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These people are delusional. They have had their money locked up in this scam for over 5 years (more than they should have risked). The SEC doesn't give a shit. Huge risk and not much reward
MINISTRY: Subsidies, RepowerEU and storage in the first places in the block of Th. Skylakakis
From George Alexakis
It was published
27/06/23 7:25
With the energy crisis seeming to be "fading" but continuing as an uncertainty to remain on the agenda of threats, as well as bets of the green transition being a "horizontal" challenge to the economy, the new leadership of the Ministry of Environment and Energy in the next period is called upon to act directly on three fronts.
Against this background, the new minister, Theodoros Skylakakis, immediately, following the announcements of the providers for the July retail price lists, will have to decide on the continuation or not next month of the electricity subsidies, having the said pending, ex of necessity, first on the "block".
It should be noted that the new tariffs will take effect from July 1, being at roughly the same levels as the current ones, which however had, even if marginal, some subsidies. It is noted that for monthly consumptions of up to 500 kWh, the electricity subsidy for May and June amounted to 15 euros/MWh, according to the announcement of the Ministry of Energy and Environment.
The value of the electricity subsidy for households and farmers in May and June amounts to 47 million euros.
In addition, Mr. Skylakakis with the "seasoned" and extensive experience due to his 4-year term at the Ministry of Internal Affairs Alexandra Sdoukou , now in the position of deputy minister, will have to run the large storage projects, the new ESEK and the electrification process, where central the big plan of expanding electric mobility throughout the country and the integration of batteries into the electrical system also has a place.
The big "players" of the field have already taken a position in this design, which will be a basic balancing exercise for the new leadership.
Gas units
The "exercise" is also complemented by the selection process for which of the candidate power plants to be built, using natural gas, will be implemented.
The plans concern a unit that will be installed in the Industrial Area of ??Komotini and is being promoted by Thermoelectric Komotini, a company jointly established by GEK TERNA and Motor Oil.
Another power plant project is close to starting work. The project is jointly promoted by PPC, DEPA Emporias and Damco Energy through "Alexandropolis Power Generation Monoprosopi S.A."
Also another project is promoted by "Larissa Thermoelectric MAE" and it is planned to be installed within the Industrial Area (BI.PE.) of Larisa, which is located within the boundaries of the Municipality of Tempo.
Finally, Elpedison is promoting a natural gas thermal unit in Thessaloniki. The plant will have a capacity of 826MW and is jointly promoted by Helleniq Energy and Edison.
Save
Already, the tender for the operational and investment support of autonomous storage units with batteries with a total capacity of 400 MW, with the publication of the relevant announcement by the Waste, Energy and Water Regulatory Authority (RAAEF). As provided in the text of the announcement, investors will submit their offers until July 10 and the project evaluation process will follow by the Authority, so that the final list of projects that will qualify will be made public at the beginning of August. At the same time, the process with the chargers is also "running",
Electrification
Already, the electrification plan is underway in every phase of the economy, from transport and housing with the various programs. Already, a “Charging Everywhere” program has been launched, which was originally supposed to start in the first quarter of 2023 and will subsidize the installation of 8,000 electric vehicle charging points by up to 70%. It has a total budget of 80 million euros, the relevant resources of which have already been committed by the Recovery Fund.
Within the framework, the investments and reforms for the green transition include, among other things, the interconnection of the Greek islands promoted by ADMIE and which will allow the better utilization of RES, the undergrounding of the electricity network in urban and forest areas by the DEDDIE, the energy upgrade of homes, business building infrastructures and public buildings and infrastructures through a series of programs, tackling energy poverty and promoting electrification in Mass Transportation.
RepowerEU
In addition, the drafting of the proposal for claiming funds for RepowerEU and the implementation of the energy projects that have been included in the Recovery and Resilience Fund in the "green transition" axis are expected to be among the central priorities of the new leadership. Of course, in everything that has to do with the Fund and RepowerEU, Mr. Skylakakis has a complete picture as he ran the whole project from his previous position of Deputy Minister of Finance.
It should be noted that the utilization of the great opportunity offered by the Recovery Fund and of course the "redirection" of the unused loans to the REPowerEU program is urgently requested by the Commission in the text of the fiscal guidelines, which accompanied the evaluation of each Stability Program of the member states.
"Keep the momentum in the steady implementation of the recovery and resilience plan and quickly complete the REPowerEU chapter, with the aim of quickly starting its implementation" the Commission asks the member states and of course Greece and reiterates the need to ensure continuous adequate administrative capacity in view of the size of the plan, but also to continue the rapid implementation of cohesion policy programmes, in close complementarity and synergy with the Recovery Fund plan.
It is recalled that, based on what has been reported in a recent press meeting by executives of the previous economic staff, the country has already made a relevant process for the complete submission during the summer (the end of July or at the latest until the end of August) of an official request to the Commission for the additional loans amounting to 5 billion EUR and subsidies of EUR 760 million under REPowerEU.
Essentially, these funds will go to "green" actions but at the same time, as mentioned, they will "free up" space for other actions, with a strong production orientation, which can strengthen the extroversion and productive reconstruction of the Greek economy.
It is recalled that with these data, with the claim of additional resources from the Recovery Fund, the amount that Greece will receive rises to 36 billion. €14.7 billion in grants from the Recovery Fund and €760 million from REPowerEU plus €12.7 billion in loans from the Recovery Fund and another €5 billion from REPowerEU.
Even before the Commission expressed its recommendations, it had notified the member countries of the requests it had received for loans through REPowerEU, and in particular it had announced Athens' intention to receive an additional "package" of loans amounting to 5 billion euros which will be allocated for the financing of additional energy transition projects. More specifically, the 5 billion euros from the loans will be used mainly to finance energy, private investments – through borrowing and equity – in areas such as:
Renewable Energy Projects (RES), e.g. solar and wind energy, biomethane, green hydrogen, etc.
Energy efficiency projects, e.g. interventions in existing business buildings, upgrading infrastructure and increasing the efficiency of production processes
Initiatives to promote "clean" transport
Clean energy access projects such as off-grid solutions and distributed electricity networks
Battery Energy Storage Systems (BESS) etc.
It is recalled that the Recovery Fund, with the data so far, expires in 2026. The member states have the right for a single interim review until the end of this year. In this context, the revised Recovery Plans, in addition to the changes caused by the energy crisis, should also incorporate all the other parameters, such as the acceptance that some projects will be delayed and thus have to be integrated, budgets to be revised or reforms to be adapt. In fact, member states can also modify their plan if they prove that objective conditions make it impossible to implement certain milestones and goals. These objective conditions could be linked to inflation,
It is noted that the main motivation for companies to resort to Recovery Fund loans is the low cost: a fixed interest rate of 0.35% for very small and small companies and 1% for medium and large ones, in a period when the upward trend of interest rates, at the European level, is estimated to continue its upward trend.
The additional 5 billion give, as mentioned, room for the redirection of resources to other "axes" of the Fund. In fact, given that the resources from these community funds have a double multiplier in the economy than the PDE resources, then it is estimated that the impetus to development and also to other actions, which strengthen the energy transition.
At the same time, in its recommendations, the Commission reiterates the goal of:
Reducing dependence on fossil fuels and further accelerating the diversification of energy supply routes.
Further expansion of renewable energy development with the completion and enforcement of the new legal frameworks for the licensing process and for offshore wind farms.
Increasing the electricity grid and storage capacity.
The promotion of decentralized production of renewable energy sources and the establishment of legislative frameworks for the production of renewable hydrogen and biomethane.
Stepping up the provision of measures that improve energy efficiency, including targeted measures for energy-poor households and the installation of smart meters, as well as policy efforts aimed at providing and acquiring the skills needed for the green transition.
Support the decarbonisation of the transport sector, in particular by promoting electric vehicles.
https://energymag-gr.translate.goog/news/energeia/ypen-epidotiseis-repowereu-kai-apothikefsi-stis-protes-theseis-sto-blokaki-tou-th-skylakaki/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
05/24/23
Exciting News! We're thrilled to announce that Advent has signed an MoU with Siemens Energy, marking the beginning of a groundbreaking collaboration. Together, we'll be working on an integrated fuel cell energy solution that combines Advent's HT-PEM technology with Siemens Energy's expertise in integrated electrification, automation and digital solutions. Our focus? Decarbonizing industries with sustainable power, starting with marine applications and expanding to other industrial applications.
Advent's methanol-powered fuel cell systems will be seamlessly integrated in Siemens Energy’s holistic value proposition for Marine Industry including alternative energy sources like batteries and solar panels, ensuring compliance with environmental regulations. This powerful combination provides the next generation of sustainable power to the maritime industry.
The signing ceremony was attended by key executives from Advent and Siemens Energy, including Dr. Vasilis Gregoriou, Advent's Chairman and CEO, Morten Sørensen, Senior VP of Advent Technologies A/S, Denmark, Søren Kildedal, Technology Solution Director, Marine, of Advent Technologies A/S, Lucretia Loescher, VP Europe & Africa for Industrial Solutions of Siemens Energy, Giuseppe Sachero, VP Industrial Solutions South West Europe of Siemens Energy, Stefan Diezinger, VP Sales Industrial Solutions Europe & Africa of Siemens Energy, Norberto Barlocco, Engineering Director of Siemens Energy, and Markus Wagner, Lead Project Manager for Fuel Cells of Siemens Energy.
Stay tuned for updates as we embark on this exciting journey towards a cleaner, more sustainable future together!
#fuelcells #renewableenergy #cleanenergy #hydrogen #marine #maritimeindustry #maritime
https://www.linkedin.com/feed/update/urn:li:activity:7067186090075426816/
"Oxygen" of development, green hydrogen: The Greek projects - beacons
The draft National Hydrogen Strategy foresees rich investments and 4,000 jobs by 2030
Lalela Chrysanthopoulou • echrysanthopoulou@naftemporiki.gr
Investments 3-4 billion euros by 2030, creation of up to 4,000 jobs and an increase in GDP of up to 1.1 billion. euros per year could be "unlocked" by the development of the "green" hydrogen industry in Greece by 2030. This is foreseen in the draft of the National Strategy for Hydrogen which is expected to be given soon to public consultation and key elements of which are included in the report of the International Energy Agency (IEA) for Greece, which was recently made public. The plan states a target for the development of 750 MW of electrolysis capacity in Greece and the production of 3500 Gigawatt hours of hydrogen using green energy by the end of the decade, which will require the development of RES stations (80% photovoltaic - 20% solar) with a total capacity of 3 GW. If the objectives are achieved,
The creation of a green hydrogen economy with use in transport (heavy vehicles, shipping, aviation), in industry and under conditions in power generation is one of the main axes of the revised National Energy and Climate Plan. Awaiting the new ESEK and the National Strategy for Hydrogen, in the "background" of the increased emphasis that the European Commission places on green hydrogen to achieve its climate goals (which translates, among other things, into financing of hydrogen projects from various "tools" , such as REPower EU, the Innovation Fund and the Connecting Europe Facility among others), significant mobility is already observed in the sector with the gradual maturation of the first pilot projects from the refineries (Motor Oil,
Explaining the government's road map for the development of the hydrogen industry in Greece, the General Secretary of Energy and Mineral Raw Materials of the Ministry of Energy, Alexandra Sdoukou, notes speaking to "N" that "The vision of complete independence from fossil fuels by 2050 cannot to be carried out only with RES and the electrification of the economy, because there are also sectors where this is not technically possible, such as certain sectors of heavy industry, as well as the sectors of heavy road transport, shipping and aviation. In these sectors, decarbonisation will be achieved with "green" hydrogen, i.e. hydrogen produced from RES through electrolysis. The technology to produce hydrogen in this way is already mature, while the research to deal with the technical and economic problems in the fields of hydrogen use is also evolving. It is estimated that the period up to 2030 will be critical for the maturation of hydrogen use technologies in these "difficult to electrify" sectors, while after 2030 the rapid development of hydrogen will manifest itself, roughly as happened with RES. In any case, we recognize the future importance of hydrogen, but also the current state of technology that does not allow us to make hasty decisions. We also expect the manifestation of initiatives at EU level. which will allow the financing of investment projects in the field of hydrogen since the funds that will be required are large. Our priority remains the development of RES (where the technology is mature),
The coordinator of the National Hydrogen Strategy, Konstantinos Papaloukas, for his part, emphasizes that until 2027, the hydrogen market in Greece will be in its infancy, due to uncertainties, lack of infrastructure and high costs. As a catalyst to "go ahead" in this critical phase, state aid will act to implement the first integrated pilot projects/applications (such as the "Hydrogen Valleys") and to create the first critical infrastructures, with the conversion to "hydrogen ready" pipelines in natural gas transmission and distribution networks. These projects will also bring to the surface all the issues that the regulatory authorities will be asked to resolve. The market creation phase is defined as the period 2027-2035, where the main issue will be the creation of economies of scale to reduce the -still high- cost, while during the period 2035-2050- the phase of development and maturation of the market is expected, with the private initiative gaining the first floor, as the cost it will be streamlined, there will be commercial maturity and the infrastructure will support cross-border trade. As key parameters for the development of the renewable hydrogen market, it identifies the – still high – cost of electrolysis devices, the – lowest possible – marginal cost of electricity production, the adequacy of the electricity grid, the availability of water and access to value chains of critical raw materials. as costs will be streamlined, commercial maturity will exist and infrastructure will support cross-border trade. As key parameters for the development of the renewable hydrogen market, it identifies the – still high – cost of electrolysis devices, the – lowest possible – marginal cost of electricity production, the adequacy of the electricity grid, the availability of water and access to value chains of critical raw materials. as costs will be streamlined, commercial maturity will exist and infrastructure will support cross-border trade. As key parameters for the development of the renewable hydrogen market, it identifies the – still high – cost of electrolysis devices, the – lowest possible – marginal cost of electricity production, the adequacy of the electricity grid, the availability of water and access to value chains of critical raw materials.
