Advent Technologies Receives Notification of Euro 782.1 Million Funding from the Greek State for IPCEI Green HiPo Project

  • Advent Technologies Receives Notification of Euro 782.1 Million Funding from the Greek State for IPCEI Green HiPo Project

BOSTON, June 16, 2022–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that it has received notification from the Greek State for funding under the Important Projects of Common European Interest (“IPCEI”) Hydrogen – Technology, Green HiPo. The notification from the Greek State has been sent to the European Union (“EU”) under the IPCEI framework. Upon EU ratification, total funding of euro 782.1 million for Advent’s Green HiPo project will be made available over a period of six years, as submitted in accordance with the following schedule:


YearFunding

(euro million)

135.8
284.3
3175.7
4259.3
5111.7
6115.2
Total782.1
  • Advent’s Green HiPo project was originally among five projects out of twenty candidates from Greece for IPCEI funding.

These five projects were then subject to detailed review and due diligence by the EU, resulting in two projects now being notified by the Greek State. The notification in the first wave of IPCEI Hydrogen – Technology projects is a testament to the world-class innovation that Advent Technologies possesses and the belief that Greece and the EU have in Advent’s ability to deliver such an important project.

  • The scope of Green HiPo, over the initial period of six years, is to innovatively manufacture fuel cell systems and electrolyser systems. It is intended that the production of these systems will take place in Greece in the region of Western Macedonia.

Dr. Vasilis Gregoriou, Advent Chairman and CEO, stated, “Today is a milestone day for Advent but also for Greece and Europe. Green HiPo will catalyse a sea-change of operational events within Advent while the project is implemented. Our application was initially submitted in April 2021, and the process for review and due diligence by the EU has been thorough.

  • We have been clear and focused throughout the process, with the conviction that Advent’s Green HiPo project will be instrumental in hydrogen generation and clean energy production. Green HiPo demonstrates the commitment by Greece and the EU to rapidly decarbonize power production and to move forward to energy security and independence with hydrogen technologies playing a crucial role.”