Vasilis Gregoriou
Thank you, Kevin.
Advent have significant opportunities for its high temperature PEM technology, advanced materials and fuel cell system products. Advent is a clear energy technology company, developing innovative products for key sectors that require clean energy. We look forward to growing the business and to give you a breadth of development. I would like to thank you all for joining us today.
Before we open the line to any questions from the company's analysis, I would like to address questions submitted by Lacie Midgley with Panmure Gordon, who is unable to join the call today. The first question is, can you provide an update on the Green HiPo project and expect the timing on evaluation, confirmation of final funding documents and subsequent releases of funding.
As I said a little bit in the script, we are very keen to officially launch the green HiPo, and we have demonstrated particular actions that says that we're moving in this direction. First of all, we schedule all the R&D and development work. Second, we have identified a suitable site.
We purchased the land, and we have commenced with planning. Third, very important, we have entered this very strategic agreements with BASF another option that we cannot mention right now. And we will announce, obviously, the details at the appropriate time that ensures that the minute we start - we have this giant with us to be able to manufacture the products with quality and at the right time.
In the meantime, as we said, we are complaint to the European Union because we feel that this is a big delay here from the state, and it's simply not acceptable by us. So I sent the letter to commissioner Breton, who initiated an internal discussion within the European Commission with DG growth and DG internal market industry and SME.
These are policy departments, the directional general. And there, what we got back is that despite that within the holiday month, the European union will work very close to the Greek authorities, to be able to inform us and us inform you the shareholders that the project we received the foreseen public funds. So I think where in the last stages. And there, as you know, we have very big delays with interaction with other European partners. Of course, we have suffered, we believe a big loss in our valuation because of all of that.
So this thing needs to be resolved as soon as possible. The Europeans understand that this is a project of common European interest. It's not Greece only, not Italy for - then oral let's say, it's not transfer McAfee. So I think the Europeans were push very hard on this. Now we received on August 4, a letter by the Deputy Minister of Economy and Finance from Greece, Mr. [indiscernible] and respond to my letter to him on July 25. And basically, the idea is, and I will go over later in a bit - the idea is that the Greek state is examining and planning ways to implement actions and to strengthen the initiatives that will contribute to the transition, the productive and growth model of the great economy towards climate neutrality.
Parameters for the plan and such actions include implemented projects at specific times, the viability of the completed proposal plans as well as compliance with regulatory obligations and guidelines regarding the management of European funds. The Greek state is kind of reviewing funding for IPCEI program and we'll provide further updates at the appropriate time. So the delay is solely with the Greek state, and we expect this to be resolved very, very soon.
You can imagine we do everything in our capacity to finish this. And we will keep you posted on the developments, which, as I said, I think that will be very strong. Second question is, again, from Lacie. Can you provide an update on the Hyundai JDA and next key milestones, including expected first half? As you know, the - as with other automotive manufacturers, Hyundai is an OEM.
And basically, they were developing in the fuel cell system in collaboration with the OEM. We have a joint development agreement now where the Advent MEA and actually our fuel cell expertise as well will be incorporated in an automotive agent with Hyundai. And Hyundai has shown great interest in the technology and basically behind on fair technology. And we - also there, we incorporate Hyundai technology as well. We use Hyundai catalyst for that particular program.
So the whole idea is to achieve the power targets that they are conducive for automotive in order for this to become an actual product. Now, as you know, we have three core hardware models on the market already.
So we have good experience from using them. And as I said in other calls as well, it's not only Hyundai that we work with, we have other large companies that we cannot name but we're working very hard - actively with all of them. The other question is how has the collaboration with Siemens Energy for maritime fuel cell solution progress?
Is licenses progressing to JDA or similar depending on successful technology testing? And there, the collaboration with Siemens, as you know, is on this very exciting section of maritime. We're very happy that our methanol vision because we have this for quite some time now, as you know, the ones that you follow us the methanol and eventually e-methanol that arrive from green hydrogen, we believe will be the key fuel in the path to net zero for maritime.
So not only [indiscernible] but also Alfa Laval, Maersk, they all work there, and we try to collaborate with [indiscernible], but we have the recent success with Siemens and Sanlorenzo, and we feel very proud about that. So again, the idea is that when you use high temperature PEM and e-methanol, we're talking about a similar system and an expensive one-stage reformation, whereas low temperature then requires 99.99% pure hydrogen.
The selling system now that we use, it's made in Denmark. And we're talking about 100 kilo, but we actually also can go to 250 kilo easing. So that's the status over there. I think there is the right technology and the right market, and it's a obligation, if you will, to grow this as fast as we can. Another question is how has conversation as part of the early stages of the BASF agreement progressed with regard to establishing the end-to-end supply chain in Europe.
I think we discussed that also in the script. Basically, the idea is that the BASF agreement is very significant for us because, one, it endorses our technology; and second, we fortify our supply chain. We are working on high temperature PEM with BASF for about 15 years now, as you know. BASF is a global leader in manufacturing and brands, electrodes, a lot of expertise with PVI. And as I said, we're very close and for me, would be a key parameter, this association in accelerating the Green HiPo Project.
Win-win situation for both parties and very secure deal, if you will, for the customer as well. Another thing I don't want to be left out of the conversation is the ability of BASF to manage precious metals in closed loop processing of this material. That's very important when we go from more pilot programs to throw large-scale manufacturing.
The next question is, does your current cash position and currently burn rate gives you sufficient headroom has been funding received for and to execute on the Green HiPo Project and other commitments?
I'm going to turn this to Kevin. So Kevin, could you please answer this?
Kevin Brackman
Yes, sure. Thank you, Vassili. So let me share some information on our liquidity situation and cash burn rate. So we finished the second quarter with right around $10 million of available cash on our balance sheet. As you know, over the past three months or so, we've put in place a couple of different equity facilities.
One is an equity line of credit with Lincoln Park Capital. The other is an ATM facility with H.C. Wainwright. Each of those facilities gives us the opportunity to access up to $50 million of capital over the next three years. And that's our - at our discretion on whether and when we utilize those facilities.
So we have those two facilities in place. As I mentioned in my comments this morning, we raised $3.4 million in the month of June, utilizing one of those two facilities. At the same time, we have also taken actions recently to reduce our costs and to reduce our spend rate.
So as I look forward to the second half of the year, I'm anticipating that our monthly spend for operating and capital expenses will probably range between $2.5 million and $3 million per month. And so the $3.4 million that we raised back in June is sufficient or even more than sufficient to cover what we expect to be our monthly spend rate in the second half of the year.
So that would continue to be our plan in the short term. It's to continue to use these facilities to raise the cash that we need to cover our operating expenses until such time that we receive funding from either Green HiPo or from other sources of capital. And with that, I will turn it back to Vassili.
News 
Market Data 
Discover 
