Advent Technologies Holdings Inc (ADN)

[KJAX]

Bell for the delay in signing the contract for the big hydrogen project by Vassilis Grigoriou

from
Yannis Kostarellas
09/20/23
The CEO of Advent Technologies, Dr. Vassilis Grigoriou, who spoke at the OT FORUM, held in the context of the 87th TIF.

"Hydrogen is here to stay"

Speaking about climate change and the contribution of hydrogen, Advent's CEO emphasized that “it is a reality and obviously we have to do something as quickly as possible. "Something new is needed and hydrogen, especially green hydrogen is one of the new technologies coming, one of those solutions."

However, according to him, there is also politics. "There are countries and continents that want change and those that don't want change. Our economy is based on fossil fuels. And since Europe does not produce energy, with few exceptions like France's nuclear. He wants hydrogen for energy sufficiency and security," he added, among other things

In this context, Mr. Grigoriou pointed out that "Europe has made the decision to make hydrogen a big player. He has said that I will give enough money to produce enough quantities for machinery and storage areas, etc. We behind this piece saw this opportunity. Europe has put forward some projects of common interest, it wants to invest in hydrogen, it does not want to lose this industry, while it has chosen the South for its production activity."

What is worth underlining - according to Mr. Grigoriou - hydrogen is here to exist.

"In Western Macedonia there is the critical mass for the project "

Mr. Grigoriou for the planned investment of 780m. euro stated that "we believed and we still believe that in Western Macedonia there is the critical mass for such a project. There are people who worked for PPC and there is the culture, there is the University, it is close to Thessaloniki and we could build something world-class with the help of the EU. through the country".

And he continued by emphasizing that "Every 2-3 years Advent makes great achievements. We started as a start-up and now we are a large company on a global level. We distinguished ourselves at Los Alamos. We have ongoing projects with NASA, the US Army and the European Space Agency. We want to bring some of the pieces we have worldwide back to Greece. Europe wants to pay for this particular project and pays two differences. One difference is because Advent is a small company to go to the next step and become a company of 1000-2000 employees (funding gap) and it is ready to pay a lot of money because in other circumstances no one would be able to do the project and the government is required state aid'.

There is a delay in signing the contract

For Green HiPo he emphasized that we received the country's approval and notification last July.

"In the big countries, the contracts have been put forward and advances have been paid. Unfortunately in Greece we have very long delays and I hope we are in the final stages so that the final decision can be made whether we will proceed here or go somewhere else in Europe".

He also underlined that "in Greece we want to bring big players" and as Europe estimates there will be an additional 8.8 billion private expenditures. We, unfortunately for us, have got the biggest project of 700 million in the smallest country. We are waiting to get the contract and we will make the investment. I believe everything will be fine. It should be noted that Europe is not a federal state, the intentions are there but there is a delay. I understand that, but the markets don't. The company is persistent but there is a lot of pressure. In the end we will see if everything was right," he concluded.

In fact, he pointed out that Greece invited the company for the implementation of the program and not the other way around.
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