Advent Technologies Holdings Inc (ADN)

[KJAX]

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/