The Greek projects- "signals"
The most mature projects that have already received funding from the EU under the IPCEI (Projects of Important Common European Interest) "Hydrogen" are the B&T Composites H2CAT project on carbon fiber infrastructure that can be used for transport or storage hydrogen and Advent Technologies' Green HiPo for the construction of an electrolyte and fuel cell production unit for the production of green hydrogen in Western Macedonia. It was followed by the H2CEM project of the cement industry TITAN which will be subsidized with 60 million euros for the production of green hydrogen through electrolysis through RES stations that will be installed in three of the company's factories,
Regarding the projects of the large energy groups, as Spyros Kiartzis, Director of New Technologies and Alternative Energy Sources of Helleniq Energy, told "N", a pilot project for the production of green hydrogen by electrolysis is being planned, with the installation of a 10 MW unit at the Elefsina refinery. The project is intended to be put into operation at the end of 2024, with the prospect of increasing its capacity (scale up) in the second year. The hydrogen that will be produced can either be consumed within the refinery, or transported, feeding hydrogen refueling stations. He adds that the cost of green hydrogen is directly related to the cost of producing renewable electricity and the goal is to set it at as low a level as possible.
From Motor Oil's point of view, the "flagship" of the projects that the group is maturing is Blue Med, which is being developed in phases and is expected to be fully completed by 2027. As the company states in its annual financial statements for 2022, the section under development is concerns the creation of a plant with a 30 MW electrolytic cell system for the production of green hydrogen, the construction of five hydrogen refueling units and the creation of a new fleet of high-pressure tanker trailers, together with the relevant hydrogen compression equipment for the distribution of hydrogen within Greece. Carbon capture and storage infrastructure is under evaluation. The reason for the IRIS project which seeks to combine the production of extremely low-carbon hydrogen and methanol, through carbon capture (CCS).
However, Motor Oil also cooperates with PPC for the development of the green hydrogen industry in Greece through the Hellenic Hydrogen joint venture. From the podium of the Delphi Forum, the General Manager of the company, Dimitris Triantafyllopoulos, spoke of "investments of several million euros for the production of green hydrogen". The joint venture's first project is s-ARTEMIS which involves the development of a 100MW electrolysis plant to produce approximately 11,789 tonnes of renewable hydrogen using wind and solar energy in Amyntaio in Western Macedonia and aspires to be the largest commercial electrolysis cell project in Greece and one of the largest in Europe. It has been submitted for funding under the third call for large-scale projects of the EU Innovation Fund.
Finally, DESFA together with Bulgaria's DESFA Bulgartransgaz are planning two projects to be included in the next wave of IPCEI "Hydrogen". The first concerns the upgrading of the existing infrastructures of the two Operators so that they can transport hydrogen mixed with natural gas. The second - and more ambitious - concerns the construction of a network of pipelines for the transport of pure hydrogen. The Greek section will connect, among other things, Athens with Thessaloniki with one of its legs ending at the Greek-Bulgarian border, while the Bulgarian section will cross the entire country. The purpose of the project is the transport of pure hydrogen mainly from the southern part of Greece, to the point of interconnection with Bulgaria, as well as in the area of ??Kavala where high hydrogen intensity industries and future storage facilities are located.
https://www.prlogos.gr/%CE%BF%CE%BE%CF%85%CE%B3%CF%8C%CE%BD%CE%BF-%CE%B1%CE%BD%CE%AC%CF%80%CF%84%CF%85%CE%BE%CE%B7%CF%82-%CF%84%CE%BF-%CF%80%CF%81%CE%AC%CF%83%CE%B9%CE%BD%CE%BF-%CF%85%CE%B4%CF%81%CE%BF%CE%B3/
I will never understand how ABML (diluted shares to oblivion 653,608,760 outstanding shares) still have a higher market cap than ADN. ABML has never made money and doesn't even have a facility built yet
Advent Technologies Reports Q4 2022 Results
03/31/2023
Q4 2022 revenue of $2.0 million and income from grants of $0.4 million.
Full year 2022 revenue of $7.8 million and income from grants of $1.5 million.
Net loss in Q4 of $47.6 million or $(0.92) per share, including an impairment charge of $38.9 million. Adjusted net loss in Q4 of $13.2 million or $(0.26) per share.
Company holds unrestricted cash reserves of $32.9 million as of December 31, 2022.
After official ratification from the European Commission of the European Union for funding of €782.1 million under the Important Projects of Common European Interest (“IPCEI”) Hydrogen – Technology for Advent’s Green HiPo project, Advent has been working with the Greek State to establish the mechanism and timing schedule for the funding facility.
Commissioning of new Hood Park R&D and manufacturing facility in Boston, Massachusetts. This facility will enable Advent to scale-up and deliver on the increasing global demand for its electrochemical products.
BOSTON--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced its consolidated financial results for the three months and year ended December 31, 2022. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Q4 2022 Financial Highlights
(All comparisons are to Q4 2021, unless otherwise stated)
Revenue of $2.0 million and income from grants of $0.4 million. The total of $2.4 million is down 22% year-over-year, due to a decline in orders for the Company’s stationary fuel cell systems primarily driven by a change in tower ownership by certain Philippines telecom operators.
Full year 2022 revenue of $7.8 million and income from grants of $1.5 million. The total of $9.3 million is an increase of 18% year-over-year, primarily due to a full year of results from the Company’s fuel cell systems businesses, compared to a partial year post-acquisition in 2021.
Operating expenses of $11.7 million, a year-over-year decrease of $4.6 million, primarily due to a reduction in incentive and stock-based compensation expenses.
Net loss in Q4 of $47.6 million or $(0.92) per share. Adjusted net loss of $13.2 million or $(0.26) per share. Adjusted net loss excludes a $2.1 million gain from the change in the fair value of outstanding warrants, a $2.4 million gain from an acquisition purchase price adjustment, and a $38.9 million goodwill and intangible asset impairment charge.
Asset impairment charge primarily relates to goodwill from the Company’s stationary fuel cell systems business in Denmark, Germany, and the Philippines, which was acquired in August 2021.
Unrestricted cash reserves were $32.9 million as of December 31, 2022, a decrease of $9.5 million from September 30, 2022. In the fourth quarter of 2022, the Company received $0.4 million in tenant improvement allowances for the Hood Park R&D and manufacturing facility in Charlestown, MA, which is net of additional spending for the build-out of the facility.
“Advent continued to make progress in the last quarter, despite global recession and inflationary pressures. Subsequent to ratification by the EU for Advent’s IPCEI Green HiPo project, we have been working with the Greek State on the mechanism and timing schedule for the funding facility. It is our goal to finalize these discussions as soon as possible and proceed with the roll-out of the program,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “With our focus on operational efficiency and the drive for growth, we have now commissioned our new R&D and manufacturing facility at Hood Park, Massachusetts. This will operate alongside our planned facility in Western Macedonia, Greece, by virtue of Green HiPo, allowing for both facilities to efficiently target different geographies and specialized markets. We remain confident that we are on a path for growth, and we look forward to keeping you apprised of future developments.”
Business Updates
Green HiPo Project: After official ratification from the European Commission of the European Union for funding of €782.1 million under the IPCEI Hydrogen – Technology for Advent’s Green HiPo project, Advent has been working with the Greek State to establish the mechanism and timing schedule for the funding facility. These meetings have included visits by Greek State officials to the Company’s research and production facilities in Patras, Greece. The next steps towards implementation of Advent’s Green HiPo Project have been discussed and highlight the Company’s intention to create approximately 600 direct jobs for qualified scientific and technical personnel and up to 4,600 indirect jobs over a period of six years. Green HiPo will be based in Western Macedonia, Greece, and will involve the development, design, and manufacture of HT-PEM fuel cells and electrolysers for the production of power and green hydrogen, respectively.
New Hood Park R&D and Manufacturing Facility: In March 2023, Advent announced that it had opened its new R&D and manufacturing facility at Hood Park in Boston, Massachusetts. Located at the heart of one of Boston’s newest innovation and R&D communities, the Hood Park facility will enable Advent to scale-up and deliver on the increasing global demand for electrochemical components in the clean energy sector by including state-of-the-art coating machines to support the seamless transition from prototypes to production runs for advanced membranes and electrodes; a fully analytical facility dedicated to quality control, performance analysis, and improving product lifetime; fuel cell test stations for statistical process control and development of next-generation membrane electrode assembly (“MEA”) materials, and, a mechanical engineering lab for developing automated processes for MEAs. One of the products to be manufactured at Hood Park is the ion-pair Advent MEA which is currently being developed within the framework of L’Innovator, the Company’s joint development program with the U.S. Department of Energy. Advent intends that its proprietary fuel cell products, such as Serene and Honey Badger 50™, will use the ion-pair Advent MEAs beginning in 2024. The Company expects the introduction of the ion-pair Advent MEA will significantly reduce the cost of our Serene flagship product suite and thus expand the immediately addressable market. Furthermore, the expected system increase in power density and lifetime will highly differentiate Advent’s fuel cells in the heavy-duty mobility industry.
Joint Development Agreement with Hyundai Motor Company (“Hyundai”): On March 22, 2023, Advent and Hyundai announced a successful technology assessment. The assessment evaluated Advent’s proprietary MEA technology for supplying Hyundai’s high-temperature fuel cell needs, and following its success, the two companies have entered into a Joint Development Agreement (“JDA”). The agreement solidifies the interest of one of the world leaders in fuel cell technology to further develop the HT-PEM technology in collaboration with Advent. The first step of the JDA focuses on the MEA. Advent’s goal is to provide its MEAs and its HT-PEM fuel cell development expertise to co-develop with automotive manufacturers the next generation of fuel cells for heavy-duty mobility. The HT-PEM fuel cell technology is highly differentiated compared with the current LT-PEM technology because it allows a vehicle to operate with efuel such as eMethanol, biofuels, and low-purity hydrogen; it allows higher impurity in the hydrogen or air intake, a case which is very common in practice and has repeatedly hampered LT-PEM deployments in real-world conditions; it has built-in resilience, as the HT-PEM fuel cell does not rely on water for conductivity, therefore eliminating the problems of operating in extreme heat, cold, or humid conditions; and it has a higher efficiency resulting from the high-temperature operation, which allows for optimized cooling, a critical performance parameter for heavy-duty trucks and aircraft. Based on the aforementioned, Advent will pursue strategic joint development agreements to achieve its goal of supplying key MEA components and technology to the mobility market.
Vantage Towers Greece (“Vantage Towers”): On December 19, 2022, Advent launched a proof of concept (“PoC”) project with Vantage Towers to replace diesel generators with fuel cells. Vantage Towers Greece is the largest and only independent tower infrastructure company in Greece, operating more than 5,250 towers for Vodafone Greece and Wind Hellas. By replacing diesel generators with fuel cells at non-permanent sites that are not connected to the power grid, they can be supplied with environmentally friendly electricity. Under the PoC, Vantage Towers Greece, a subsidiary of Vantage Towers Group, one of Europe’s leading tower companies, will explore the applicability of Advent’s Serene biomethanol-powered fuel cell systems as back-up and primary power sources for its telecom towers. This new collaboration is particularly aligned with the overall strategy of Vantage Towers, which aims to drive sustainable digitalization in Europe by reducing carbon emissions across its network by using clean energy solutions. Following the successful completion of the PoC project in Greece, Advent and Vantage Towers could consider wider deployments. Advent has already installed approximately 1,000 methanol-powered Serene fuel cell systems worldwide, primarily used as a back-up power source for the telecommunications sector.
Collaboration with Alfa Laval: On January 10, 2023, Advent announced a collaboration with Alfa Laval, a global provider of heat transfer, separation, and fluid handling products, on a project to explore applications of Advent’s methanol-powered HT-PEM fuel cells in the marine industry. Funded by the Danish Energy Technology Development and Demonstration Program, the project is a joint effort between Advent, Alfa Laval and a group of Danish shipowners. The project will focus on testing Advent’s methanol-powered HT-PEM fuel cells as a source of marine auxiliary power. During the course of the project, the fuel cell system will undergo a risk assessment by a leading international classification society. At the same time, the project aims to integrate the next generation of Advent’s fuel cells. These fuel cells will be based on Advent’s next-generation MEA. Aiming to meet the ever-growing power requirements of the maritime industry, Advent’s next-generation fuel cells are expected to demonstrate a significant increase in lifetime, efficiency, and electrical output.
Marine Fuel Cell Solution for Superyachts: On February 9, 2023, Advent announced a new marine collaboration with a globally renowned energy technology company, offering sustainable solutions across the entire energy value chain. Advent and its partner will work together to develop a 50kW–500kW marine fuel cell solution for a range of superyachts, which will provide a sustainable and reliable source of auxiliary power and offer improved power density. This marine fuel cell solution is initially expected to be used as a hybrid power source, enabling clean electricity generation instead of using conventional diesel engines and generators for procedures such as anchoring and maneuvering. As part of the agreement, Advent’s partner has placed an initial order for 20 of Advent’s methanol-powered Serene fuel cell systems. Following the completion of this project, the two parties will explore the potential of developing similar solutions for a wider range of business applications beyond marine, such as industrial power solutions.
Honey Badger Fuel Cell for U.S. Department of Defense: Advent continued with the development efforts of the Honey Badger 50™, the portable power generator for the Defense market, funded by the U.S. Department of Defense. The Company expects the production version to be finalized in 2023, and our goal is to receive production orders in 2024 increasing to higher volumes in 2025. We consider the Department of Defense programs a very important part of our innovation portfolio, as they demand performance under extreme conditions and prove the resilience of the HT-PEM technology. The portable fuel cell application market is also a potential target for growth, where we intend to seek synergies with established market leaders that require a fuel cell product suite.
Conference Call
The Company will host a conference call on Friday, March 31, 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 April 14, 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.
https://ir.advent.energy/news/news-details/2023/Advent-Technologies-Reports-Q4-2022-Results/default.aspx
Norwegian Cruise Line’s $1.3bn methanol bet a ‘great signal’
Chemical tankers and container ships are already using alternative fuel for propulsion
MI member Norwegian Cruise Line Holding’s €1.2bn ($1.3bn) investment in retrofitting ships to run on methanol is a sure sign that maritime views the alternative fuel as a viable way to meet pending carbon limits, an industry advocate said.
Norwegian has modified newbuilding contracts with shipbuilder Fincantieri so that the last four vessels of a six-ship Prima Class order will be able to burn green methanol at the aforementioned additional cost.
The Prima Class’ 3,099-berth Norwegian Prima (built 2022) was introduced in August 2022 and will be followed by 3,215-berth sister ship Norwegian Viva in August of this year.
“This reinforces the company’s commitment to decarbonisation and represents an important step forward in the pursuit of net zero greenhouse gas emissions by 2050,” the New York-listed cruise shipowner said on Tuesday in its fourth-quarter earnings report.
The fuel has already garnered industry confidence as there are chemical tankers and container ships using methanol as fuel, said Greg Dolan, chief executive of the Methanol Institute.
