Advent Technologies Holdings Inc (ADN)

[KJAX]

Big investment in Greece - The new "green" hydrogen production plant is moving forward
CAR & MOTOR TEAM
01 Mar 2024

The big project to create a "green" hydrogen plant in our country is progressing, which can play a decisive role in the decarbonization of transport.

The major project of Advent Technologies for the construction of a "green" hydrogen production unit in Kozani is slowly taking the lead in implementation , which will contribute decisively to the transition of our country to a more sustainable economic model.

This is the "Green HiPo" project , which as we have written, includes the development, design and manufacture of HT-PEM fuel cells and state-of-the-art electrolytes for the production of electricity and "green" hydrogen, respectively.

The "green" hydrogen and fuel cells that will be produced can - among other things - support the road transport? of the future, working as an auxiliary to electric mobility (BEVs).
green hydrogen
He heads to the factory

The factory is on track for implementation, following the decision of the Ministry of National Economy and Finance to proceed with the disbursement of a package of state aid amounting to 24 million euros from the Just Transition Fund (TTM) of Greece for the implementation of the Green HiPo project, as it announced The company.

The costs related to the project are eligible for reimbursement retroactively from June 15, 2022, the date of notification to the Directorate General for Competition of the European Union of Greece's participation in the IPCEI Hy2Tech program.

Advent will also seek to secure additional funding to top up the total €60 million approved under the IPCEI project budget.

Advent was one of only 8 small and medium-sized companies to receive validation within Europe under the 'IPCEI Hy2Tech' programme. It is pointed out that the direct participants of the project will work closely with more than 300 external partners, such as universities, research organizations and small and medium-sized enterprises across Europe.

The "Green HiPo" project will contribute to the economic development of Western Macedonia and Greece , while helping Europe achieve its current target of producing 10 million tons of renewable hydrogen by 2030. Furthermore, 650 direct jobs will be created and multiple indirects.
green hydrogen
Use of "green" hydrogen

It is noted that green hydrogen, according to the Ministry of Infrastructure and Transport, can cover approximately 1/3 of the energy consumption of the transport sector in Greece, including shipping.

As for the HT-PEM (High-Temperature Proton Exchange Membrane) cells that Advent Technologies will produce, they operate at high temperatures reaching up to 240 degrees Celsius.

They are a promising energy device, with advantages of high energy efficiency, high fuel/air impurity tolerance, simple plate design, and better heat and water management.

Advent believes that the new type of HT-PEM fuel cells are a superior choice for the electrification of aviation, heavy trucks, and ships.

Fuel cells use hydrogen to produce "clean" energy , which is used to drive an electric motor.

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