After receiving a sizable grant, Advent Technologies Holdings, Inc. (NASDAQ: ADN) had a noteworthy 76.32% increase in stock price, closing at $3.35. This boost followed the European Union’s Innovation Fund providing Advent’s Greek subsidiary, Advanced Energy Technologies SA, with full funding for its RHyno Project. This milestone solidifies Advent’s position as a leader in advancing clean energy technologies.
RHyno Project Secures €34.5 Million EU Funding
The EU Innovation Fund will award €34.5 million to Advanced Energy Technologies’ Advent Renewable Hydrogen Innovative Technologies (RHyno) project. The financing was provided by the European Climate, Infrastructure, and Environment Executive Agency (CINEA), which permitted Advent to finalize the grant agreement in compliance with CINEA’s guidelines.
Setting the Standard for Sustainable Production Solutions
In order to increase production and speed up the industrialization of fuel cell and electrolyser technologies, the RHyno project is building a state-of-the-art manufacturing facility. By creating novel materials and production processes, Advent aims to reduce the weight and volume of power systems, providing ground-breaking solutions for industries with high carbon footprints, such as heavy-duty automotive, aviation, and marine.
Advent’s innovative technologies have the potential to contribute to a wider range of industries, placing the company at the heart of the global energy transition.
Leading Clean Energy Innovation in Europe
As one of only three companies in Greece selected for funding in the EU Innovation Fund’s 2023 Call, Advent stood out with the highest-ranking proposal among European submissions. One of the biggest international investment programs for low-carbon technology, the Innovation Fund aims to commercialize industrial solutions that aid in Europe’s transition to climate neutrality.
Advances in the Technology of Membrane Electrode Assembly
In tandem with this achievement, ADN recently announced significant advancements in its Membrane Electrode Assembly (MEA) technology. The latest iteration, the “Advent MEA G2,” is already undergoing testing with strategic partners in the automotive and aerospace sectors.
Developed under the L’Innovator program in collaboration with the U.S. Department of Energy’s national laboratories, this breakthrough marks a pivotal step in fuel cell technology, further establishing Advent’s role in the sustainable energy landscape.