“This is another great signal that bets are being placed on methanol, and they are very large bets,” he told TradeWinds.
“This decision by Norwegian Cruise Line Holdings shows that the cruise industry is moving toward the same trajectory as the liner sector.”
And Norwegian is not the only cruise major putting chips down on methanol.
Costa Group, Carnival Corp’s Italian brand, is looking at how to speed up the supply of sustainable methanol in partnership with Swiss methanol producer Proman.
The partnership, which was formalised two weeks ago, could lead to retrofitting ships owned by Costa Cruises and Carnival’s Aida Cruises to burn methanol.
Methanol may not be the only alternative fuel that the cruise industry will use to reduce carbon output, but it will certainly play a major role in that effort, Dolan said.
“The only options for transitional fuel today are methanol and LNG,” he said.
“It will be a transitional fuel. You don’t replace 350m tonnes of bunker fuel overnight.”
Methanol is an attractive alternative to bunker fuel because it emits 95% less particulate matter, and it is affordable and safe to handle, he said.
“All those teething pains with the new technology have been addressed,” he said.
“You can buy an engine today and run on methanol today.”
Several engine manufacturers are already busy making them, such as Man Energy Solutions, Wartsila, Caterpillar, Alfa Laval, ABC, WinGD, Hyundai Heavy Industries and Rolls Royce, he said.
https://www.tradewindsnews.com/cruise-and-ferry/norwegian-cruise-line-s-1-3bn-methanol-bet-a-great-signal-/2-1-1412185
Both. Greece "White Dragon" and Europe "Green HiPo"
Who cares about E7777???
It doesn't make sense. Greece playing games
The start of construction of the new High Pressure Pipeline to #WestMacedonia was marked by a special event organized by #DESFA on Thursday, 23 February, in Kozani, in the presence of the Regional Governor of #WesternMacedonia, George Kasapidis, the Mayor of #Kozani, Lazaros Maloutas, representatives of the local administration and local authorities, as well as DESFA’s partners in the project Prometheus Gas S.A. , #DamcoEnergy, AVAX GROUP, CORINTH PIPEWORKS, C&M Engineering S.A.,Asprofos Engineering, and Moody Tottrup Hellas S.A.
The new 160-kilometer pipeline, with a budget of €163 million, brings the regions of Central and Western Macedonia to a new #energy era, ensuring their smooth energy transition while enabling them to play a leading role in the country’s future #decarbonized energy system, as it will be the first pipeline in #Greece and one of the first at European level capable of transporting up to 100% #hydrogen.
The event was followed by visit to the pipe yard of the project, where the first 24 kilometers of pipes for the construction of the pipeline have already been transferred. #desfa #pipelinetowestmacedonia #energytransition #infrastructure #project
Learn more ??
https://bit.ly/3kxct1k
maria rita galli Andreas Diamandopoulos Konstantinos Mitzalis Antonis Mitzalis George Tasakos George Manis Ilias Bekiros Theodoros Apostolopoulos Danilatos Konstantinos Athanasios Tazedakis Ioannis Chomatas sophia michelaki Vasiliki Papadopoulou Foteini Zannetopoulou
Start of Construction Works on the Pipeline to Western Macedonia
https://www.desfa.gr/en/press-center/press-releases/desfa-enarjh-twn-ergwn-kataskeyhs-toy-agwgoy-pros-th-dytikh-makedonia
Only a matter of time. I like the quote that "the implementation of the project has begun, as the company opened its offices in Kozani and the project is expected to start in the first half of 2023"
No, it's the same SEC filing they keep updating every month (it feels like). It's lawyer talk for they can do a shell offering whenever. So, no they did not dilute anything.
No updates on Hyundai, Hood Park opening or funding from Green HiPo. Damn CEO said multiple times throughout 2022 we would have updates by the end of 2022. I guess his $800k salary is going to use somehow. One of the highest salaries for such a small company. Advent's CEO is making the same salary as a huge company like PLUG.
The European Union has made one step forward towards breaking free of its dependence on Russian fossil fuel imports and diversifying its energy supplies.
Representatives from the European Parliament and the EU council struck an early morning provisional deal on Wednesday to allow EU countries to add a REPowerEU chapter to their post-COVID national recovery and resilience plans.
REPowerEU is a plan unveiled in May by the Commission in response to Moscow's war on Ukraine to utilise €225 billion of unspent money initially earmarked to help the bloc's economies rebound from their COVID slump to speed up the energy transition and diversify energy supplies away from Russia.
The deal will enable capitals across the bloc to receive crucial funding for key investments and reforms supporting the energy transition and the increased resilience of the EU energy system.
"We delivered on what we promised: REPowerEU will enter into force at the beginning of next year. We successfully concluded negotiations between the European Parliament and the Council last night,” Siegfried Muresan, EPP Group Vice-Chair for Budgets and Structural Policies and one of the main negotiators, said.
"With 20 billion euros in new funds, REPowerEU will support Member States in reducing their dependency on Russian fossil fuels. It will also speed up the transition to renewable energy.”
Christmas across Europe: Carp in your bathtub and other Czech traditions
What do we know about the European Parliament corruption scandal?
New and existing reforms and investments outlined in the member states’ recovery plans starting from February 1, 2022 – the onset of the war in Ukraine – will receive REPowerEU’s funding. These measures must be designed to tackle energy poverty for vulnerable households and small- and medium-sized businesses.
Some 30 per cent of the funds included in the REPowerEU plan will be assigned to cross-border projects, as the EU wants to create a strongly independent and autonomous “Energy Union”.
Romanian MEP Drago? Pîslaru (Renew) described the agreed plan as "an instrument that has three main ingredients: ambition, transparency and flexibility."
"It is a moment of tremendous ambition from the EU to show and provide the means to become energetically independent from one door to another, from one neighbour to the bakery at the corner of the street," he added.
"REPowerEU is the solution our citizens, our businesses, our generations need to overcome this energy crisis and to cut out their energy bills. And today I am proud to say we made it!”
https://www.euronews.com/my-europe/2022/12/14/eu-strikes-repowereu-deal-to-break-free-of-its-dependence-on-russian-fossil-fuels
Council of the EU Press release 14 December 2022 04:45
EU recovery plan: Provisional agreement reached on REPowerEU
The EU is accelerating the end of its dependence on Russian fossil fuel imports. Negotiators of the Council and the European Parliament have reached a provisional agreement on the REPowerEU proposal which aims to strengthen the strategic autonomy of the Union by diversifying energy supplies and boosting the independence and security of the Union’s energy supply. The agreed text is subject to approval by the Council and the European Parliament before undergoing the formal adoption procedure.
In practical terms, member states will be able to add a new REPowerEU chapter to their national recovery and resilience plans (RRPs) under NextGenerationEU, in order to finance key investments and reforms which will help achieve the REPowerEU objectives.
Zbynek Stanjura, Minister for Finance of Czechia
I am very pleased that the Czech Presidency is now delivering on one of our key promises: ending the EU’s dependence on Russia’s fossil fuels and paving the way for a radical overhaul of the Union’s energy sector. REPowerEU is going to enable us to finance the necessary investments and reforms.
Zbynek Stanjura, Minister for Finance of Czechia
Among the key objectives of REPowerEU will be increasing the resilience, security and sustainability of the Union energy system through the needed decrease of dependence on fossil fuels and diversification of energy supplies at Union level, including by increasing the uptake of renewables, energy efficiency and energy storage capacity.
The REPowerEU chapters in member states’ recovery and resilience plans (RRPs) shall outline new reforms and investments, started from 1 February 2022 onwards, and/or the scaled-up part of reforms and investments included in the already adopted RRPs, with their corresponding milestones and targets.
The scope of the chapters is further clarified and will include, among others:
boosting energy efficiency in buildings and critical energy infrastructure
decarbonising industry
increasing production and uptake of sustainable biomethane, and renewable or fossil-free hydrogen
increasing the share and accelerating the deployment of renewable energy
improving energy infrastructure and facilities to meet immediate security of supply needs for gas, including liquefied natural gas (LNG), notably to enable diversification of supply in the interest of the Union as a whole
oil infrastructure and facilities necessary to meet immediate security of supply needs may be included in the REPowerEU chapter of a member state that has been subject to the exceptional temporary derogation due to its specific dependence on crude oil and geographical situation
addressing energy poverty
incentivising a reduction of energy demand
addressing internal and cross-border energy transmission and distribution bottlenecks
supporting electricity storage
accelerating the integration of renewable energy sources
supporting zero emission transport and its infrastructure, including railways
As regards the financing of the grants, the co-legislators agreed that the sources will be the Innovation Fund (60%) and frontloading ETS allowances (40%).
The allocation key will be a formula which takes into account cohesion policy, member states’ dependence on fossil fuels and the increase of investment prices, in line with the Council’s position.
Member states will have further incentives to request loan support including in the case of requests above 6.8% GNI where the relevant conditions apply. Member states will have the possibility of voluntary transfers from the Brexit Adjustment Reserve (BAR).
Member states which have unspent cohesion funds from the previous Multiannual Financial Framework (2014-2020) will have the possibility to use them to support SMEs and vulnerable households particularly affected by energy price increases.
The agreement is provisional as it still needs to be confirmed by member states in the Council, and by the European Parliament to be final.
Background
On 18 May 2022, the European Commission proposed the REPowerEU package which modifies the Recovery and Resilience Facility (RRF) regulation and other legislative acts. It provides for targeted amendments to finance investments and reforms with the objective of diversifying energy supplies and reducing dependence on fossil fuels. This will be achieved by adding in the RRPs dedicated chapters including new reforms and investments and ensuring synergies and complementarity between measures funded under the RFF and actions supported via other national or Union funds.
In concrete terms, the legislative proposal submitted in conjunction with the REPowerEU plan aims at making the RRF the strategic framework for REPowerEU initiatives, maximising complementarity, consistency and coherence of policies and actions taken to accelerate the reduction of dependence on fossil fuels and mitigate its socio-economic costs and impacts during the transition.
The Commission proposal introduced:
1) Amendments of the RRF regulation:
An increase in the RRF financial envelope with € 20 billion in grants from the sale of EU Emission Trading System allowances. The allocation key related to distribution of these new funds among the 27 member states remains the same as in the original RRF regulation (reflecting impact of COVID-19 crisis on the economies of the member states);
An obligation for the member states modifying their RRPs to also submit a dedicated REPowerEU chapter;
A targeted exemption from the obligation to apply the do-no-significant-harm (DNSH) principle for reforms and investments improving energy infrastructure to meet immediate security of supply needs for oil and gas;
An obligation to communicate to the Commission within 30 days after the entry into force of the regulation, whether member states intend to request loan support to enable the possibility to reallocate loans, including increasing the maximum amount in exceptional circumstances;
A new assessment criterion catering for the specific objectives of REPowerEU;
Reporting obligations regarding the REPowerEU chapter
2) Amendment of decision (EU) 2015/1814 prolonging the current intake rate of allowances to the Market Stability Reserve until 2030 and providing a possibility to release and auction a portion of allowances held therein and allocate the generated revenue towards the RRF.
3) Amendment of directive 2003/87/EC establishing modalities for the auctioning of allowances released from the Market Stability Reserve and transfer of the generated € 20 billion revenues to the Recovery and Resilience Facility.
4) Amendment of regulation (EU) 2021/1060 providing a possibility for member states to transfer up to 7.5% of their national allocation to the RRF, in addition to the existing 5% transfer possibility, to support reforms and investments included in the REPowerEU chapter.
5) Amendment of regulation (EU) 2021/2115 providing a possibility for member states to deliver part of the European Agricultural Fund for Rural Development (EAFRD) through the RRF, to support reforms and investments included in the REPowerEU chapter.
The Council agreed its position on the proposal on 4 October 2022. On 10 November, the European Parliament adopted a number of amendments to the legislative proposal, which constitute its position in the negotiations with the Council. Trilogue negotiations started on 16 November and ended in the provisional agreement reached today.
REPowerEU: Council agrees its position (press release, 4 October 2022)
A recovery plan for Europe (background information)
Energy prices and security of supply (background information)
https://www.consilium.europa.eu/en/press/press-releases/2022/12/14/eu-recovery-plan-provisional-agreement-reached-on-repowereu/
That's why I said it looks factored in (low pps). Share price is not reflecting funds in the bank.
That's impressive. I wonder how many applications companies can use this tech in space realm.
Looks like it is already factored in
Still waiting on the release dates for each year
Advent Technologies Holdings Q3 2022 Earnings Preview
Advent Technologies Holdings (NASDAQ:ADN) is scheduled to announce Q3 earnings results on Monday, November 14th, before market open.
The consensus EPS Estimate is -$0.20
ADN market share and potential growth in the market:
$1 - $1.4 trillion investment is needed by 2040 to meet de-carbonation commitments
Diesel generator market
$37 billion 2027
Telco market
1.18 million telecom towers globally and growing because of 5G
Electrolyser market
17.5 GW of electrolisers by 2025
MEA market
The global PEM electrolyzer (PEMEL) market should grow from $737.6 million in 2022 to $4.3 billion by 2027 with a compound annual growth rate (CAGR) of 42.2% for the period of 2022-2027. Compound Annual Growth Rate 42.2%
The PEMEL market for hydrogen fueling stations should grow from $370.0 million in 2022 to $3.5 billion by 2027 with a compound annual growth rate (CAGR) of 56.9% for the period of 2022-2027.
The PEMEL market for the chemical industry should grow from $99.6 million in 2022 to $183.9 million by 2027 with a compound annual growth rate (CAGR) of 13.1% for the period 2022-2027.
Fuel Cell market
The Global Proton Exchange Membrane Fuel Cell (PEMFC) Market Size was estimated at USD 1,063.45 million in 2021 and is projected to reach USD 7,154.37 million by 2028, exhibiting a CAGR of 31.30% during the forecast period.
Billions:
Portable Power Systems
Heavy duty Trucks
Trucks
Marine
Aviation
Trains
Niche market: $2 billion market by 2027
Drones
Robotics
Surveillance
Augmented Reality
Agriculture
The latest interview of Advent's Chairman and CEO, Dr. Vasilis Gregoriou, is featured on the Greek energy website "energyin.gr". In it, Dr. Gregoriou discusses the critical role that #hydrogen and related technologies will play in achieving #carbonneutrality and how the recent geopolitical upheaval has led to the further acceleration of the #greenenergytransition. At the same time, Dr. Gregoriou shares Advent's #investment plans and future goals by highlighting the Company's expansion throughout the region of Western Macedonia through the Green HiPo Project under the framework of #IPCEI, as well as how its new R&D and manufacturing facility at the Hood Park campus in Charlestown, Massachusetts will enable Advent to scale up and deliver on the increasing global demand for electrochemical components in the #cleanenergy sector.
