Advent Technologies Holdings Inc (ADN)

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"Despite the delays, Green HiPo is in the final stretch," says Vasilis Gregoriou, President & CEO of Advent
Last updated: 2023/12/29
https://xronos-kozanis.gr/para-tis-kathysteriseis-to-green-hipo-einai-stin-teliki-eftheia-tonizei-o-vasilis-grigoriou-einai-proedros-diefthynon-symvoulos-tis-advent/

In his article in energypress, Vasilis Grigoriou President & CEO of Advent Technologies Holdings, Inc. confirmed that Green HiPo, the company's investment in our region, is now in the final stretch, despite long delays in 2023.

Green HiPo will take place in the area of Kozani and aims to develop high-temperature proton exchange membrane fuel cells and electrolysis units for the production of electricity and green hydrogen, respectively.

In detail, Mr. Gregoriou's article entitled "The role of hydrogen in Europe's path towards zero carbon emissions and energy independence":

In addition to the warmest year on record, 2023 was a year of significant developments in the energy sector and ambitious actions to tackle the climate crisis. Just a few days ago, the 28th United Nations Climate Change Conference (COP28) ended, where 117 countries signed an agreement with the goal of tripling renewable energy by 2030. European Commission President Ursula von der Leyen said the deal "marks the beginning of the post-fossil fuel era".

In Europe, total gas imports from Russia fell to around 80 bcm in 2022, and to around 40-45 bcm in 2023, compared to 155 bcm per year before the energy crisis. In addition, 39% of 2022 electricity in the EU was generated from renewable sources and, in May 2023, wind and solar surpassed total electricity generation from fossil fuels for the first time. In parallel, in 2023 the EU agreed on new higher clean energy targets in line with the REPowerEU plan and the European Green Deal. In particular, the share of renewables in the EU's final energy consumption is expected to increase to 42.5% by 2030.

Undoubtedly, hydrogen is coming to take on the role of protagonist in this transitional period for Europe. The reason is simple: hydrogen offers the EU an important opportunity to redefine its geopolitical energy dynamics, shifting the focus from ensuring access to energy resources to creating them. However, it is important to separate the different types of hydrogen. Grey hydrogen, derived from fossil fuels, is likely to be phased out, while blue hydrogen, produced when the process of reforming natural gas is combined with carbon capture and storage (CCS) technology, will only have a transitional role. The most environmentally friendly option is green hydrogen, produced from renewable sources such as solar and wind energy, through the process of electrolysis. Mass production of green hydrogen is essential to decarbonise polluting industries such as steel, fertilisers, refineries and transport.

At the same time, fuel cells — electrochemical motors that convert hydrogen and other renewable fuels into clean electricity — have already begun replacing polluting diesel generators in sectors such as telecommunications and critical infrastructure. At the same time, fuel cells are expected to play an important role in electrifying the commercial ships, trucks and aircraft of the future.

2023 was a landmark year for Advent Technologies, as the company launched new – and strengthened existing – partnerships with companies leading the global clean energy transition, such as Airbus, Siemens Energy and Hyundai Motor Company. In particular, Advent will contribute to Airbus' goal of bringing the first hydrogen-powered passenger aircraft to market. To achieve this, the Airbus team is expected to leverage Advent's technology to create an electric propulsion system for the aircraft, which will be powered entirely by fuel cells. In shipping, Advent is working with Siemens Energy from early 2023 to install fuel cells in hybrid power supply systems (e.g. combined with batteries) of ships, replacing existing diesel generators. Within 2024, it's also worth noting that Advent's fuel cells will be installed on Sanlorenzo's superyacht. In addition, through a technology development agreement announced in early 2023, Advent's technology is currently being leveraged by Hyundai Motor Company for widespread future use in stationary and/or heavy-duty vehicle applications.

With its strategic location and ideal weather conditions, Greece has all the tools to become a strategic hub for the European hydrogen industry. However, the country still faces challenges and problems that were not resolved in 2023, with one of the most important being the lack of a clear hydrogen strategy. At the same time, in 2023 there were significant delays in the final funding of IPCEIs projects with Greece as the implementing area. One of these projects is Green HiPo by Advent Technologies. Green HiPo will take place in the area of Kozani and aims to develop high-temperature proton exchange membrane fuel cells and electrolysis units for the production of electricity and green hydrogen, respectively. Despite the delays we faced in 2023, the implementation of the project is now in the final stretch.

At such a crucial moment for Europe's energy future, hydrogen comes to reduce the constant need to cultivate "energy relationships" with external suppliers and make the EU energy autonomous and "resilient" in the long term. The timely implementation of all hydrogen projects in Europe is of paramount importance to achieve its ambitious energy targets. It is the duty of all of us to actively support Europe's effort and turn Greece into an example of how a small country can be a producer and not only a consumer of knowledge and innovation.