CHARLESTOWN, MA / SEOUL, March 23, 2023 – Hyundai Motor Company at this time introduced a profitable know-how evaluation with Advent Technologies Holdings, Inc. (“Advent”), an innovation-driven chief within the gas cell and hydrogen know-how sectors. The evaluation evaluated Advent’s proprietary Membrane Electrode Assembly (“MEA”) know-how for supplying Hyundai’s high-temperature gas cell wants, and following its success, the 2 firms have entered right into a Joint Development Agreement (“JDA”).

The signing ceremony came about on March 22, 2023, at Advent’s headquarters in Charlestown, Massachusetts, and included senior executives from each firms. Under the settlement, Hyundai and Advent will work collectively to additional develop HMC-Advent Ion Pair™ MEA, set up industrial standards for MEA provide, and consider Advent’s superior gas cell know-how for Hyundai’s heavy-duty and/or stationary utility. Additionally, the events will introduce superior cooling applied sciences for mobility high-temperature proton trade membrane (HT-PEM) gas cell stacks. Advent will work carefully as Hyundai evaluates these stack cooling applied sciences and guarantee optimum efficiency below completely different working circumstances.

This partnership builds upon a dedication from each firms to develop sustainable power options for carbon-intensive functions. Hyundai goals to speed up the institution of a hydrogen-based society primarily based on its imaginative and prescient, Progress for Humanity, and this JDA aligns with that imaginative and prescient. The synergy generated by combining the 2 firms’ superior know-how on this JDA is anticipated to revolutionize the worldwide MEA market by offering vital enchancment in lifetime and a rise in energy density versus present HT-PEM MEAs.

“The Advent team worldwide is proud and excited to enter into the next phase of a highly promising collaboration with Hyundai, with today’s JDA signing at our Hood Park facility in Charlestown, MA. Through this collaboration, we aim to accelerate the shift towards sustainable energy and help shape a cleaner, more efficient future by assisting Hyundai in bringing its future mobility strategy to life,” stated Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “With our common goal to decarbonize heavy-duty transport, we are committed to contributing to Hyundai’s goal of building innovative, high-performance fuel cell solutions that will make a significant impact in reducing greenhouse gas emissions.”

“Hyundai is delighted to move into the next step of its collaboration with Advent, a leading company in the HT-PEM space. The Ion Pair™ HMC-Advent MEA, forming the heart of the fuel cell, will be developed by combining the HT-PEM know-how and material technology of both parties,” stated Seung Hyun Hong, Vice President and Head of the Material Research & Engineering Center at Hyundai Motor Company. “It will show Hyundai’s high-temperature pushed materials technical experience and play a key function in our decarbonization aim and develop best-in-class high-temperature gas cells, unlocking a key step for extra widespread adoption of gas cell know-how in high-temperature functions.”

“The profitable completion of the Technology Assessment with Hyundai is a testomony to Advent’s technical excellence and industry-leading experience in HT-PEM gas cell know-how. Our workforce’s unwavering dedication has been instrumental in assembly the advanced necessities of Hyundai’s gas cell initiatives,” added Dr. Emory De Castro, Chief Technology Officer of Advent Technologies. “Today’s signing ceremony was an excellent opportunity for us to not only celebrate this important milestone but also showcase our newly opened R&D and Manufacturing facility, where we will be producing a range of innovative products, including the Ion Pair™ MEAs. As partners, we share a common goal to decarbonize transportation and bring innovative, high-performance fuel cell solutions to the market. We are excited to build on our successful partnership with Hyundai and continue our joint efforts to achieve this goal.”

– End – 

About Hyundai Motor Company

Established in 1967, Hyundai Motor Company is current in over 200 nations with greater than 120,000 staff devoted to tackling real-world mobility challenges across the globe. Based on the model imaginative and prescient ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation right into a Smart Mobility Solution Provider. The firm invests in superior applied sciences similar to robotics and Advanced Air Mobility (AAM) to result in revolutionary mobility options, whereas pursuing open innovation to introduce future mobility providers. In pursuit of sustainable future for the world, Hyundai will proceed its efforts to introduce zero emission autos outfitted with industry-leading hydrogen gas cell and EV applied sciences.

More details about Hyundai Motor and its merchandise could be discovered at: http://worldwide.hyundai.com or http://globalpr.hyundai.com

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. company that develops, manufactures, and assembles full gas cell programs in addition to supplying clients with essential elements for gas cells within the renewable power sector.  Advent is headquartered in Boston, Massachusetts, with workplaces in California, Greece, Denmark, Germany, and the Philippines.  With greater than 150 patents issued, pending, and/or licensed for gas cell know-how, Advent holds the IP for next-generation HT-PEM that allows numerous fuels to operate at excessive temperatures and below excessive circumstances – providing a versatile gas choice for the automotive, aviation, protection, oil and fuel, marine, and energy technology sectors.  For extra data, go to www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press launch consists of forward-looking statements.  These forward-looking statements typically could be recognized by means of phrases similar to “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and different phrases of comparable that means.  Each forward-looking assertion contained on this press launch is topic to dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed or implied by such assertion.Applicable dangers and uncertainties embody, amongst others, the Company’s potential to take care of the itemizing of the Company’s frequent inventory on Nasdaq; future monetary efficiency; public securities’ potential liquidity and buying and selling; affect from the end result of any recognized and unknown litigation; potential to forecast and preserve an enough fee of income development and appropriately plan its bills; expectations relating to future expenditures; future mixture of income and impact on gross margins; attraction and retention of certified administrators, officers, staff and key personnel; potential to compete successfully in a aggressive {industry}; potential to guard and improve Advent’s company popularity and model; expectations regarding its relationships and actions with know-how companions and different third events; affect from future regulatory, judicial and legislative adjustments to the {industry}; potential to find and purchase complementary applied sciences or providers and combine these into the Company’s enterprise; future preparations with, or investments in, different entities or associations; and intense competitors and aggressive stress from different firms worldwide within the industries during which the Company will function; and the dangers recognized below the heading “Risk Factors” in Advent’s Annual Report on Form 10-Okay filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, in addition to the opposite data filed with the SEC. Investors are cautioned to not place appreciable reliance on the forward-looking statements contained on this press launch. You are inspired to learn Advent’s filings with the SEC, out there at www.sec.gov, for a dialogue of those and different dangers and uncertainties.  The forward-looking statements on this press launch communicate solely as of the date of this doc, and the Company undertakes no obligation to replace or revise any of those statements. Advent’s enterprise is topic to substantial dangers and uncertainties, together with these referenced above.  Investors, potential traders, and others ought to give cautious consideration to those dangers and uncertainties.