We met in his office Dr. Vassilis Grigoriou, president and CEO of Advent Technologies, the company that holds a leading position in the field of fuel cell technology. In a full-length discussion, he told us about the company's listing on the NASDAQ Stock Exchange in New York, the new projects that are coming and its future plan.
“The role of hydrogen in achieving a sustainable energy transition is more important than ever”
Interview: Margarita Asimakopoulou
- K. Grigoriou, tell us about the course of Advent Technologies, which already counts 16 years since its establishment.
Advent was founded in 2006 in Patras by scientists who had a common vision for the future: a world with clean, safe, sustainable and affordable energy. Today, Advent is a subsidiary of Advent Technologies Holdings, Inc. (NASDAQ: ADN), an American company based in Boston, Massachusetts, that develops, manufactures and markets advanced fuel cell-based renewable energy systems.
To date, we have completed 38 Research and Development projects that have been funded by the European Union, the USA, but also at the national level by the countries in which we operate. At the same time, we have developed strong intellectual property with more than 150 patents in fuel cell technology and maintain long-term business partnerships with giants such as BASF and De Nora.
All these years we have been working hard with the aim of bringing next-generation fuel cell technology to market and leading the global transition to green energy. Our highly differentiated technology “answers” ??key issues facing the hydrogen economy, such as infrastructure costs and total cost of ownership.
2021 was a pivotal year for our company. The year began with the successful listing of Advent on the NASDAQ New York Stock Exchange, followed by important strategic partnerships and commercial agreements, which helped us expand our presence in new, international markets. At the same time, we significantly strengthened our production capacity, with acquisitions of innovative companies in Germany, Denmark and the USA.
Advent now has more than 200 employees worldwide and maintains offices and facilities in the US, Greece, Denmark, Germany and the Philippines. We are convinced that the innovative technology we are developing will play a leading role in the global energy transition. The main reason is that it allows fuel cells to be able to run on hydrogen carrier fuels (methanol, ethanol, natural gas), which can be stored more easily compared to pure hydrogen. This comparative advantage has established Advent as a global leader in the development of advanced materials, components and processes for fuel cell applications in the automotive, aerospace, defense, oil and gas,
2022 has been a milestone year for the development of our company. The potential of our technology is being explored by major automotive companies such as Hyundai Motor Company, and we are already in advanced discussions with industry leaders. Our technology is based on Advent's new next-generation high-temperature proton exchange membrane, which we are currently developing under L'Innovator, a promising development program with the US Department of Energy's Los Alamos National Research Center, Brookhaven National Laboratory and the National Renewable Energy Laboratory.
In addition, we work with the US Department of Defense and the Greek Army, providing portable fuel cell devices that can be used quickly and efficiently by military units. It is worth noting that Advent recently signed an agreement with the state of Brandenburg in Germany for the supply of fuel cell systems. The specific systems will be installed in vital infrastructures of the wider region within the next three years.
At Advent we aim to implement projects that will leave their own unique imprint. One of these projects is the Green HiPo project, an Important Project of Common European Interest of the value chain "Hydrogen Technologies and Systems" (IPCEI Hydrogen). The Green HiPo is expected to be implemented in the region of Western Macedonia and concerns the construction and operation of an industrial plant, as well as Research and Development facilities for the production of fuel cells and electrolysis units. The European Commission proceeded to validate the Green HiPo in July 2022, following notification by the Greek State. The total amount of financing may reach 782.1 million euros and will be completed in six years. In addition,
– Lately we hear more and more often that renewable energy is now the only way for the "green" transition. Do you think hydrogen can become one of the mainstream alternative fuels?
Undoubtedly, the role of hydrogen in achieving a sustainable energy transition is more important than ever before. In addition to the numerous environmental benefits of using hydrogen, we are seeing increasing efforts by governments and industry to harness it as a key ingredient in accelerating the green transition. One such example is the Joint Declaration, co-signed in May 2022 by leading manufacturers of electrolysis units in Europe, in the context of a joint statement with the European Commission in Brussels. Advent Technologies was one of the companies that signed the declaration, which aims to increase the production capacity of European Union member states tenfold to 17.5GW by 2025. All Advent employees recognize the need to act immediately and, through the implementation of Green HiPo, we aim to contribute significantly to the demanding goals of the European Union. At the same time, the US has already taken significant steps to accelerate the development and production of green hydrogen technologies through the federal "Regional Clean Hydrogen Hubs" program.
– Are you optimistic about the future of this particular market?
Recent geopolitical developments and their implications have given rise to the further acceleration of the green energy transition. Furthermore, by 2030, the majority of industries will be forced to use electricity produced by zero-emission technologies, such as hydrogen. I am very optimistic about the future of this market and I strongly believe that the faster adoption of hydrogen technologies is a solution, which is based on logic, as it can bring numerous advantages for Greece, the European Union and the whole world. One of the most important advantages is the reduction of dependence on external markets. Also, through the increasing production of green hydrogen, in the coming years we will see hydrogen prices begin to compete with those of fossil fuels. At the same time, the cost of fuel cells is expected to drop just as significantly, and these powerful and simple electrochemical engines will begin to become a dynamic part of our daily lives. So it would not be an exaggeration to say that hydrogen and its related technologies are now a key part of the solution to the current geopolitical and energy crisis but also an integral part of the future energy mix!
– We recently saw that you were among the key partners who signed a Memorandum of Understanding to create a green hydrogen hub in the US Northeast. How did this collaboration come about?
As I mentioned above, we are going through a very important period for the US transition to clean energy technologies. As an ambitious company born in Greece but now based in Boston, we saw this initiative as an important opportunity to highlight the unique advantages of our technology and contribute in a meaningful way to the transformation of 6 northeastern states of the USA (Connecticut, Massachusetts, Maine , New Jersey, New York and Rhode Island) to one of at least four regional green hydrogen hubs designated through the federal Regional Clean Hydrogen Hubs program. This alliance lays the groundwork for the creation and submission of a proposal with the aim of leveraging funding from the United States Department of Energy, which is expected to be announced by October 2022, and is up to US$8 billion. We are excited to be part of such a meaningful industry collaboration – with more than 60 world-renowned partners active in the field of green hydrogen – which places a strong emphasis on innovation and investment in safe, clean hydrogen energy and addressing climate change, while at the same time, it aims to improve the health and economic development of the residents. Although it is still in the early stages, I believe that the footprint that Advent will leave through its participation in this particular program will be extremely important. We are excited to be part of such a meaningful industry collaboration – with more than 60 world-renowned partners active in the field of green hydrogen – which places a strong emphasis on innovation and investment in safe, clean hydrogen energy and addressing climate change, while at the same time, it aims to improve the health and economic development of the residents. Although it is still in the early stages, I believe that the footprint that Advent will leave through its participation in this particular program will be extremely important. We are excited to be part of such a meaningful industry collaboration – with more than 60 world-renowned partners active in the field of green hydrogen – which places a strong emphasis on innovation and investment in safe, clean hydrogen energy and addressing climate change, while at the same time, it aims to improve the health and economic development of the residents. Although it is still in the early stages, I believe that the footprint that Advent will leave through its participation in this particular program will be extremely important. clean hydrogen energy and to combat climate change, while at the same time aiming to improve the health and economic development of the inhabitants. Although it is still in the early stages, I believe that the footprint that Advent will leave through its participation in this particular program will be extremely important. clean hydrogen energy and to combat climate change, while at the same time aiming to improve the health and economic development of the inhabitants. Although it is still in the early stages, I believe that the footprint that Advent will leave through its participation in this particular program will be extremely important.
– What are your next investment plans and future goals?
We are currently nearing completion of construction of a new state-of-the-art manufacturing facility at the Hood Park campus located in Charlestown, Massachusetts. Hood Park is one of Boston's newest and largest research and innovation hubs. The production facility is expected to be operational in the fall of 2022 and will primarily focus on the development and production of the next generation of fuel cell components that we are developing in collaboration with the US Department of Energy. This new production facility will allow us to significantly increase our production capacity and meet the growing global demand for innovative products in the renewable energy sector. At the same time, through the implementation of Green HiPo, we will proceed with the construction of an industrial plant for the production of fuel cells and electrolysis units in Western Macedonia, with the aim of producing, within six years, innovative fuel cell systems with a total capacity of 120MW and electrolysis units with a total capacity of 1.5GW. The new production unit in Western Macedonia is expected to create approximately 650 new jobs over the course of 6 years for qualified scientific and technical personnel, contributing significantly to the economic development of the region. There is no doubt that Advent is now going through a period of rapid growth. We will continue to invest in the further improvement of our technology, with the ultimate goal of building world-class fuel cells and electrolysis units with a low total cost of ownership and a significant environmental impact.
Who is who
Dr. Vassilis Grigoriou is the president and CEO of Advent Technologies Holdings, Inc. (NASDAQ: ADN) and an internationally recognized scientist with research and management positions in the USA (Northeastern University, MIT, Polaroid Corporation, Princeton University) and in Greece (National Research Foundation, Technology and Research Foundation). Dr. Grigoriou is co-inventor of 16 patents and his published work includes 3 books, 6 book chapters and over 100 scientific papers. He has over 25 years of experience in the US market, focusing on the technical development of new products and the management of such activities. He holds a PhD in Physical Chemistry from Duke University and attended Northeastern University's MBA program.
https://energyin.gr/2022/10/26/dr-grigoriou-advent-technologies-o-rolos-tou-idrogonou/
The modern economic model of production that our country has slowly begun to adopt - better late than never - is not only about the modern digital age but also about the green transition.
The investments in infrastructure that have started and will be completed in the coming years in Greece, whether they concern ports, road axes, or energy projects, energy roads and interconnections, will be orchestrated by a digital state based on the new technologies of the 4th Industrial Revolution.
At the same time, Greece is rapidly emerging as a protagonist in RES and is ranked 7th globally for 2021 in terms of the share of solar and wind as sources of total electricity production.
Last Friday, even for a period of five hours, the nationwide need for electricity was covered for the first time entirely with "green energy".
The prospects that pumped storage projects will create to store "green" energy, offshore wind farms and "green" hydrogen projects will lead us to an ever greater proportion of the green mix in power generation.
https://www-liberal-gr.translate.goog/agores/i-adiorati-lampsi-tis-ellinikis-oikonomias?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
Senior representatives from the Ministry of Energy of Saudi Arabia, and, Hydrogen Systems, Inc. visited Advent’s corporate headquarters and new Hood Park manufacturing facility in Boston, MA.
Boston, MA – October 4, 2022 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors today announced that, on Tuesday, September 20, 2022, it hosted senior representatives from the Ministry of Energy of Saudi Arabia, and, Hydrogen Systems Inc. (“Hydrogen Systems”), a hydrogen energy solutions company based in Riyadh, Saudi Arabia, to formally discuss Advent’s recently announced collaboration with Hydrogen Systems.
Under the MoU signed on September 6, 2022, Hydrogen Systems aims to utilize existing relationships in the telecom and hydrogen energy marketplace in the Kingdom of Saudi Arabia and throughout the Middle East to market, sell, distribute, install, and service Advent’s full line of high-temperature proton exchange membrane (“HT-PEM”) fuel cells and hydrogen production products. Advent fuel cells realize a significant carbon reduction advantage over conventional diesel remote power generation technology. HT-PEM fuel cells can operate with a range of low or zero-carbon hydrogen fuels and enable efficient heat management. Such fuel cells can produce power in extreme ambient temperatures (from -40°C up to +55°C) and in conditions such as high air pollution and low humidity, leading to a longer product lifetime coupled with lower total cost of ownership.
As part of their official visit, the General Director for Hydrogen and Circular Carbon Economy from the Ministry of Energy of Saudi Arabia, Zeid Al-Ghareeb, along with Senior Engineer from the Ministry of Energy of Saudi Arabia, Hala Alobaidallah, and Advisory Board Member of Hydrogen Systems, John Speranza, travelled to Advent’s headquarters in Boston at 200 Clarendon Street, to participate in meetings with Advent’s Chief Operating Officer and General Counsel, James F. Coffey; Vice President of Business Development, Warren Brower; Facilities Operations Manager, Rich Nelson; and Senior Engineer, Jeff Baldic.
Advent representatives provided an overview of the Company’s path to growth and global operations, while also highlighting Advent’s critical role in speeding-up the Middle East’s transition to clean energy technologies. The attendees also discussed the next steps for Advent’s collaboration with Hydrogen Systems.
The visit continued with a tour of Advent’s new state-of-the-art manufacturing facility at the Hood Park campus in Charlestown, Massachusetts, which is expected to be operational in Autumn 2022. Located at the heart of one of Boston’s newest innovation and R&D communities, Hood Park will primarily focus on the development and production of the next generation of fuel cell components, allowing Advent to scale-up and deliver on the increasing global demand for electrochemical components in the clean energy space.
Jim Coffey, Advent’s Chief Operating Officer and General Counsel, stated: “The first in-person meetings with representatives from the Ministry of Saudi Arabia and Hydrogen Systems provided a great opportunity for us to present the numerous advantages of Advent’s highly differentiated technology and showcase the significant opportunities that the forthcoming opening of our new Hood Park facility will unlock for Advent. At the same time, we had the pleasure of discussing our mutual involvement in potential large-scale development opportunities for hydrogen fuel cell power applications across the Middle East. We would like to extend our gratitude to all attendees for the productive meetings and for taking the time to visit our Boston and Charlestown facilities.”
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, added: “We are thrilled to join the Middle East’s road to decarbonization through our HT-PEM fuel cells and other hydrogen technologies that can effectively replace conventional and polluting energy sources. We hope that these meetings with the Saudi Ministry of Energy and Hydrogen Systems mark the beginning of a long-lasting and highly impactful collaboration with a focus on accelerating the Middle East’s clean energy transition.”
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 – offering a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
About Hydrogen Systems, Inc.
Hydrogen Systems is a Saudi Arabia based company dedicated to delivering the most comprehensive and cost-effective hydrogen gas solutions to its customers in the greater GCC region. Hydrogen Systems was founded in 2009 and has grown steadily by providing valuable solutions and services to their customers. With the establishment of the Hydrogen Energy Center of Excellence, Hydrogen Systems is committed to the localization and development of hydrogen energy and decarbonization solutions to meet the growing demand in the region.
