Advent Technologies Holdings, Inc. (NASDAQ: ADN) is engaged within the development, manufacturing and assembly of fuel cell systems and their components. Shares of the global fuel cell company are surging 83% through early trading on Wednesday, April 6, 2022. Over the past three months, Advent Technologies has seen average daily volume of 791,540 shares. However, volume of 72.17 million shares or dollar volume of around $239.6 million, has already exchanged hands through early trading.
Shares of Advent Technologies are soaring after the company announced that it has entered into a technology assessment, sales and development agreement with Hyundai Motor Company. The two companies will focus on developing and delivering fuel cell technology solutions to high-carbon applications.
Under the terms of the agreement, Hyundai will provide Advent with catalysts for evaluation within its proprietary Membrane Electrode Assemblies (MEAs). In exchange, Advent Technologies will support Hyundai’s fuel cell objectives.
Using IFAT catalysts, Hyundai will determine whether IFAT or standard catalysts will be used for the specific application. Advent’s MEAs will be provided throughout the development and commercialization cycle for further testing, evaluation, and optimization. Advent will also assist Hyundai with the use and specifications of its MEAs, as well as assist with implementing them into Hyundai’s designs.
Upon completion of the first phase, the two companies will work to set specific product requirements, product goals, and milestones for reaching its objectives for the second phase of work.
Advent Technologies’ MEAs are developed within the L’Innovator framework, which is the company’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory, Brookhaven National Laboratory, and National Renewable Energy Laboratory. MEAs are the most critical components of fuel cell systems because they help to define performance, lifetime, weight and cost of the end system.
Dr. Emory De Castro, Advent’s Chief Technology Officer: “We are excited and proud to join forces with Hyundai, aiming to greatly contribute to their mission and to jointly participate in the pivotal role to transition global society to clean energy, therefore making hydrogen an economically viable energy source. MEAs form the heart of the fuel cell and they are also a critical component for other electrochemistry applications, such as CO2-free hydrogen production, and, energy storage. We hope our proprietary MEAs will best serve Hyundai’s business needs and look forward to a long and highly successful collaboration, sharing our long-standing expertise to support Hyundai in bringing its future mobility strategy to life.”
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