Advent Technologies Among Companies to Co-Sign Joint Declaration to Increase Electrolyser Manufacturing Capabilities in the European Union

BOSTON–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology industries, is pleased to announce that, on Thursday, May 5, 2022, its 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.

Thierry Breton, Commissioner for the Internal Market, Jorgo Chatzimarkakis, CEO of Hydrogen Europe, and 20 CEOs and managers representing companies, including Advent, Bosch, agree, Cummins, From Nora, Praise, Enaptere, Genvia, Green hydrogen systems, Helbio, H2B2, HyStar, John Cockeril, Mc Phy, Nel Hydrogen, Siemens Energy, SOLID power, sun fire, Nucera by Thyssenkrupp and Topsoe, met and signed a joint declaration, establishing a clear objective to pave the way towards achieving the objectives of the hydrogen accelerator proposed by REPowerEU, which defines a strategy to double the previous EU target for renewable hydrogen to 10 million tons of annual domestic production and an additional 10 million tons of annual imports of hydrogen.

As part of the joint statement, Europe’s leading electrolyser manufacturers have agreed to increase their manufacturing capacity with the aim of having, by 2025, a combined annual manufacturing capacity of electrolysers in Europe of 17, 5 GW, as well as to further increase this capacity by 2030 in line with demand forecasts for renewable and carbon-free hydrogen.

In addition, the joint statement has the following three pillars:

  1. Regulatory framework : Ensure an enabling regulatory framework through adequate permit rules and a commitment to defend the ambitious targets included in the revision of the Renewable Energy Directive and the proposed Alternative Fuels Infrastructure Regulation.
  2. Access to financing: Facilitate adequate access to finance by revamping the Innovation Fund to include the manufacturing of innovative low-carbon and low-carbon equipment such as electrolyzers. Also, access state aid to reduce investment risks and implement carbon contracts for difference to further encourage the large-scale deployment of clean hydrogen technologies.
  3. Supply chain integration: Integrate supply chains by expanding research and development and ensuring the availability of required components and materials at the required scale.

Dr. Vasilis Gregoriou, President and CEO of Advent, said: “Today marked an important step towards ensuring Europe’s long-term energy self-sufficiency and significantly reducing its dependence on fossil fuels. To achieve the goals set out in the joint statement we signed today, the European electrolyser manufacturing industry needs to strengthen its collaboration to increase electrolyser production to around 25 GW per year with a capacity of electrolyzers installed from 90 to 100 GW. We all recognize that this is a challenge, but also a significant industrial opportunity that can contribute positively to Europe’s transition to clean energy at a much faster pace than ever before. Advent is very 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. At Advent Technologies, we all look forward to sharing our longstanding expertise and playing a key role in scaling electrolyser manufacturing capacity, with the goal of ensuring energy self-sufficiency and helping Europe to meet the growing demand for renewable hydrogen.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is an American company that develops, manufactures and assembles fuel cell systems and critical components for fuel cells and other advanced energy systems. Advent is headquartered in Boston, Massachusetts, with offices in California, Denmark, Germany, Greece and the Philippines. With over 150 patents issued, pending or licensed for its fuel cell technology, Advent owns the intellectual property of the next generation HT-PEM which allows various fuels to operate at high temperatures under extreme conditions – providing flexibility”Any fuel. Everywhere.” option for automotive, marine, aviation and power generation industries. For more information, visit www.advent.energy.

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