Hala AlObaidallah
https://gceaf2022.sched.com/speaker/hala_alobaidallah.24ehr0zh
Dr. Zeid M. Al-Ghareeb
https://gceaf2022.sched.com/speaker/dr_zeid_m_al_ghareeb.24eil1jt
https://www.advent.energy/2022/10/04/ministry-of-energy-of-saudi-arabia-and-hydrogen-systems-inc-representatives-visit-advent-technologies-global-hq/
I wonder how many diesel generators will be replaced in 3 years?
BOS radio network
Germany's nationwide BOS network is the largest TETRA network in the world.
There are more than 950,000 registered subscribers in the BOS network.
Facts and figures
The network covers 99.2 % of the German territory
It handles around 47,000,000 group calls / month
The average network availability is 99.97 %
There are 4,790 base stations in operation.
https://www.securelandcommunications.com/customerstories/bos-digital-radio-network-in-germany
Energy crisis in Europe is no joke:
At 1.1 billion euros the subsidies of electricity bills for October
LAST UPDATE: 11.13
By Haris Fludopoulos
The Minister of Environment and Energy Kostas Skrekas announced the subsidies for the month of October, which amount to a total of 1.1 billion euros, of which 1 billion comes from the excess revenue recovery mechanism and 100 million from the budget.
More specifically, for October, 3 subsidy scales are introduced for all benefits without income criteria, regardless of provider:
For consumptions up to 500 kilowatt hours per month, 90% of the increase is absorbed with a subsidy of 436 euros per megawatt hour. This scale concerns 90% of households
For consumptions from 501 to 1000 kilowatt hours , 80% of the increase is absorbed with a subsidy of 386 euros per megawatt hour. However, if a household reduces consumption by 15% compared to last year, then the subsidy increases by 50 euros per megawatt-hour
For consumptions of 1000 kilowatt hours and above , 70% of the increase is absorbed with a subsidy of 336 euros per megawatt hour . It concerns only 2% of households. Here too an additional subsidy of 50 euros per megawatt hour applies if there is a 15% reduction in consumption.
For CTO beneficiaries, almost 100% of the increase is covered with a subsidy of 485 euros per megawatt hour.
For business tariffs and non-domestic consumers with a supply of up to 35KVA for the first 2,000 kilowatt hours the subsidy is 398 euros per megawatt hour absorbing 80% of the increase.
For non-domestic consumers with a supply of up to 35KVA and all others exceeding 2,000 kilowatt hours, the subsidy is set at 230 euros per megawatt hour
For farmers, a horizontal subsidy is set at 436 euros per megawatt hour.
Natural gas
For natural gas, DEPA Emporias together with the providers will grant a horizontal subsidy of 90 euros per megawatt hour for all domestic consumers. The subsidy applies to all consumption and absorbs more than 50% of the increase. The measure concerns 700 thousand consumers.
For professional and industrial consumers the subsidy will amount to 40 euros per thermal megawatt hour.
Finally, the government establishes a special fee of 10 euros per thermal megawatt-hour to power generation companies for the quantities of gas used in power generation.
The revenue from the special fee will be used:
- To support vulnerable consumers
- To support investments in alternative fuels
- To support modifications to infrastructure for the import of gas from third sources other than Russia.
In detail, Mr. Skrekas stated:
"The international energy crisis, which decisively affects the whole of Europe and is fueled by the Russian invasion of Ukraine, continues and creates suffocating situations in many European states.
The European Union decided, albeit belatedly, to take initiatives to jointly address the problem without tangible results so far. Many countries, even the most powerful ones, such as Germany, warn their citizens of excessively high energy bills and mandatory interruptions in their supply.
In these extremely difficult circumstances, Greece anticipated and from the first moment has taken measures, absorbing the largest percentage of the increase and keeping the bills at affordable levels, supporting households, professionals and farmers. We created the permanent mechanism to recover the excess revenues that we collect from the electricity companies and which has already paid off in just 2.5 months, over 2 billion euros.
This year, a record number of imported LNG cargoes arriving at Revythoussa has been recorded, as the number of ships calling at the terminal has almost doubled.
We will all fight together in the coming winter months to meet the challenge of the energy war that is unfolding across Europe and inevitably affects us.
With these data, the government has set three goals for the next period:
Firstly, to continue supporting citizens by ensuring affordable energy prices for households,
Secondly, to use every possibility to have energy sufficiency throughout the winter and
Third, to strengthen the effort to save energy.
From today, all citizens can enter the website of the Ministry of Environment and Energy, https://ypen.gov.gr/ and find 23 suggestions and ideas for saving energy.
As a continuation of this savings policy, from October 1 , especially for households, we are introducing a new scaled subsidy model on electricity bills.
Specifically:
Electricity - Subsidy on Household Bills
We are creating for the month of October, three subsidy scales for domestic consumers.
The subsidy applies to all main and non-main residence benefits, without income criteria and regardless of provider.
The scaled subsidy for October is structured as follows:
* For monthly consumptions up to 500 KWh we absorb 90% of the increase, with the subsidy reaching €436/MWh. It concerns 90% of households in Greece.
* For monthly consumption from 501-1000kWh we absorb 80% of the increase, with a subsidy of €386/MWh. However, if a household reduces its average daily consumption by 15% compared to last year, then the subsidy increases by €50/MWh.
* For monthly consumption over 1001KWh, we absorb 70% of the increase and the subsidy amounts to €336/MWh. It concerns only 2% of households in Greece. And on this scale, the additional subsidy of €50/MWh applies, if there is a 15% reduction in consumption.
* In the households that are included in the Social Household Tariff (COT) we absorb, as every month, almost 100% of the increase and the subsidy amounts to €485/MWh.
Electricity - Subsidy in Commercial Tariffs
Specifically:
* For non-domestic consumers with a power supply of up to 35KVa, the subsidy for the first 2,000KWh in the month of October amounts to €398/MWh. We absorb 80% of the increase.
* For non-domestic consumers up to 35KVa that exceed 2,000KWh as well as all other low-medium and high-voltage non-domestic tariffs, the subsidy amounts to €230/MWh
* For farmers, the subsidy is horizontal and amounts to €436/MWh.
The total amount of the electricity subsidy for households and businesses in October amounts to 1.1 billion euros. Of these, 1 billion EUR 100 million comes from the recovery of the surplus revenues of the power generation companies and the revenues from pollutant auctions and the 100 million from the state budget.
Natural Gas - Subsidy on Domestic Bills - Households
DEPA Emporias, in collaboration with the other providers, will provide a horizontal subsidy that will amount to €90 per thermal MWh for all residential consumers, and for the entire monthly consumption, absorbing more than 50% of the increase. The measure concerns 700,000 household consumers regardless of income, size of residence or provider.
Natural Gas - Subsidy on Non-Household Bills
The Natural Gas subsidy from the Government to all Commercial Consumers and Industry, regardless of size, turnover and number of employees , for October, will reach €40 per thermal MWh.
The Government continues to implement the policy of shielding consumers from the extremely adverse effects of the energy war that Russia has declared in Europe. In order to deal with the consequences of the energy war, to support our vulnerable fellow citizens and for the energy shield of our country, we are introducing a fee of 10 euros per thermal mwh that will be imposed on the electricity companies for the quantities of natural gas used exclusively for the production of electricity energy.
The revenue from the special fee will be directed to the energy transition fund and will aim to:
a) Support vulnerable households and small and medium-sized enterprises to cope with increased natural gas prices
b) Support investments in alternative fuels, such as biomethane and green hydrogen
c) Support gas system infrastructure modifications and expansions necessary to replace Russian natural gas and enhance the possibility of imports from other sources
https://www-capital-gr.translate.goog/oikonomia/3659398/sto-1-1-dis-euro-oi-epidotiseis-ton-logariasmon-reumatos-gia-ton-oktobrio?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
Bold financial support for the development of the hydrogen economy in the EU, the Commission is launching, with the establishment of a European Hydrogen Bank, which will support the implementation of investments of 3 billion euros in this new sector.
The announcement was made by the President of the Commission, Ursula von der Leyen, in her recent speech on the State of the Union in 2022, pointing out that the Bank's mission will be to contribute to the provision of guarantees for the hydrogen market, making particular use of the resources of the Innovation Fund . "Hydrogen must be transformed from a segment of the market it currently occupies into a mass market," he noted.
In addition to contributing to the reduction of pollutant emissions, at the given moment the E.U. looks forward to strengthening the position of hydrogen in the energy mix, for the further reduction of gas imports and, consequently, shielding the Energy security of the "Old Continent"
In this context, the President of the Commission recalled the goal set through the REPowerEU project, so that by 2030 the European Union will produce 10 million tons of renewable hydrogen annually. By then, Europe will also have increased its imports of the "green" fuel by 10 million tonnes, accelerating the phase-out of natural gas from activities that are difficult to electrify, such as heavy vehicles.
Brussels believes that the Bank will act as a catalyst in this direction, being a market facilitator, so as to cover the investment gap and ensure the matching between future supply and demand. "Hydrogen needs to be transformed from a market segment where it is today to a mass market," Ms Laien pointed out.
Ambitious "green" targets
The announcement was welcomed by Hydrogen Europe, underlining through its head, Giorgos Hatzimarkakis, that the Bank is the appropriate instrument to achieve a balance between supply and demand for fuel.
According to Hydrogen Europe, the European hydrogen economy will also be boosted by the new Renewable Energy Sources Directive (REDII), also voted last week by the European Parliament, which sets ambitious and binding targets for renewable energy sources , as well as the simplification of the corresponding regulatory framework.
Parliament has committed the total contribution of renewable energy to 45% of the total energy mix by 2030, so that renewable fuels of non-biological origin (RFNBO) make up at least 5.7% of all fuels by 2030, including 1 .2% in the shipping sector. Also, 50% of industry by 2030 will have switched to the use of "green" hydrogen, a percentage that will increase to 70% by 2035.
https://energypress-gr.translate.goog/news/komision-eyropaiki-trapeza-ydrogonoy-gia-ependyseis-3-dis-eyro-othisi-stin-epiteyxi-ton-stohon?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
That is huge news. A lot of discussions over the last few months with Greece and Saudi Arabia. I'm glad ADN is apart of the conversation now.
"market, sell, distribute, install and service Advent’s full line of high-temperature proton exchange membrane (“HT-PEM”) fuel cells and hydrogen production products. Simultaneously, Advent and Hydrogen Systems intend to collaborate and explore potential large-scale development opportunities for hydrogen fuel cell power applications across the region."
Hydrogen Systems
who we are
Hydrogen Systems is a Saudi Arabia based company dedicated to delivering the most comprehensive and cost effective hydrogen gas solutions to its customers in the greater GCC region. Hydrogen Systems was founded in 2009 and has grown steadily over the last 10 years by providing valuable solutions and services to their customers. Hydrogen Systems employs a skilled staff of over 50 people that provide full engineering support, project management, hydrogen safety consulting, manufacturing and technical service.
Hydrogen Systems has engineered and delivered 23 projects utilizing 50 PEM technology based hydrogen solutions over the last 10 years. The projects served industrial markets with applications in power plants, semiconductor research, petrochemical, HVAC and Gas Chromatography. The Hydrogen Systems team was involved in a partnership with suppliers, EPC companies, contractors and the end customer in order to guarantee a successful outcome with a full turnkey approach.
Hydrogen Systems looks forward to using its well established infrastructure in the region and years of experience to participate in the growing demand for Green Hydrogen solutions as the region looks to transition its reliance on fossil fuel export to leveraging the ability for the region to produce the lowest electricity pricing in the world and converting it into the cleanest fuel source available.
https://www.h2systems.sa/about/
Advent Technologies: Generating Positive Alpha In Uncertain Times
Sep. 15, 2022 8:58 AM ET Advent Technologies Holdings, Inc. (ADN)
Summary
Green HiPo market opportunity brings significant revenue growth in the next 6 years as the green energy transition gains steam.
Advent announced many new market opportunities and collaborations as the company continues to engage the market with its new generation hydrogen technology.
The company is making progress with the technology assessment with Hyundai, while the second global automaker could bring positive surprises in the near term.
Management shared an ambitious 2025 revenue target that will drive significant growth during the period.
My base case target price is $11.50, implying 280% potential upside from current levels.
Liqiud H2 Hydrogen renewable energy in vessel - LH2 hydrogen gas for clean sea transportation on container ship with composite cryotank for cryogenic gases
There are lots going on for Advent Technologies (NASDAQ:ADN) in the past few months given the rapid pace of adoption for hydrogen and the increasing need for it for energy resilience especially in Europe and the United States.
Investment thesis
I have previously written articles on Advent that elaborate more on the company's business model and technology. The investment case for Advent is becoming increasingly compelling in my view and are detailed below:
With the recent notification that Advent will be receiving a significant amount of funding in relation to its Green HiPo project, this funding shows the confidence that the Greece and the EU has in Advent's ability to execute and its hydrogen technology.
Advent's partnership with Hyundai is moving on to the next phase while it is in technology assessment with a second global automaker. Furthermore, there are ongoing discussions with global conglomerates that act as further catalyst for the stock.
Management has set an ambitious revenue target for 2025, with strong growth in mind as it leverages on the huge and rapidly growing market opportunity in the hydrogen space.
Green HiPo update
As highlighted in my earlier article, Advent received notification of Euro 782 million for the IPCEI Green HiPo project, which shows the confidence that Greece and the EU has in Advent's technology and ability to deliver.
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Management gave some estimates as to what opportunity the Green HiPo project could bring. In the 6 years for the Green HiPo project, the company expects revenues from both electrolysers and fuel cells. Based on an assumption of 0.35% of market share of the 400 GW of capacity by 2030, this translates to Euro 350 million in revenue opportunity for Advent during the next 6 years. Furthermore, assuming a 0.07% market share of the 170 GW expected by 2030, the fuel cell revenues generated from the project is expected to be $205 million during the next 6 years.
New opportunities and collaborations
The most recent collaboration announced was a Memorandum of Understanding ("MoU") signed with the New York State Energy Research and Development Authority, along with 60 other clean hydrogen partners. The consortium will collaborate towards the goal of enabling Northeast states in the United States to become one of the 4 planned regional clean hydrogen hubs in the United States. This will include states like New York, Massachusetts and Maine.
