Advent Technologies Holdings Inc (ADN)

[WeTheMarket]

Advent Technologies: First step for hydrogen plant in Kozani
February 27, 2024
https://www.moneyreview.gr/green-economy/137419/advent-technologies-proto-vima-gia-monada-ydrogonoy-stin-kozani/

One step closer to the start of implementation is the hydrogen plant in Western Macedonia and specifically in Kozani, a project with a budget of EUR 60 million. euro. The project, known as Green Hipo, is to be developed by technology company Advent Technologies, which seeks to operate in the international market for next-generation fuel cell technology. It is part of the important project of common European interest Hy2tech, which aims to promote hydrogen technologies, involving 41 individual projects of 35 European companies.

To this end, the competent department of the Ministry of National Economy and Finance has invited, through a public call, to submit project proposals (for Green Hipo) to be financed by the Community program Just Development Transition. The submission process closes on 22 April, with the project having a total budget of EUR 60 million. EUR 24 million, of which correspond to public participation. In other words, if its proposals are approved, Advent will receive ECU 24 million. It is seeking to secure the necessary funds to finance its entire investment of EUR 60 million. euro.

The aim of Green Hipo, which is part of Hy2tech, is to create the right ecosystem in Greece for the development of hydrogen technologies and for this reason the company should cooperate with public bodies, but also with Greek universities and research institutes. The project concerns research, development and innovation, as well as the first industrial development (note: i.e. in a pilot stage and not for mass production) of innovative fuel cell systems and electrolyzers. Thus, industrial research and development facilities will be created in Greece for the design and development of innovative fuel cell systems with a total electricity output of 400 MW and corresponding thermal power, as well as electrolysis units with a total capacity of 4.65 GW, in the company's production lines to be installed in Western Macedonia.

"Through Green Hipo, we aim to contribute substantially to the transition of Western Macedonia from a carbon-based economy to a greener economic model and at the same time help the region maintain its role as the country's largest energy center. By ensuring the rapid implementation of projects such as Green Hipo, Europe will be able to accelerate its path towards energy independence, while promoting the development of a competitive hydrogen sector", the co-founder, president and CEO of Advent, Dr. Vasilis Gregoriou, told Kathimerini.

The company is listed on Nasdaq, with its share price trading below $1. As a result, the condition set by the US stock exchange for a minimum trading price of $ 1 is not met. per share, but the company's management estimates that by May 20, when the deadline expires, it will have complied with Nasdaq regulation.

It is estimated that more than 500 companies on the Nasdaq and New York Stock Exchange have their share price trading below $1.