Advent Technologies Among the Companies to Co-Sign Joint Declaration to Increase Electrolyser Manufacturing Capacities in the European Union
May 06 2022 - 8:05AM
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 that, on
Thursday, May 5, 2022, its Chairman and CEO, Dr. Vasilis Gregoriou,
participated in the European Electrolyser Summit in Brussels. This
event was organized by the European Commission in cooperation with
Hydrogen Europe and took place under the auspices of the European
Clean Hydrogen Alliance.
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European Commissioner for the Internal
Market Mr. Thierry Breton (left) and Dr. Vasilis Gregoriou (right)
during the European Electrolyser Summit. (Photo: Business Wire)
Commissioner for the Internal Market Thierry Breton, CEO of
Hydrogen Europe Jorgo Chatzimarkakis, and 20 CEOs and executives
representing companies including Advent, Bosch,
Convion, Cummins, De Nora, Elogen,
Enapter, Genvia, Green Hydrogen Systems,
Helbio, H2B2, HyStar, John Cockerill,
McPhy, Nel Hydrogen, Siemens Energy,
SOLIDpower, Sunfire, Thyssenkrupp nucera and
Topsoe, met and signed a Joint Declaration, establishing a
clear goal of paving the way towards achieving the objectives of
the REPowerEU’s proposed Hydrogen Accelerator, which sets out a
strategy to double the previous EU renewable hydrogen target to 10
million tons of annual domestic production and an additional 10
million tons of annual hydrogen imports.
Under the Joint Declaration, Europe’s leading electrolyser
manufacturers agreed to increase their manufacturing capacity in an
effort to have, by 2025, a combined annual electrolyser
manufacturing capacity in Europe of 17.5 GW, as well as to further
increase that capacity by 2030 in line with projected demand for
renewable and low-carbon hydrogen.
Furthermore, the Joint Declaration features the three following
pillars:
- Regulatory framework: Ensuring a supportive regulatory
framework through adequate permitting rules and a commitment to
stand up for the ambitious targets included in the revision of the
Renewable Energy Directive and the Alternative Fuels Infrastructure
Regulation Proposal.
- Access to finance: Facilitating adequate access to
finance by revamping the Innovation Fund to be inclusive of
innovative zero and low-carbon equipment manufacturing such as
electrolysers. In addition, accessing state aid to de-risk
investments and putting in place Carbon Contracts for Difference to
further incentivize the large-scale deployment of clean hydrogen
technologies.
- Supply chain integration: Integrating supply chains by
expanding Research and Development and ensuring the availability of
required components and materials at the required scale.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive
Officer, stated: “Today marked an important milestone for
ensuring Europe’s long-term energy self-sufficiency and
significantly reducing its reliance on fossil fuels. To achieve the
goals outlined in the Joint Declaration that we signed today, the
European electrolyser manufacturing sector needs to enhance
collaboration to ramp up electrolyser production to approximately
25 GW per year with an installed electrolyser capacity of 90-100
GW. We all recognize this as a challenge but also as a significant
industrial opportunity that can positively contribute to Europe’s
transition to clean energy at a far faster rate than ever before.
Advent is highly honored to be part of this joint commitment, and
we are delighted to see the Commission supporting the industry’s
goal to boost electrolyser manufacturing. All of us at Advent
Technologies look forward to sharing our long-standing expertise
and playing a key role in the scale-up of electrolyser
manufacturing capacity, aiming to secure energy self-sufficiency
and help Europe meet the growing demand for renewable
hydrogen.”
About Advent Technologies Holdings,
Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles fuel cell systems and the
critical components for fuel cells and other advanced energy
systems. Advent is headquartered in Boston, Massachusetts, with
locations in California, Denmark, Germany, Greece, and the
Philippines. With 150-plus patents issued, pending, or licensed for
its fuel cell technology, Advent holds the IP for next-generation
HT-PEM that enable various fuels to function at high temperatures
under extreme conditions – offering a flexible “Any Fuel.
Anywhere.” option for the automotive, maritime, aviation, and
power generation sectors. For more information, visit
www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. Each forward-looking statement
contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, future financial
performance; public securities’ potential liquidity and trading;
impact from the outcome of any known and unknown litigation;
ability to forecast and maintain an adequate rate of revenue growth
and appropriately plan its expenses; expectations regarding future
expenditures; future mix of revenue and effect on gross margins;
attraction and retention of qualified directors, officers,
employees and key personnel; ability to compete effectively in a
competitive industry; ability to protect and enhance corporate
reputations and brand; expectations concerning relationships and
actions with technology partners and other third parties; impact
from future regulatory, judicial and legislative changes to the
industry; future arrangements with, or investments in, other
entities or associations; and intense competition and competitive
pressure from other companies worldwide; and the risks identified
under the heading “Risk Factors” in Advent’s Annual Report on Form
10-K filed with the Securities and Exchange Commission, as well as
the other information each has files with the SEC. We caution
investors not to place considerable reliance on the forward-looking
statements contained in this press release. You are encouraged to
read the filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. The
forward-looking statements in this press release speak only as of
the date of this document, with no obligation to update or revise
any of these statements. Investors, potential investors, and others
should give careful consideration to these risks and
uncertainties.
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Advent Technologies Holdings, Inc. Michael Trontzos / Chris
Kaskavelis press@advent.energy
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