This consortium of partners will provide a foundation for a proposal involving a total funding opportunity of $8 billion available. The partners in the consortium include leaders in their own industries, OEMs of hydrogen technologies and even non-profit organisations and universities (The list can be found here).
Among some of the goals of the consortium, the main goal is for the consortium to come up with a plan for the hydrogen hub that would result in lower emissions, while producing clean and safe hydrogen energy and providing energy resilience, and eventually meet the individual states goals of net-zero carbon emissions.
As a result of its focus on green hydrogen, it is crucial for the plan to integrate renewable energy like wind and solar for the production of hydrogen. Also, it is expected that the eventual clean hydrogen be used for a variety of use cases like in heavy duty vehicles and power generation, amongst others.
For Advent, I think that this collaboration could bring greater awareness to the company, especially in the United States, and prove that its hydrogen technology can help decarbonisation efforts globally to reduce reliance on fossil fuels.
Another MoU signed was with Dannar, a company that is leading in production and batteries and storage systems, with an emphasis on mobile power. The partnership aims to help Dannar utilise Advent's fuel cell technology to transform its mobile charging stations into one that has zero emissions.
I think that this will demonstrate the application of Advent's next generation Membrane Electrode Assembly ("MEA"), which is currently under development within the framework of L'Innovator, to capture more market share in the power generation and mobility markets.
As Dannar has been known for producing mobile power stations for first responder teams, Dannar's recognition and partnership with Advent to utilise clean energy brings additional evidence that Advent holds a leading position in the hydrogen technology and fuel cell market.
Next, Advent announced that they have signed a MoU with DEPA Commercial. This MoU signed with Greece's leading pipeline gas and LNG importer seeks to collaborate on the production of green hydrogen as a fuel and to create a hub for the promotion of hydrogen technologies. This collaboration could help to diversify the energy mix in Greece and increase the energy security in the country to reduce reliance on natural gas, which we now know makes the country vulnerable to the external environment.
Technology assessment with global automakers and discussions with global conglomerates
As elaborated in my earlier article, Advent has previously announced that Hyundai was one of the global automotive manufacturers that has been going through the technology assessment phase with Advent. Based on the agreement, Hyundai hopes to use Advent's next-gen MEA technology to decarbonize sectors with high carbon footprint.
As Advent has stated in the second quarter results, the technology assessment with Hyundai has completed the first phase and in the following phase, the two companies will be determining the appropriate milestones and targets as well as requirements for products that should be achieved.
In the investor day presentation, management also stated that other than this current partnership with Hyundai and a second global automaker, they continue to be in discussions with global conglomerates. The opportunity in these discussions are huge and span a wide range of sectors from aviation to marine.
Clear plans for 2022 & 2023, and an ambitious 2025 target
During Advent's investor day, the company's CEO explained the company's near term strategy. In 2022, the focus is on engaging the market. With the announcement of availability of its next-gen MEAs earlier in the year, management has been focused on gaining traction and improving awareness of this next-gen MEA. As a result, the company managed to enter into technology assessment with Hyundai and another large global automotive manufacturer. On top of that, it signed multiple MoUs and also received notification of Euro 782 million funding for the HiPo project.
For 2023 and beyond, the priority will then be shifted towards the next phase of growth. Firstly, the company will be scaling up capacity in its markets in North America, Europe and Greece. Second, the company will commercialize its next generation MEA that it jointly developed with the US Department of Energy and aims to bring in more partnerships with regards to the new technology. Next, the company will focus on bringing in more joint development and collaborations with large global players as the market becomes more confident in the value add that Advent's hydrogen technology can bring and potentially new strategic transactions as well.
In addition, I think this is the first time Advent is communicating a 2025 revenue target of $500 million. Given that Advent has only generated $7 million revenues in 2021, $23 million revenues expected in 2022, and will see significant ramp up in the years to come, this ambitious revenue target signals management's intentions to grow rapidly as hydrogen adoption ramps up. This translates to a 20x growth in revenues from 2022 by 2025 if achieved. While not guaranteed, there is currently a pipeline of projects highlighted above to make this happen, and would imply that management is rather confident in one of its large automotive OEMs in technology assessment to convert to an actual sales agreement, in my view. Also, other ways to achieve this revenue target comes from targeting the stationary power market, mobility market, and importantly, the opportunity from green HiPo from fuel cells and electrolyzers.
Valuation
Although the global macroeconomic situation seems to be rather uncertain at the moment, I think that Advent could be one stock that could generate positive alpha given the potential catalysts that may materialize.
For my valuation model for Advent, I have used a base case scenario and an optimistic upside scenario for the company given the fluid nature of the upside Advent could capture in the years to come. Given that management has a target for 2025, I assume an 80% chance of that materializing and assume 2.4 GW of capacity and EBITDA margin of 21% by 2025. Furthermore, I lower my 2025F EBITDA multiple of 19x to 15x to reflect the multiple contraction we are seeing today.
As such, my base case target price is $11.50, implying 280% potential upside from current levels. I think that the base case is skewed toward a more conservative estimate and the stock could see further upside from this base case.
In my optimistic upside scenario, this assumes that management is able to meet its 2025 revenue target and focuses on the 1,300 GW of TAM in 2040 and assumed 20% EBITDA margins. Again, my 2025F multiples are lowered from 38x to 30x to reflect the multiple contraction we are seeing today. After discounting this to present value, my optimistic upside target price is $21.10. This implies an upside opportunity of approximately 600% if the optimistic upside scenario materializes.
Risks
Operational and execution risks
Advent is a relatively young and early stage company, with rapid scaling needed from now until 2025 needed if it were to meet its 2025 targets. As a result, there are execution risks that we need to be wary of. Is the management capable to scale up operations efficiently and according to the timeline specified? Are there are risks that their operational targets and timelines may fall short? These are questions that we need to ask as Advent needs to give investors confidence in their ability to execute.
Shortfall in funding
Although I do think that the company has sufficient cash for the next 12 months as the management has stated in the 2Q22 call and due to the significant funding that comes from the HiPo project notification recently, there are definitely still risks that the company may run out of cash it needs for its operations or to scale up. Further out after the next 12 months, should the operating environment turn for the worse or if capital and liquidity in the market dries up, this could increase the risk that Advent is unable to raise capital when it requires it. As such, this is a risk that needs to be monitored over time as the company expands and scales up its operations.
Concentration risks
As a relatively small company with minimal revenues due to its early stage, the 2 large global automotive companies that it announced were in the technology assessment phase are material to its business. If either one of them does not materialize or if they end up being an actual customer, this could bring significant downside and upside to Advent respectively. As such, due to the large nature of these two customers, they form some sort of concentration risk where the news flow from these 2 potential customers may drastically affect share price and sentiment.
Conclusion
Advent is seeing the stars align as it sees a huge opportunity from the Green HiPo project over the 6 year period, continued progress with its partnership with Hyundai and further upside from the second global automaker it is collaborating with along with other discussions with global conglomerates. Furthermore, the management has communicated a rather aggressive growth plan to achieve its 2025 revenue targets, which could bring a huge upside if materialized. As such, my base case target price is $11.50, implying 280% potential upside from current levels, and if things go really well for the company, there is further upside in the optimistic upside scenario. Given the potential for positive catalysts in the near term, Advent could be one stock that is able to generate positive alpha in an uncertain macroeconomic environment.
https://seekingalpha.com/article/4541161-advent-technologies-positive-alpha-uncertain-times
The first official announcement of the establishment of a technology company in Western Macedonia
Advert Technologies starts operating in the region by June 2023
By Sokratis Moutidis – sokmoutidis@gmail.com
The investment of 782 million euros in Western Macedonia and the creation of 650 jobs over a seven-year horizon was announced from Kozani by the CEO of Advent Technologies, Vassilis Grigoriou. Mr. Grigoriou, in a joint press conference with the Regional Governor of Western Macedonia, said that in the first half of 2023 the "IPCEI Green HiPo" project, which concerns the creation of a unit for the development and design of the construction of high-temperature fuel cells for the production of "green" hydrogen as in traffic (cars, ships, etc.) as well as in the production of electricity.
Mr. Grigoriou admitted that in Greece there are strong doubts about "green" hydrogen while in the rest of the world these have been overcome. "The technological strength of the company and the research and development department, found in time that "green" hydrogen is the future. We hope that those who will produce energy through this technology, because we make the equipment for it, will manage to remove these doubts" he said characteristically and added that the financing of the project by the European Commission came about after organized preparation and will play a key role in changing the country's energy mix.
"This effort does not concern only Western Macedonia and Greece, but the whole world. Developing the technology to manufacture this equipment is a difficult task. We will do our best to successfully complete the project because we already have this momentum" added, among others, the CEO of Advent Technologies.
As for jobs, these will be apart from scientific staff and technical staff in assembly departments. "We have outlined the jobs that will be required and can be combined with the know-how that exists in the region," said the company's Corporate Development Director Nora Vougdoupi. She, speaking about Green HiPo, said that this is an important project of common European interest in which the company aspires to produce fuel cell systems with a total capacity of 120 MW during the first six years and electrolysis units with a capacity of 1.2 GW. According to her, in addition to the vehicle sector where hydrogen can be used, the units to be built here will also be able to produce energy and therefore support the district heating system.
Regarding the location of the investment, Mr. Grigoriou refrained from announcing the exact location, stressing that they are already in negotiations for large areas that will be required to build the infrastructure. As he said, a covered space of at least 30,000 square meters is required. "It is clear that it will be set up in Western Macedonia. The growth of the industry is rapid and we will be here as producers of state-of-the-art systems. We always try to be open-minded and open-minded. Be sure that we will do something very important here," Mr. Grigoriou emphasized.
For his part, the Regional Governor of Western Macedonia, Giorgos Kasapidis, emphasized that with this project, the region will be closer to its goal of getting rid of fossil fuels. "At the moment, most of Advert's products are not produced in Greece because the know-how does not exist in our country. With the establishment of the company here, this know-how comes to Western Macedonia and creates developments. Soon we will have other announcements of companies that want to settle here and I am announcing to you that actions are being taken for an automotive industry of heavy hydrogen-powered vehicles to come here" added Mr. Kasapidis.
Advert 's profile
Advent Technologies Holdings, Inc. is a US-owned company that develops, manufactures and assembles complete next-generation fuel cell systems and critical components for fuel cells in the renewable energy sector. It is headquartered in Boston, with offices in California, Greece, Denmark, Germany and the Philippines.
For the past sixteen years, it has been developing key materials, components and processes innovative in the energy sector. Its goal is to advance the development and manufacture of advanced materials, components and next-generation fuel cell technology for the production of "green" hydrogen. He currently holds more than 190 patents and has longstanding partnerships with the US Department of Energy (DoE), Los Alamos National Laboratory, and Brookhaven National Laboratory.
https://xronos--kozanis-gr.translate.goog/i-proti-episimi-anakoinosi-egkatastasis-etaireias-technologias-stin-dytiki-makedonia-i-advert-technologies-xekina-na-drastiriopoieitai-stin-periochi-eos-ton-ioynio-toy-2023/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
Time to blow up the electricity markets:
The EU electricity sector is a good example of what market fundamentalism has done to electricity networks around the world. With the end of cheap gas, consumers and businesses are paying the price for their governments' adoption of a lousy theory.
Yanis Varoufakis
04 September 2022 07:27
The blades of the wind turbines on the mountain range opposite my window are turning with particular vigor today. Last night's storm has subsided, but strong winds continue, contributing extra kilowatts to the power grid at exactly zero additional cost (or marginal cost, in economist parlance). But people struggling to make ends meet during a dire cost-of-living crisis must pay for those kilowatts as if they were generated by the more expensive liquefied natural gas being shipped to Greece's shores from Texas. This absurdity, which dominates beyond Greece and Europe, must end.
The absurdity stems from the delusion that states can simulate a competitive, and therefore efficient, electricity market. Because only one power cord enters our homes or businesses, leaving things to the market would lead to a perfect monopoly – an outcome that no one wants. But governments decided they could simulate a competitive market to replace the public utilities that generate and distribute electricity. They can not.
The electricity sector of the European Unionis a good example of what market fundamentalism has done to electricity grids around the world. The EU forced its member states to separate the electricity grid from the power stations and privatize the power stations to create new companies, which would compete with each other to supply electricity to a new company that owns the network. That company, in turn, would lease its cables to other companies that would buy the electricity wholesale and compete with each other for retail sales to homes and businesses. Competition between producers would minimize the wholesale price,
Alas, none of this could work in theory, let alone in practice.
The simulated market had to deal with two problems: the political directive to ensure a minimum amount of electricity in the grid at any time and to prioritize the channeling of investments into green energy. The solution proposed by market fundamentalists was twofold: create another market, for greenhouse gas emission permits, and introduce marginal cost pricing, which meant that the wholesale price per kilowatt would have to be equal to that of the most expensive kilowatt.
The emissions permit market was intended to encourage electricity producers to switch to less polluting fuels. Unlike a fixed carbon tax, the cost of emitting a ton of carbon dioxide would be variable and determined by the market. In theory, the more industry relied on fossil fuels such as lignite, the greater the demand for EU-issued emission permits. This would drive up their price, increasing the incentive to switch to natural gas and ultimately to renewable energy sources.
Marginal cost pricing was intended to ensure a minimum level of electricity supply, preventing low-cost producers from underselling higher-cost producers. The prices would give low-cost producers enough profits and reason to invest in cheaper, less polluting sources of energy.
To see what the regulators had in mind, think of a hydroelectric plant and a lignite. The fixed cost of building the hydroelectric plant is high, but the marginal cost is zero: once the water turns its turbine, the next kilowatt the plant produces costs nothing. In contrast, the lignite power station is much cheaper to build, but the marginal cost is positive, reflecting the fixed amount of expensive lignite per kilowatt produced.
By setting prices so that the price of a kilowatt produced hydroelectrically was no less than the marginal cost of producing a kilowatt using lignite, the EU wanted to reward the hydro company with a huge profit which, regulators hoped, would was invested in additional energy from renewable sources. Meanwhile, the lignite-fired power station would make almost no profit (as the price would almost cover its marginal cost) and rising costs for the permits it needed to buy to pollute.
