Advent Technologies: It participates in a “green” hydrogen joint venture

Advent Technologies Holdings Inc. (NASDAQ: ADN), one of the world’s leading companies in the field of hydrogen fuel cells technology, has signed a Memorandum of Understanding with the New York State Energy Research and Development Authority (“NYSERDA”) and more than 60 partners operating in the field of green hydrogen.

According to the MoU, the cooperating parties will work together to convert 6 U.S. Northeastern States into one of the minimum four regional green hydrogen hubs, defined through the federal “Regional Clean Hydrogen Hubs” program, which is included in a special law on investment in infrastructure and jobs.

The alliance of six states (Connecticut, Massachusetts, Maine, New Jersey, New York and Rhode Island), together with more than 60 partners active in the field of green hydrogen, lays the foundations for the creation and submission of a proposal aimed at leveraging funding from the United States Department of Energy, which is expected to be announced by October 2022, and reaches up to 8 billion USA dollars.

Following the initial announcement in March 2022, New York continues to add strategic partners that now include 14 leading private sector companies, 12 infrastructure and utility companies, 20 manufacturers of original hydrogen technology equipment, 10 universities, seven nonprofit organizations, five other states, two transport companies, and three State organizations.

The new strategic partners include:

● Advent Technologies
● Air Liquide
● Ambient Fuels
● Amogy, Inc.
● Avangrid, Inc.
● Charbone Hydrogen Corporation
● Connecticut Green Bank
● Constellation Energy Generation, LLC
● Edgewise Energy
● EDP Renewables North America
● Equinor
● Eversource Energy Co.
● General Electric

● H2/HPA Sonics
● Holcim US
● Hyzon Motors Inc.
● Infinity Fuel Cell and Hydrogen, Inc.
● Linde
● National Fuel Gas Distribution Corporation
● Nel Hydrogen
● New Jersey Clean Cities Coalition
● NECEC (Northeast Clean Energy Council and NECEC Institute)
● Northville Industries Corp.
● NovoHydrogen, Inc.
● Ørsted
● Pratt & Whitney
● Precision Combustion, Inc.
● Rensselaer Polytechnic Institute
● Rhode Island Energy
● Siena College
● Skyre, Inc.
● Peaks Renewables and Summit Utilities, Inc.
● University of Connecticut

The consortium partners are committed to working with NYSERDA, the New York Power Authority and Empire State Development to develop a proposal aimed at promoting green hydrogen projects.At the same time, partner states will also coordinate with their respective state institutions to help align the consortium’s efforts with each State’s goals for climate change and clean energy, such as, for example, being the Goal of the State of Massachusetts to achieve net zero carbon emissions by 2050.

By implementing these agreements, the strategic partners will work together for:

• The definition of a common vision and plans for the regional green hydrogen hub, with a focus on innovation and investment in safe, clean hydrogen energy. In addition, they will aim to tackle climate change, while improving the health and economic development of the inhabitants of the region.

• The promotion of a proposal for the creation of a hydrogen hub that will make climate and environmental concerns at the heart of its strategy, and which will offer opportunities and improvement of the quality of life in areas with insufficient resources.

•The conduction of research and analyses necessary to support the hydrogen hub proposal and the quantification of the reduction of greenhouse gas emissions that will result from this project.

• The development of a framework that will ensure that the ecosystem for innovation, production, infrastructure and the development of relevant workforce will be common to all participating States.

• Supporting environmentally responsible opportunities for the development of green hydrogen, in line with the policies of the participating States.

This industrial cooperation will continue to focus on the integration of renewables – such as onshore and offshore wind, hydropower and photovoltaic solar energy – and nuclear energy into the production of green hydrogen, but also in the assessment of green hydrogen for use in the transport sector, including medium- and heavy-duty vehicles, heavy industry, electricity generation applications and other appropriate uses consistent with decarbonisation efforts.

“We are excited to be part of this industrial partnership at such an important time for the U.S. transition to clean energy technologies. All of us at Advent strongly believe that the world can decarbonise faster by leveraging fuel cells and green hydrogen to replace conventional and polluting energy sources that use fossil fuels.We look forward to a successful partnership with the consortium’s partners, as well as the New York State Energy Research and Development Authority, the New York Power Authority and Empire State Development.”, stated Dr. Vassilis Gregoriou, President and CEO of Advent Technologies.