purposes
3) Fuel cell, for research purposes and the production of energy (thermal and electrical) for own needs
4) Station H2: The Hydrogen Fuel Supply Station (Hydrogenadiko), will initially serve two (2) municipal heavy vehicles-garbage trucks and two smaller vehicles for the transport of personnel and supplies of the H2 Hub, for research purposes with prospects for the development of hydrogen propulsion applications
5) Storage battery array to cover operation during evening hours and for research purposes
6) An MV Substation that will manage the generated electricity of the PV Park and will be the connection to the grid
7) Special laboratory infrastructures of measuring instruments (testing facilities) for the purpose of examining and certifying various technologies for the production and storage of green H2
8) Special buildings (isobox) for administration/meeting room, control room and metal construction for the testing/certification workshop (testing facilities).
The project has been located on a plot of land of 20 acres in the former industrial area of ??AEVAL (OT 19) which has been granted to EKETA for use for 30 years (the concession has received positive approval from BIO.PA.P S.A. of the Municipality Eordia). It is noted that the project has received Environmental Conditions Approval and is expected to be auctioned in the next period of time.
$ADN Twitter post: "Tharros," the leading local website and newspaper in Kozani, Greece, has just posted an interview (in Greek) discussing the significance of Advent's Green HiPo IPCEI project. #fuelcells #electrolyzer #hydrogen #cleanenergy
"Tharros," the leading local website and newspaper in Kozani, Greece, has just posted an interview (in Greek) discussing the significance of Advent's Green HiPo IPCEI project. #fuelcells #electrolyzer #hydrogen #cleanenergy https://t.co/CTNdqSxLI0
— adventnrg (@adventnrg) August 3, 2023
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