But reality was less forgiving than theory. As the pandemic wreaked havoc on global supply chains, the price of natural gasincreased, before tripling after Russia's invasion of Ukraine. Suddenly, the most polluting fuel (lignite) was not the most expensive (natural gas), thus encouraging more long-term investment in fossil fuels and LNG infrastructure. Marginal cost pricing helped power companies extract huge revenue from outraged retail consumers, who realized they were paying far more than the average cost of electricity. It is no surprise that people, seeing no benefit – to them or to the environment – ??from blades spinning over their heads and spoiling their landscape, turned against wind turbines.
The rise in natural gas prices has exposed the endemic failures that occur when a simulated market is attached to a natural monopoly. We've seen it all: How easy it was for producers to find each other and agree on the wholesale price. How their profiteering, especially in renewable energy, turned citizens against the green transition. How the market simulation regime prevented joint procurement that would lower poorer countries' energy costs. How the retail electricity market turned into a casino with companies speculating on future electricity prices, profiting in good times and demanding government bailouts when their bets didn't pan out.
The time has come to abolish simulated electricity markets. Instead, what we need are public energy networks in which electricity prices represent average cost plus a small surcharge. We need a carbon tax, the revenue of which should compensate the poorest citizens. We need a large-scale investment like the Manhattan Project in the green technologies of the future (like green hydrogen and large-scale offshore floating wind farms). And finally, we need municipal local networks of existing renewable energy sources (solar, wind and batteries) that will turn communities into owners, managers and beneficiaries of the energy they need.
https://www-news247-gr.translate.goog/gnomes/gianhs-varoyfakhs/ora-na-anatinaxoyme-tis-agores-ilektrikis-energeias.9744425.html?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
Interesting take on a company's CEO in 2020
James J. Moore, Jr. CEO of Atlantic Power in 2020 CC predicted the future of California
Q and A section Atlantic Power Corporation (AT) CEO Jim Moore On Q3 2020 Results - Earnings Call Transcript
Nelson Ng:
Okay. Thanks. My next question is more big picture as well, given the likely Biden government. Just big picture on what you think the impact is? I guess, we're not sure how much of his climate change policies he can push through, which includes carbon neutrality for the power sector in 2035. Obviously, you have some gas-fired facilities, and I guess, one coal facility, but what's your take on that, Jim?
Jim Moore:
Yes. Well, I think two areas. One is on taxes. And I think a lot of that will be determined by the Georgia outcome, if it's 50 one way then I think they'll get some taxes rolling. If it's more than that, probably not, but I'm no better at political prognostication than anybody else.
I think the more likely thing to happen and where they don't need the Senate is on the power side. I expect Biden will put us back into Paris [Climate Agreement] and he'll ban fracking on federal lands, which might actually be a supply enhancement for oil and gas stocks, you might see prices go up; as always, there’s these unintended consequences.
So it's really hard to predict what's going to come out of Washington and what are the real impacts. I don't see any immediate big upsides or downsides to anything coming out of Washington in any of the remaining scenarios. I do expect Biden would use executive orders to do things on EPA, Paris and fracking. None of that should have a huge impact on us.
I mean, I think like 2035, carbon neutrality, and this, the Green New Deal I mean, those things are just fairy tales. It's never going to happen, physically can't happen. It's just not, the math doesn't work. And there's a number of good -- Bill Gates has been looking at this. And his argument is, if you buy the conventional wisdom, which is catastrophic climate change near term or not even near term, reasonable term, you’ve got to be doing nuclear. I think he’s going to write a book on that.
And when you start digging into these things and looking at the numbers, it's very difficult to manage CO2 with wind and solar. With the current technologies, it’s not great. It's not good on costs, despite the headlines you see in the levelized cost of energy analysis. As you see, you know, when we get high levels of penetration in a jurisdiction, we get high prices. New England has high prices. California has high prices. There's a good book out by a guy named I think it's Michael Shellenberger called Apocalypse Never, who's an environmentalist. And I consider myself an environmental steward – I moved to Vermont in 2001, and started a wind energy company up. I've been on the board of a solar company. I’m happy to buy into wind and solar if the prices make sense for us.
But in terms of public policies, these things that politicians are throwing out, they’re fairy tales. And now what can happen is, before the math and the physics intrude, you'll get price spikes I think, and then as a holder of assets, that's going to be good for us. I think you're seeing in California, people are starting to wake up to the fact that you need a heck of a lot more wind and solar than CCGT natural gas plants to balance a grid and make it reliable. And if you're going to pour more demand on through EVs, then you're going to have to have more electricity. So EVs would be terrific for this company and for all electric providers. But some of these things the politicians say are just -- they're not really -- they're kind of liberal arts analysis. They're not STEM analysis. And if I think if you really dig into it, it's just not going to happen that way.
And now, having said that, at the margins, people trying to do things that are ultimately not feasible in the timeframe they're laying out, can have a material impact on our business. I think it's been a headwind for us for 10 or 20 years now. You know, wind and solar early on when I shifted our company up in Vermont in 2001 to wind, you had terrific returns, and people were skeptical about the technology. And now we've hit the other end of the spectrum, where the returns are really modest to poor, and the public opinion and the conventional wisdom is all over it. So the pendulum has swung completely to the other side. And frankly, the conventional wisdom and the political wisdom, they're not looking at the environmental impact, and they're not looking at the efficacy of wind and solar on CO2.
But I don't expect that to happen. Politicians don't do deep dives and analyze math and physics and economics and compare one detriment to the environment to another detriment to the environment. They just pick things that are popular. So I think, whichever way it comes out, we're pretty well balanced. We have hydro, so if things like the New York policies continue to roll out, there's likely to be higher prices and they benefit our hydro facilities. If things like California get more widespread and people realize the limits of the current battery technology, lithium ion, and start realizing they need to have more reliable, more cost-effective ways to balance the grid, then CCGT comes back into the frame and we have plenty of that. And then biomass has its own kind of attributes.
So that's a longer answer. But I think both on the tax side and on the energy policy side, we're fairly well balanced. And we don't see a big impact on the business either way. There wasn't the last four years and there probably won't be the next four years.
Rupert Merer:
Hi. Good morning, everyone. Jim, you mentioned that we could be at the bottom of the cycle in commodity and power markets. And you talked about some of the challenges of running a grid on renewable energy. In the near term, if you have some challenges re-contracting some of your assets with capacity, what would your sense be? Should you sit on those and wait? And does the market come back to these assets in a couple of years? Or looking out into the future, have you looked at things like hydrogen, for example, and converting your combustion turbines to burning hydrogen, whether it's green or blue hydrogen? Can you just give some thoughts on where you think that the market is going to head for some of these assets in the future?
Jim Moore:
Yes. So you always compare what could I sell the assets for today versus what's the likely re-contracting scenario on the assets. We like our positions at Curtis Palmer, which is obviously hydro, and we like our position at Frederickson, which is gas. I think at a kind of higher level, again, I think when people really dig into these things like is happening in California now, and you look at cost benefit and not just cost of one thing and benefits of the other, and you look at the efficacy on the environmental side and the damage done on the environmental side when you're building new stuff and releasing a lot of CO2, I think it starts to shift at some point. But I wouldn't, you know, the old Keynes thing -- I wouldn’t bet on it happening near term.
So we don't have any view that the markets are suddenly going to rationalize. Our view is, it's a long slog, and that you're going to get more growth from wind and solar than you are from gas. And that public policies generally, if sporadically, will favor more wind and solar. And I think the work that people like Gates are doing to kind of point out that the efficacy there is not at all high, and you really need to look at things like nuclear. That's going to take a while to play out. So the problem you have is when you sell off assets, you sell them off based on today's price curve. And we're not big on predicting price curves and generally people in the commodity business are overly optimistic about prices, fundamental prices versus cost curves.
I would say, my guess is the best use of the assets will be, as people realize the limits of wind and solar and batteries, lithium-ion batteries with four or five hour durations as we're starting to see in California, that things will start to normalize. Now in California -- maybe they double down on more of the same until you get a larger problem. And then maybe they'll pivot. I think that'll be one of the last states that kind of pivots towards reality in the near term. What we really need is better technology in wind and solar and batteries. And I'm afraid this rent-seeking regime we've set up as I understand it has lowered the amount of R&D going into those things. So we don't have any kind of rosy scenario, things are going pop back on gas.
I do think even now, even today in California, even from a year or so ago, we're starting to see more appreciation of the math and the physics and the economics on the ground. And you're seeing it not only kind of in a broad macro, although specialist kind of places. It hasn't intruded into the broader discussion yet, but you're seeing it on the ground. So I think it's not fanciful to think that gas is going to start to catch up a better bid here in terms of output sales. And certainly Oxnard has improved over last year, or the prospects for Oxnard. I think the outlook for Frederickson and Curtis Palmer are improving as well. And they were probably already good. So we do feel like we have reached a bit of an inflection point.
In terms of hydrogen, well, Joe Cofelice has spent more time on that than I have. So, he can talk more thoughtfully than I can. Joe, do you want to weigh in on prospects for hydrogen as an option?
Joe Cofelice:
Sure, sure. Thanks. Yes. I guess the central issue is, when will hydrogen be cost-effective? That's always the question with these things. And is it really a commercial option that would be there for us in the timeframe that we're looking at? And right now, we're not seeing that. I mean, there are a number of different potential applications and structures using hydrogen. One that's bandied about is, we're going to take essentially worthless wind and solar power that we created by overbuilding wind and solar. And we're going to use that power to manufacture hydrogen. And then we're going to take that hydrogen and we're going to store it. And then we're going to inject it into storage and take it out of storage, and then we're going to convert gas turbines to run on them.
There's a significant amount of capital costs from the wind and the solar all the way through on that. So I think that the struggle with hydrogen is -- I think it's going to be a while before we find a path forward with hydrogen that's cost-effective. And so, we monitor it. We actually were looking at it recently in the Calstock area as an option. And it's just -- a lot of these things are all three to five years out. You can spend some time getting ready for them. But there's nothing on the horizon that we're seeing right now that would actually help us with the plants that we have that are either up for re-contracting soon or mothballed. And we have to keep in mind too, that the plants that we have that are mothballed right now are in Ontario, and they're in Northern Ontario. And the biggest problem we have is our location there. We're in the north of the province. We're not in an area of great demand. And so the plants aren't well situated obviously to serve Toronto. And that's one of the struggles we face.
Jim Moore:
Yes. Just to reiterate a point. We're very agnostic on these technologies. And we're very agnostic on public policies. I mean, if you want to do the ”drill baby drill,” that's good for our gas plants. If you want to do Green New Deal, that's good for our hydro plants. If you have a highly -- if you believe the climate is highly sensitive to CO2 and the outputs of that are going to be catastrophic in a reasonable timeframe, then I think Gates and those people are right that we really need to focus on nuclear urgently and wind and solar are not helpful. Gates doesn't say that. He would say, yes, decarbonisation is good, but he would say that it's not nearly enough. I think James Hansen, who was with NASA, and one of the big people early on who talked about CO2, has said the same thing.
We're agnostic. We're in the business to make money. We're not here for any agendas. Like I say, I went to Vermont in 2001, and converted an IPP company into an all-wind strategy. I was on the board of a commercial solar developer in New Jersey. I think our favorite asset class today is hydro. Because if you think about the Venn diagram between the outcomes, I think it is more reliable than things like wind and solar. And it's a price taker. So that if gas prices go up, that's good for it. If you start to ban fracking and reduce supply, you're going to increase prices, so that would be good for us.
So we're just in this to make money for the shareholders. And I sold a wind business twice in 2005 and in 2008.We had a big pipeline, and I was an early adopter of the wind strategy. And if I thought we could make a ton of money on lithium-ion batteries, we’d jump on it. I think, what usually happens is people who ride the green waves and the most popular things, they end up destroying a lot of capital over time. We saw that with those clean energy tech funds back 15 years or so ago now. If you look at the actual performance of wind and solar plants, their P90 type outcomes and things like that, it's been a tough slog for cash investors on the wind side for the most part. If you're a tax investor, it's been much better.
So we have a view that the kind of high level, political level analysis of what actually works, and what the economics are and what the math and the physics are really don't follow some of the political views on either side. I mean, though -- the last four years, they focused on subsidies for coal and nuclear, that makes no sense to me, right? And saying you're going to decarbonize by 2035 is equally nonsensical. But people feel like, oh, well, we're at least going in the right direction. But you're not. You're not having a material impact. So that's a public policy thing. I think most people don't weigh in on these issues. It's better to kind of go along with the crowd.
But the problem is, if you invest with the crowd, you will often end up with poor results. And so we're not doing anything based on any kind of political agenda or trying to teach the world a better way to do anything. We're just looking at the facts on the ground. And if we can make really attractive returns picking up wind projects from cash investors that turned out to have poor flip points, post their 2001 to 2015 investments, we're going to jump on that. We -- in fact, we're talking with some investors right now about looking at things like that. I've looked at getting a solar commercial developer. We're open to all of that.
It's just driven by how can we make money for the shareholders, not by any kind of macro level views. We take our views with a grain of salt. We've got a great deal of epistemological humility around here. Because when I started the wind company in 2001, I handed out a book on peak oil and said, hey, this is a real thing. And there was a goat herder immigrant’s son down in The Woodlands, Texas, George Mitchell, who showed that we were all wrong about that, or all the consensus was wrong about that. So we're very bashful about betting on our ability to forecast any of these things, and we just kind of swing at the pitches that come across the plate.
https://seekingalpha.com/article/4387716-atlantic-power-corporation-ceo-jim-moore-on-q3-2020-results-earnings-call-transcript
1st QRT revenues $1,800,000
2nd QRT revenues $2,225,000
3rd and 4th QRT predicted the latter end of revenues at $23 million, plus $5 million reimbursement of Hood Park facility operational November 2022.
Burn rate is $11 million a QRT = $22 million for 3rd and 4th QRT
$1 MILLION profit so far based on those numbers
plus Green HiPo $35.8 million revenues (grant)
plus $5 million reimbursement from Hood Park
What we don't know is, what the burn rate will be when they apply the funds to building out the Greece location? That is why they received the grant money in the first place!
Add 1.8 million + 2.2 million + 23 million + 35.8 million = $62,850,000 million revenues for 2022
plus reimbursement of $5 million or more
I still wouldn't touch it. Looks like it will go sub penny. Also, little volume
Advent Technologies Among the Key Partners to Co-Sign Multi-State Memorandum of Understanding for a US Northeast Clean Hydrogen Hub
08/31/2022
BOSTON--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that it has co-signed a Memorandum of Understanding ("MoU") with the New York State Energy Research and Development Authority ("NYSERDA") and more than 60 clean hydrogen ecosystem partners.
