Advent: Mammoth investment from parent company turned green energy leader

The native high-tech company Advent Technologies is one step ahead of implementing a mammoth investment in Kozani in collaboration with the German BASF, for the production of a new type of HT-PEM fuel cells that will produce electricity and green hydrogen.

In September 2022, Advent Technologies presented in Brussels the grand investment project “Green HiPo” for the construction of a hydrogen production plant in Kozani. The investment has a six-year implementation schedule and according to the investment plan, 650 jobs are expected to be created by its completion.

The Green HiPo project involves the development, design and manufacture of state-of-the-art HT-PEM fuel cells and electrolytes for the production of electricity and green hydrogen, respectively.

The plan includes the development of industrial facilities, research and development in Greece for the design and creation of innovative fuel cell systems with a total generated electrical power of 400 MW and corresponding thermal power, as well as electrolysis units with a total power of 4.65 GW, in the company’s production lines that will be erected in Western Macedonia.

Advent Technologies sent, last Tuesday to the Special Service of Just Developmental Transition and the Ministry of Finance its updated financial data. It was the company’s only pending matter, in order to “unlock” the long-awaited investment, amounting to 64 million euros, with the state subsidy amounting to 24 million euros.

The CEO of Advent Technologies, Dr. Vassilis Grigoriou, stated that “once the Ministry of Finance gives the green light, we can start implementing our investment plan from tomorrow.” He also added that “the company will seek additional financing”.

Advent has purchased the necessary land in Kozani, where it is planned to develop its building facilities while it has also proceeded with the recruitment of certain scientific and administrative personnel.

NASDAQ New York-listed Advent Technologies Holdings, Inc. is at the forefront of the clean energy transition, offering innovative solutions that address the world’s growing energy demands while reducing carbon emissions.

The company’s journey began in Patras in 2006 by Dr. Vassilis Grigoriou and other researchers of the University of Patras and the Technology and Research Foundation and has been based in Boston since 2012, maintaining the research and innovation center in the Patras Science Park. It was able to list on NASDAQ on February 5, 2021, through a merger with AMCI Acquisition Corp.

One of Advent’s core offerings is its high-performance fuel cell technology. Fuel cells use hydrogen, natural gas or other forms of clean liquid fuels (efuels) to produce “clean” energy.

This technology has multiple uses in the automotive industry, aeronautics and off-grid energy production. In addition, the materials developed by Advent have applications in the production of “green” hydrogen from renewable energy sources, as well as in large-scale renewable energy storage batteries (flow batteries). Advent’s fuel cells are extremely efficient and reliable making them suitable for a wide range of applications, which is why the company has developed partnerships with large multinationals such as BASF, Hyundai, Airbus, Siemens Energy, as well as with government agencies such as the US Ministry of Defense, etc.

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