Advent Technologies Holdings Inc (ADN)

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Advent Technologies: The next steps for the green hydrogen factory in Kozani
The 24 million grant kicks off the project that aims to make the region a protagonist in the green transition
04.03.2024
https://www-ot-gr.translate.goog/2024/03/04/energeia/advent-technologies-ta-epomena-vimata-gia-to-ergostasio-prasinou-ydrogonou-stin-kozani/

De-lignitization: The investment plan in Western Macedonia and Megalopolis is coming off the ground

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 partnership aims to develop new catalysts and fuel membranes.

Last week, the project seemed to get off the ground and get on the rails as an official invitation was sent by the Ministry of Finance to the company to submit the necessary supporting documents regarding the green hydrogen production plant in Kozani. The invitation was received by Advanced Energy Technologies, a 100% subsidiary of Advent Technologies.

After the submission by Advent of the required documents, the Ministry of Finance is expected to proceed with the disbursement of a state aid package of 24 million euros from the Just Transition Fund (TTM) of Greece for the implementation of the Green HiPo project. 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.

From lignite to hydrogen
In any case, the first decisive steps have been taken without, of course, yet a clear timetable that will lead to the initiation and completion of the investment with the bureaucracy, although it has been limited to not allowing safe predictions. However, the era of hydrogen is getting closer and closer to Western Macedonia, a region that experienced first hand the effects of lignitization.

The aim of Green HiPo, which is part of Hy2Tech, is to "build" the appropriate ecosystem in Greece for the development of hydrogen technologies. To achieve this, the company will have to create alliances with public bodies, Greek universities and research institutes. The project has at its core research, development and innovation, as well as first industrial development, not in mass production initially, of innovative fuel cell systems and electrolyzers.

The plan includes the development of industrial facilities, research and development in Greece for the design and creation of innovative fuel cell systems with a total generated electrical power of 400 MW and corresponding thermal power, as well as electrolysis units with a total power of 4.65 GW, in the company's production lines that will be erected in Western Macedonia.

Advent was one of only eight small and medium-sized companies to receive validation within Europe under the 'IPCEI Hy2Tech' programme. Direct project participants will work closely through numerous planned collaborations with more than 300 external partners such as universities, research organizations and media across Europe.

The bet and the European dimension
With the developments running, Western Macedonia is preparing to welcome an investment that undoubtedly boosts the region's prospects at a time when decarbonization is increasingly on the table. It is worth noting that green hydrogen is knocking on the door of the region as investments for its production are also expected from EKETA and PPC.

Western Macedonia's smooth transition from a coal-based economy to an alternative, greener economic model with the region continuing to play a dominant role in meeting the country's energy needs is a critical bet to be won.

Advent's investment over a seven-year period may exceed 700 million euros, contributing to around 650 direct jobs and multiple indirect jobs in the region, while the scope of the project goes beyond the borders of Greece as Europe aims to produce 10 million tons of renewable hydrogen by in 2030, a goal which the investment in Kozani will "serve" to a certain extent.

What is Advent?
Advent develops advanced hydrogen production and storage solutions to enable the 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. The company already maintains strategic partnerships with giants 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.

From Patras... on Nasdaq
Advent, which was "born" in Patras with its stock now trading on the Nasdaq index, is the creation of Dr. Vassilis Grigoriou, president of the National Research Foundation and an internationally renowned scientist who in his 30-year career has held many research and administrative positions both in Greece and in the USA.

The fuel of the future
Green hydrogen can have a variety of uses in industries such as steelmaking, concrete production, and the production of chemicals and fertilizers. 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.

Green hydrogen has low to zero CO2 pollutants. 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, for now, but certainly the most environmentally friendly.