Under the MoU, the parties will collaborate to develop a proposal that will enable the Northeastern United States to become one of at least four regional clean hydrogen hubs designated through the federal Regional Clean Hydrogen Hubs program, included in the bipartisan Infrastructure Investment and Jobs Act.
The coalition of six States (Connecticut, Massachusetts, Maine, New Jersey, New York, and Rhode Island), along with more than 60 clean hydrogen ecosystem partners, are laying the groundwork for a proposal for the United States Department of Energy funding opportunity anticipated to be announced in September or October 2022, with up to $8 billion in total funding available.
After the initial announcement in March 2022, New York has continued to add strategic partners that now include 14 private sector industry leaders, 12 utilities, 20 hydrogen technology original equipment manufacturers (OEMs), 10 universities, seven non-profit organizations, five other States, two transportation companies, and, three State agencies.
New partners include:
Advent Technologies
Air Liquide
Ambient Fuels
Amogy, Inc.
Avangrid, Inc.
Charbone Hydrogen Corporation
Connecticut Green Bank
Constellation Energy Generation, LLC
Edgewise Energy
EDP Renewables North America
Equinor
Eversource Energy Co.
General Electric
H2/HPA Sonics
Holcim US
Hyzon Motors Inc.
Infinity Fuel Cell and Hydrogen, Inc.
Linde
National Fuel Gas Distribution Corporation
Nel Hydrogen
NECEC (Northeast Clean Energy Council and NECEC Institute)
New Jersey Clean Cities Coalition
Northville Industries Corp.
NovoHydrogen, Inc.
Ørsted
Pratt & Whitney
Precision Combustion, Inc.
Rensselaer Polytechnic Institute
Rhode Island Energy
Siena College
Skyre, Inc.
Peaks Renewables and Summit Utilities, Inc.
University of Connecticut
Consortium partners have committed to collaborate with the NYSERDA, New York Power Authority, and Empire State Development for the development of the proposal to advance clean hydrogen projects. At the same time, partnering States will also coordinate with their respective State entities to help align the consortium's efforts with each State's climate and clean energy goals, such as Massachusetts goal of reaching net-zero carbon emissions by 2050.
With the execution of these agreements, the partners will work together to:
Define the shared vision and plans for the regional clean hydrogen hub that can advance safe, clean hydrogen energy innovation and investment and address climate change while improving the health, resiliency, and economic development of the region's residents.
Advance a hydrogen hub proposal that makes climate and environmental concerns central to its strategy, which will deliver opportunities and improve the quality of life for under-resourced areas in the region.
Perform research and analysis necessary to support the hydrogen hub proposal and to quantify the reduction of greenhouse gas emissions resulting from this project.
Develop a framework to ensure the ecosystem for innovation, production, infrastructure, and related workforce development is shared across all partner States.
Support environmentally responsible opportunities to develop clean hydrogen in accordance with the participating States' policies.
The coalition will continue to focus on the integration of renewables - such as onshore and offshore wind, hydropower, and solar PV - and nuclear power into clean hydrogen production and the evaluation of clean hydrogen for use in transportation, including for medium and heavy-duty vehicles, heavy industry, power generation applications, and other appropriate uses consistent with decarbonization efforts.
Dr. Vasilis Gregoriou, Chairman and Chief Executive Officer of Advent Technologies, stated, "we are excited to join this major industrial partnership at a time of significant momentum for America's transition to clean energy technologies. All of us at Advent embrace the belief that the world can decarbonize faster by adopting hydrogen and fuel cells to replace conventional and polluting energy sources that use fossil fuels. We look forward to a successful collaboration with the consortium partners, as well as the New York State Energy Research and Development Authority, New York Power Authority, and Empire State Development."
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, conferring the virtues of a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
https://ir.advent.energy/news/news-details/2022/Advent-Technologies-Among-the-Key-Partners-to-Co-Sign-Multi-State-Memorandum-of-Understanding-for-a-US-Northeast-Clean-Hydrogen-Hub/default.aspx
The aim of HT-PEM fuel cells is to fulfill the promise of “Any Fuel. Anywhere.” They can allow ships to run on renewable methanol or ammonia, airplanes to run on dimethyl ether (DME) or hydrogen, and off-grid power generators to work with any green fuel that is easily transportable to remote locations. The ability to use any hydrogen-carrying fuel, in addition to pure hydrogen, is a major breakthrough in reducing the required infrastructure investments.
Dr. Emory De Castro, Advent’s Chief Technology Officer, commented: “The developing world is where the battle of climate change will be won or lost, and a low-cost infrastructure is a must. Synthetic eFuels will be produced by green hydrogen in the near future and thus be sustainable in such applications. HT-PEM technology allows for hydrogen fuel flexibility, while the competition is currently limited to very pure hydrogen that is compressed at 700bar. By forging this partnership, we are taking yet another step closer to realizing our clean energy future.”
The signed CRADA formalizes Advent’s role in this program, structures the joint development, and defines milestones and investment required to accelerate the technology scale-up. It also leverages state-of-the-art research facilities and talent at the DOE’s LANL, BNL, and NREL sites, as well as Advent’s expertise in fabricating polymers, membranes, catalysts, and electrodes. The effort encompasses scaling up the critical components of this next-generation membrane assembly: BNL catalysts, LANL membrane, electrode binder, and membrane electrode assembly (MEA) architecture. Advent’s scientists and engineers will work side by side with the primary inventors to facilitate rapid process development.
“We are honored and excited to work with the best electrochemists in the world from the LANL, BNL, and NREL in developing the next standard of fuel cell technology,” said Dr. Vasilis Gregoriou, Advent’s Chief Executive Officer and Founder. “The mandate from the aerospace, marine, and heavy-duty automotive industry is clear: they want to move to high-temperature fuel cell technology, and we believe that we will be able to provide the best product at the best price. Our recent NASDAQ listing and round of fundraising will allow us to make this agreement the top priority of our product development effort. We expect to commercialize the technology in 2021, bring products to the market in early 2022, and scale it up at mass production in 2023.”
HT-PEM fuel cell technology will allow heavy-duty and other hard-to-decarbonize applications to operate with high efficiency while using hydrogen and mitigating water management problems. The LANL MEA that Advent will commercialize is based on a novel chemistry. It does not rely on water as the conducting medium but instead on an engineering plastic, thus allowing for a wider range and high-temperatures for reliable operation (80oC to 240oC). The technology developers expect that overall fuel cell system design will be simplified drastically, resulting in reduced system costs. Early results indicate a longer lifetime even compared to Advent’s current commercial products. In addition, the agreement with BNL will focus on commercializing ultra-low platinum electrode technology that can bring the platinum/kilowatts (kW) required number down 90% (a 10x improvement). Platinum is an essential precious metal that is used in mobility fuel cells, and the BNL technology has the potential to reduce costs along with supply chain and environmental problems. NREL will aid in developing manufacturing processes for these advanced materials.
One of the few green stocks today. More to come
Regional Hydrogen Hubs Grow Ahead of Federal Funding Opportunities
Two New England states recently joined the northeastern regional hydrogen hub coalition, adding to the expanding list of agencies ready to benefit from federally funded projects.
With the addition of Rhode Island and Maine, the New York-led coalition now involves six states. Connecticut, Massachusetts and New Jersey were the first to partner with the New York State Energy Research and Development Authority (NYSERDA), New York Power Authority (NYPA) and Empire State Development on the hub proposal.
NYPA CEO Justin Driscoll said the addition of Maine and Rhode Island would “significantly boost the value” of a Northeast proposal, making the regional hub a “stronger, more multifaceted contender” for the U.S. Department of Energy’s (DOE) Regional Hydrogen Hub $8 billion funding program.
Since the original Northeast coalition in March proposed a hub, more than 20 energy companies and universities have joined the 40 seeking DOE funds. New partners also include Advent Technologies Holdings Inc., Air Liquide SA, EDP Renewables North America, Equinor Wind US, Eversource Energy, General Electric Co., Linde plc, Ørsted A/S, Rensselaer Polytechnic Institute, Rhode Island Energy and University of Connecticut.
“Innovative technologies are showing the potential of green hydrogen as a fossil fuel alternative and the time is right to take a deeper dive into the many opportunities that will reduce greenhouse gas emissions, benefit the workforce and help build a clean energy economy,” Driscoll said.
Each of the states in the coalition plans to reduce greenhouse gas (GHG) emissions by 2050. Connecticut, Maine and New Jersey are targeting an 80% reduction, while New York is aiming for an 85% reduction from a 1990 baseline by 2050. Massachusetts and Rhode Island are aiming for net-zero GHG emissions by 2050, with Rhode Island also targeting 100% renewable electricity by 2023.
NYSERDA said the coalition is expecting to focus on a hydrogen hub that demonstrates the use of renewables, including hydropower, nuclear, solar, onshore and offshore wind generation.
Most of the states already are moving forward with offshore wind projects. Most recently, the Department of Interior requested competitive interest for commercial leasing in the Gulf of Maine.
Offshore Massachusetts and Rhode Island, Ørsted and Eversource are in 50/50 partnerships on the Bay State Wind, Revolution Wind, South Fork and Sunrise Wind projects. Also planned for the coastal waters of Massachusetts is the 2.4 GW Mayflower Wind Energy LLC project. The 50/50 joint venture is between EDP Renewables and Engie SA’s joint venture, Ocean Winds, and Shell plc’s Shell New Energies US LLC.
Ørsted also is partnered with New Jersey’s Public Service Enterprise Gp. on the 1.1 GW Ocean Wind 1 project. In addition, European supermajor Equinor partnered with BP plc on the Beacon and Empire Wind projects in the New York Bight.
The hydrogen hub coalition plans focus on end-use for green hydrogen applications in transportation for medium- and heavy-duty vehicles, as well as industrial and power generation uses.
DOE is expected to offer funding opportunities between September and October. According to NYSERDA, the initial funding could support six-to-10 hubs, with funding allotted in 2023. Each hub proposal could be awarded up to $1.25 billion.
https://www.naturalgasintel.com/regional-hydrogen-hubs-grow-ahead-of-federal-funding-opportunities/
Makes sense why the stock price has been tanking
Rescission Agreement
As previously disclosed, pursuant to the Amended and Restated Merger Agreement dated as of April 7, 2022 (the “Merger Agreement”), by and among S-CC Merger Sub, Inc. (“S-CC Merger Sub”), a previously a wholly owned subsidiary of Sollensys Corp (“Sollensys”); SSolutions Merger Sub, Inc., a previously a wholly owned subsidiary of Sollensys (“S-Solutions Merger Sub”); SCARE Holdings, LLC, a wholly owned subsidiary of Sollensys (“SCARE”); (iii) Celerit Corporation, a wholly owned subsidiary of Sollensys (“Celerit”); (iv) Celerit Solutions Corporation, a wholly owned subsidiary of Sollensys (“Celerit Solutions”); (v) Terry Rothwell; and (vi) CRE Holdings, LLC (“CRE”), the parties to the Merger Agreement undertook certain transactions, including the merger of Celerit with and into S-CC Merger Sub, with Celerit surviving, and the merger of Celerit Solutions with and into S-Solutions Merger Sub, with Celerit Solutions surviving, in which transactions Ms. Rothwell received certain consideration as set forth in the Merger Agreement, and in connection with which the parties entered into certain other agreements and certain other transactions. Subsequent to entry into the Merger Agreement, the parties determined that they would unwind the transactions as set forth in the Merger Agreement and in the other agreements entered into in connection therewith.
Accordingly, on August 22, 2022, the Company entered into the Rescission, Termination and Release Agreement (the “Rescission Agreement”) by and among (i) the Company, (ii) SCARE; (iii) Celerit; (iv) Celerit Solutions; (v) Ms. Rothwell; (vi) Ron Harmon; and (vii) CRE. Pursuant to the terms of the Rescission Agreement, the parties agreed to unwind the transactions as set forth in the Merger Agreement and in the other agreements entered into in connection therewith, so as to place each of the parties to the Merger Agreement in the position that they were as of immediately prior to the closing of the transactions as set forth in and as contemplated by the Merger Agreement and the related agreements.
Pursuant to the terms of the Rescission Agreement, among other things, the parties agreed as follows:
(i) Sollensys agreed to transfer to Ms. Rothwell one share of Celerit common stock;
(ii) Sollensys agreed to transfer to Ms. Rothwell one share of Celerit Solutions common stock;
(iii) Ms. Rothwell agreed to transfer to Sollensys 4,000,000 shares of Sollensys common stock;
(iv) Ms. Rothwell agreed to resign from any and all positions with Sollensys, including as a member of Sollensys’ board of directors;
(v) Donald Beavers agreed to resign as a director and officer of Celerit and Celerit Solutions;
(vi) Anthony Nolte agreed to resign as a director and officer of Celerit and Celerit Solutions; and
(vii) Sollensys agreed, in connection with its withdrawal from Celerit of an aggregate of $605,000 following the closing of the Merger Agreement, to issue to Celerit a promissory note in the principal amount of $605,000, accruing interest at the rate of 7% per annum and due on September 30, 2022 (the “Celerit Note”).
In addition, pursuant to the terms of the Rescission Agreement, the parties agreed to terminate:
(i) The Executive Employment Agreement, dated as of April 7, 2022, by and between Sollensys and Ms. Rothwell (the “Rothwell Employment Agreement”), except as set forth in the Rescission Agreement;
(ii) The Executive Employment Agreement, dated as of April 7, 2022, by and between Sollensys and Mr. Harmon (the “Harmon Employment Agreement”), except as set forth in the Rescission Agreement;
(iii) The Rothwell Sollensys Blockchain Archive Server Distributive Data Center Agreement (2 Units), dated as of April 7, 2022, by and among Sollensys, Ms. Rothwell and George Benjamin Rothwell (the “Blockchain Archive Server Agreement”);
(iv) The Promissory Note issued by Sollensys to Ms. Rothwell on April 7, 2022 (the “Rothwell Note”);
(v) The Banking and Credit Union Services Agreement, dated as of April 7, 2022, by and between Sollensys and Celerit (the “Banking Agreement”);
(vi) The Real Estate Purchase Agreement, dated as of March 24, 2022, by and among Sollensys, SCARE, CRE, Ms. Rothwell and Mr. Rothwell (the “Real Estate Purchase Agreement”).
https://www.sec.gov/ix?doc=/Archives/edgar/data/1519177/000182912622016220/sollensyscorp_8k.htm