Advent Technologies Holdings Inc (ADN)

[WeTheMarket]

Advent Technologies: Green hydrogen plant in Kozani – Announcements in February
The benefits of the €700 million investment and the country's crucial bet
January 16, 2024
https://www.ot.gr/2024/01/16/green/advent-technologies-ergostasio-gia-prasino-ydrogono-stin-kozani-anakoinoseis-ton-fevrouario/

Western Macedonia is gradually moving from lignite to hydrogen with the implementation of the investment of the Greek company Advent Technologies in cooperation with the German BASF, for the production of a new type of HT-PEM fuel cells, which will "give" electricity and green hydrogen, in an area in the area of Kozani to enter the final straight within 2024.

Relevant announcements, which will outline the details of an ambitious development project that changes the balance in an area "wounded" by lignite phase-out, are coming in February, according to OT information.

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BASF has been a leader in membrane and MEA technology for high temperature proton exchange membrane (HT-PEM) fuel cells for 20 years, while Advent is the largest manufacturer of HT-PEM fuel cell systems. Their collaboration aims to develop new catalysts and fuel membranes.

The Green HiPo
Advent Technologies' Green HiPo project is one step away from going on the rails. The initial budget of the project reaches 60 million euros, while 40% of this amount, ie 24 million euros, is expected to be funded by the NSRF DAM Program 2021-2027.

The investment with an EU seal, since everything seems to have overcome some bureaucratic entanglements that had occurred, may exceed EUR 700 million in six years' time. "opening" about 650 direct jobs and multiple indirect jobs in the region.

In July 2022, the European Commission approved the "Green HiPo" project submitted by Advent Technologies under the Project of Common European Interest ("IPCEI"), with €780 million in aid. € public expenditure, to support research, innovation and first industrial development in the hydrogen value chain.

The "green" Greek bet
Green HiPo aims to develop high-temperature proton exchange membrane fuel cells and electrolysis units to generate electricity and green hydrogen, respectively. Through Green HiPo, Advent wants to turn Greece into an example of how a small country can be a producer and not just a consumer of knowledge and innovation.

It is worth noting that the promising hydrogen, although still in its infancy, is estimated to cover about 1/3 of the energy consumption of the transport sector in Greece, including shipping.

The electrolysis plants produced through the project will be exported to Europe, contributing to the EU's target of producing 10 million tonnes of renewable hydrogen by 2030 and globally.

At the same time, the membranes and fuel cells expected to be produced through the project aim to play a leading role in the electrification of the aircraft, ships and trucks of the future.

Advent already maintains strategic partnerships with giant companies such as Airbus, Hyundai Motor Company and Siemens Energy.

Advent has specialized in high-performance fuel cell technology. Fuel cells use hydrogen, natural gas or other forms of clean liquid fuels to produce 'clean' energy.

This technology has multiple uses in automotive, aeronautics and off-grid power generation.

Hydrogen is a versatile energy carrier that can be produced from various renewable sources, such as wind and solar energy. Advent is developing advanced hydrogen production and storage solutions to enable widespread adoption of hydrogen as a clean energy source. These technologies have the potential to revolutionize industries such as transportation, industrial processes and power generation.

At the core of Advent's plans are the new type of HT-PEM fuel cells that the company prefers for aviation, heavy trucks, automotive and marine use.

In 2023, Advent has launched new partnerships, building on existing partnerships with companies leading the clean energy transition, such as Airbus, Siemens Energy and Hyundai Motor Company.

"Flying" with Airbus
The company last year reached an agreement with Airbus, a global leader in aeronautics, for a joint benchmarking project on an optimized Ion Pair (MEA) electrode system for hydrogen fuel cells it develops.

Airbus will provide financial support to the project and extensive knowledge of the aviation industry. Advent will invest in people, materials, material and external research centers to contribute to the project's objectives. The multimillion-dollar partnership will take place over two years. The aim of the project is to accelerate the development of Advent's technology and compare the Ion Pair MEA with aviation requirements and current and anticipated technological limits in upcoming hydrogen cell aircraft engines.

Hydrogen has been produced and used for over a century, mainly for the production of fertilizers and plastics and for the refining of oil. It has been produced mostly using fossil fuels, especially natural gas. But when production is powered by renewable energy sources, the resulting hydrogen is green hydrogen.

The global green hydrogen market is expected to reach €410 billion. dollars by 2030, according to analysts, which would more than double the current market size. However, its doubters say the fuel is not always sustainable and that how green it is is determined by the energy source used to produce it.

The uses of green hydrogen
Green hydrogen can have a variety of uses in industries such as steelmaking, concrete production, and chemical and fertilizer production. It can also be used to generate electricity, as fuel for transport and for heating homes and offices.

Today, hydrogen is mainly used in gasoline refining and fertilizer production. Green hydrogen is produced by the method of electrolysis of water from electricity coming from RES. Solar energy or wind power is usually used.

Green hydrogen has low to zero CO2 emissions. It can be used either for electricity through fuel cells, or in gaseous form for use in transport. Compared to other forms of hydrogen production, it is more expensive at present but certainly the most environmentally friendly.