Hyundai Motor Company and Advent Technologies Celebrate Commencement of Technology Assessment

An Executive from Hyundai Traveled to Advent’s Headquarters in Boston to Participate in an In-Person Signing Ceremony

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that, on Tuesday, April 19, 2022, it hosted executives from Hyundai Motor Company (“Hyundai”), a leading multinational manufacturer with operations in over 200 countries, to formally celebrate the companies’ recently announced collaboration, under which Advent and Hyundai will work together to assess applications of Advent’s proprietary technology in supplying Hyundai’s high-temperature fuel cell needs.

More specifically, Hyundai’s Executive Director, Dr. Jong Kook Lee, traveled to Advent’s headquarters in Boston at 200 Clarendon Street, to participate in an in-person ceremonial signing of the agreement with Advent’s Chairman and Chief Executive Officer, Dr. Vasilis Gregoriou. This ceremonial signing marked the first such event in which Advent has partaken with Hyundai.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated, “We are excited to work with Hyundai as they pursue a decarbonization strategy involving high-temperature fuel cells. Bringing green energy solutions to carbon-intensive applications is imperative for achieving climate goals, a fact that both Advent and Hyundai understand. We recognize the importance of this agreement by choosing to begin this cooperative relationship with an in-person, ceremonial signing ritual and underscore the close relationship that the companies plan to share over the course of the agreement, with the goal of advancing high-temperature fuel cell development.”

Dr. Jong Kook Lee, Hyundai’s Executive Director, said, “Hyundai is delighted to take these steps with Advent to develop best in class high-temperature fuel cells. We look forward to working with Advent through this testing and development phase in the hope that it will unlock a key step for more widespread adoption of fuel cell technology in high-temperature applications. With this agreement, Hyundai takes an important step forward with a new partner and leader in the HT-PEM space.”

“With Advent’s unparalleled HT-PEM technology and experience in fuel cell production and Hyundai’s broad experience, we believe this agreement will be a significant step towards potentially breakthrough high-temperature fuel cell developments. We are eager to begin work with a partner as enthusiastic about the promise of fuel cells as Advent is,” Dr. Gregoriou added.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles fuel cell systems and the critical components for fuel cells and other advanced energy systems. Advent is headquartered in Boston, Massachusetts, with locations in California, Denmark, Germany, Greece, and the Philippines. With 150-plus patents issued, pending, or licensed for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, maritime, aviation, and power generation sectors. For more information, visit www.advent.energy.

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