Advent Technologies' Greek Subsidiary Awarded Grant from EU Innovation Fund for RHyno Project

Core Insights - Advent Technologies Holdings, Inc. has been awarded a grant from the EU Innovation Fund for its Greek subsidiary, Advanced Energy Technologies SA, with grant agreements expected to be signed in Q1 2025 [1][5]. Group 1: Project Overview - The Advent Renewable Hydrogen Innovative Technologies (RHyno) project aims to establish infrastructure for developing and manufacturing innovative fuel cells and electrolysers at a megawatt scale, focusing on enhancing power density and lifespan while reducing weight and volume [2]. - The state-of-the-art manufacturing facility is designed to optimize production processes and industrialize fuel cell and electrolyser technologies, which are crucial for decarbonizing carbon-intensive industries such as aviation, maritime, and heavy-duty automotive sectors [3]. Group 2: Innovation Fund Details - The Innovation Fund is one of the largest funding programs globally for the commercial demonstration of innovative low-carbon technologies, aiming to support Europe's transition to climate neutrality [4]. - In the 2023 Call, the EU Commission selected 85 innovative net-zero projects to receive €4.8 billion in grants, marking the largest funding round since the fund's inception in 2020, increasing total support to €12 billion and the number of projects by 70% [5]. Group 3: Company Background - Advent Technologies Holdings, Inc. specializes in fuel cell, methanol, and hydrogen technology, focusing on developing and manufacturing Membrane Electrode Assembly (MEA) and fuel cell stacks, which are critical components of fuel cells [6]. - The company holds over 100 patents related to its HT-PEM fuel cell technology, which enables the use of green eFuels, renewable natural gas, or hydrogen, and is applicable in various markets including stationary, portable, and heavy-duty mobility [6].