Advent Technologies Secures $1.1 Million Contract to Supply its HT-PEM MEAs for Fuel Cell-Powered Trucks in Asia

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce a new contract with a prominent fuel cell manufacturer specializing in truck applications in the East Asian market. Under this contract, Advent will supply High-Temperature Proton Exchange Membrane ("HT-PEM") Membrane Electrode Assemblies ("MEAs") to support the development of advanced fuel cell solutions for trucks.

The contract, signed in the second quarter of 2023 with a combined value of $1.1 Million, comes after a highly successful testing phase of Advent’s proprietary MEA technology conducted by its customer. Starting in the second quarter of 2023, Advent will begin delivering HT-PEM MEAs, with a projected continuation of deliveries in accordance with the customer's specified timeframe.

The use of Advent's MEA technology in fuel cell-powered trucks is a critical and substantial enhancement to EV technology, effectively tackling the challenges associated with charging infrastructure and the limited range of pure EVs.

MEAs are the critical component of fuel cell systems and have a pivotal role in determining the overall performance, durability, efficiency, weight, and cost-effectiveness of the electrochemical products they empower.

Advent's MEAs are designed to operate at high temperatures ranging from 120 °C to 180 °C, and offer a significant advantage to alternative solutions. For example, they enable the utilization of impure hydrogen, which can be generated onboard through the reforming of methanol, eMethanol, natural gas, and various other renewable eFuels.

Advent's electrochemistry components business includes electrodes, membranes, and MEAs. These components are critical for fuel cells, electrolyzers, and long-duration energy storage such as flow batteries.

Advent's Chairman and CEO, Dr. Vasilis Gregoriou, commented, "The global heavy-duty automotive industry has made it clear that they intend to transition to HT-PEM fuel cell technology. Advent is committed to play a significant role in facilitating this transition, and we are excited to continue expanding customer relationships across Asia. Our MEA technology is highly suitable for heavy-duty mobility applications and well-suited to meet the changing demands of the industry. We look forward to further contributing to a sustainable future for heavy-duty transportation applications through the adoption of HT-PEM fuel cell technology."

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

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