BOSTON–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology industries, is pleased to announce the signing of a Memorandum of Understanding (“MoU”) with DD Dannar, LLC. (“DANNAR”), an industry leader in battery and renewable energy manufacturing, storage and software.
Using Advent’s existing and next-generation fuel cell technology, Advent and DANNAR will collaborate to develop a line extension of fuel cells for DANNAR’s mobile power equipment and create a large-scale mobile charging station. The objective of the project is to allow DANNAR to transform the fleet of its customers by replacing many single-use work vehicles with a zero-emission and configurable electric multifunctional platform. This single platform could meet a multitude of daily maintenance, seasonal and emergency response needs. The companies also intend to explore marketing opportunities with third parties.
Advent’s next-generation fuel cell technology addresses the global need for a dynamic and flexible fuel cell that is resilient enough to replace the diesel generator and internal combustion engine. Based on Advent’s next-generation MEA – currently under development as part of The Innovator, the Company’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory, the National Laboratory from Brookhaven and the National Renewable Energy Laboratory – and with a uniquely engineered architecture, Advent’s next-generation fuel cell technology is positioned to provide the clean energy solution for the mobility and power generation markets. ‘electricity.
Dr. Vasilis Gregoriou, President and CEO of Advent, said: “We are excited to partner with DANNAR, to help them maximize the integration of smart technology to transform mobile and resilient power systems. DANNAR builds and supports the intersection where zero-emission clean energy and high-performance off-road machinery meet. We firmly believe that our existing and next-generation fuel cell technology can play a pivotal role in helping DANNAR dramatically extend the operational reach of its solutions and build the clean-energy heavy equipment of the future. We look forward to a long and prosperous partnership.
Mr. Gary Dannar, Founder and Managing Director of DANNAR, added: “Building stronger, cleaner, safer and more resilient first responder teams is central to DANNAR’s strategy. Mobile Power Stations® provide off-grid export power as well as power for heavy equipment responding to planned and unexpected operational emergencies. By partnering with Advent, one of the leading and most innovative companies in the fuel cell and hydrogen technology markets, a wide range of electric fleet managers in the industry will have greater great flexibility for their respective responses. Energy and charging needs are increasing at an unprecedented rate, and we are confident that this collaboration will greatly contribute to our goal of drastically reducing emissions by bringing efficient and highly differentiated clean energy options for mobility.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is an American company that develops, manufactures and assembles complete fuel cell systems and supplies its customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany and the Philippines. With over 150 issued, pending, and licensed patents for fuel cell technology, Advent owns the intellectual property of next-generation HT-PEM that enables various fuels to operate at high temperatures and under extreme conditions – providing a flexible fuel option for the automotive, aviation, defense, oil and gas, marine and power generation sectors. For more information, visit www.advent.energy.
Based in Muncie, Indiana, DD DANNAR, LLC (DANNAR) is on a mission to help municipalities and armed forces perform both daily operations and emergency response with the cleanest, most versatile equipment and the most powerful on the market. DANNAR manufactures the all-electric Mobile Power Station (MPS), the first zero-emission modular platform that functions as both a versatile on- and off-road work vehicle as well as a grid-scale auxiliary power supply. More information about MPS and DANNAR is available at https://www.dannar.us.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements can generally be identified by the use of words such as “anticipate”, “expect”, “plan”, “could”, “could”, “will”, “believe”, “estimate”, ” provide “. “, “objective”, “project” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; the liquidity and potential exchanges of government securities; the impact of the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and plan expenses appropriately; expectations regarding future expenditures; future revenue mix and effect on gross margins; attracting and retaining qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s reputation and brand; expectations regarding its relationships and actions with technology partners and other third parties; the impact of future regulatory, judicial and legislative changes on the industry; ability to locate and acquire complementary technologies or services and integrate them into the Company’s activities; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies around the world in the industries in which the Company will operate; and risks identified under “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, and other information filed with the SEC. Investors are cautioned not to place significant reliance on any forward-looking statements contained in this press release. We encourage you to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements contained in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those mentioned above. Investors, potential investors and others should pay particular attention to these risks and uncertainties.