Advent Technologies Holdings, Inc. (NASDAQ: ADN) is focused on the research, development, manufacture and assembly of fuel cell systems. The company holds an impressive IP portfolio of 150 patents related to fuel cell technology that are issued or pending. Shares of the fuel cell company are skyrocketing 153% through early trading on Thursday, June 16, 2022. Over the past three months, Advent Technologies has seen average daily volume of 4.06 million shares. However, volume of 75.97 million shares or dollar volume of around $231.71 million, has already exchanged hands through early trading.
Shares of Advent Technologies are soaring after the company announced that it has been notified by the Greek State for funding under the Important Projects of Common European Interest (IPCEI). Once ratified by the EU, Advent Technologies will receive Euro 782.1 million for the development of its Green HiPo project, which will be broken down over a period of six years. The funding breakdown over the six years will hold the following schedule:
Advent’s Green HiPo project was one of five projects out of a total of twenty candidates competing for the Green IPCEI funding award. The projects are then subject to a thorough review by EU officials before an award can be granted. Advent’s securing of the Greek IPCEI funding is seen as a successful litmus test of the company’s project.
Green HiPo is a project that will focus on the innovative manufacturing of fuel cell systems and electrolyser systems. The production of the systems is scheduled to be completed in Greek region of Western Macedonia.
Dr. Vasilis Gregoriou, Advent Chairman and CEO: “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.”
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