Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that it has co-signed a Memorandum of Understanding ("MoU") with the New York State Energy Research and Development Authority ("NYSERDA") and more than 60 clean hydrogen ecosystem partners.

Under the MoU, the parties will collaborate to develop a proposal that will enable the Northeastern United States to become one of at least four regional clean hydrogen hubs designated through the federal Regional Clean Hydrogen Hubs program, included in the bipartisan Infrastructure Investment and Jobs Act.

The coalition of six States (Connecticut, Massachusetts, Maine, New Jersey, New York, and Rhode Island), along with more than 60 clean hydrogen ecosystem partners, are laying the groundwork for a proposal for the United States Department of Energy funding opportunity anticipated to be announced in September or October 2022, with up to $8 billion in total funding available.

After the initial announcement in March 2022, New York has continued to add strategic partners that now include 14 private sector industry leaders, 12 utilities, 20 hydrogen technology original equipment manufacturers (OEMs), 10 universities, seven non-profit organizations, five other States, two transportation companies, and, three State agencies.

New partners include:

• Advent Technologies
• Air Liquide
• Ambient Fuels
• Amogy, Inc.
• Avangrid, Inc.
• Charbone Hydrogen Corporation
• Connecticut Green Bank
• Constellation Energy Generation, LLC
• Edgewise Energy
• EDP Renewables North America
• Equinor
• Eversource Energy Co.
• General Electric
• H2/HPA Sonics
• Holcim US
• Hyzon Motors Inc.
• Infinity Fuel Cell and Hydrogen, Inc.
• Linde
• National Fuel Gas Distribution Corporation
• Nel Hydrogen
• NECEC (Northeast Clean Energy Council and NECEC Institute)
• New Jersey Clean Cities Coalition
• Northville Industries Corp.
• NovoHydrogen, Inc.
• Ørsted
• Pratt & Whitney
• Precision Combustion, Inc.
• Rensselaer Polytechnic Institute
• Rhode Island Energy
• Siena College
• Skyre, Inc.
• Peaks Renewables and Summit Utilities, Inc.
• University of Connecticut

Consortium partners have committed to collaborate with the NYSERDA, New York Power Authority, and Empire State Development for the development of the proposal to advance clean hydrogen projects. At the same time, partnering States will also coordinate with their respective State entities to help align the consortium's efforts with each State's climate and clean energy goals, such as Massachusetts goal of reaching net-zero carbon emissions by 2050.

With the execution of these agreements, the partners will work together to:

• Define the shared vision and plans for the regional clean hydrogen hub that can advance safe, clean hydrogen energy innovation and investment and address climate change while improving the health, resiliency, and economic development of the region's residents.
• Advance a hydrogen hub proposal that makes climate and environmental concerns central to its strategy, which will deliver opportunities and improve the quality of life for under-resourced areas in the region.
• Perform research and analysis necessary to support the hydrogen hub proposal and to quantify the reduction of greenhouse gas emissions resulting from this project.
• Develop a framework to ensure the ecosystem for innovation, production, infrastructure, and related workforce development is shared across all partner States.
• Support environmentally responsible opportunities to develop clean hydrogen in accordance with the participating States' policies.

The coalition will continue to focus on the integration of renewables - such as onshore and offshore wind, hydropower, and solar PV - and nuclear power into clean hydrogen production and the evaluation of clean hydrogen for use in transportation, including for medium and heavy-duty vehicles, heavy industry, power generation applications, and other appropriate uses consistent with decarbonization efforts.

Dr. Vasilis Gregoriou, Chairman and Chief Executive Officer of Advent Technologies, stated, "we are excited to join this major industrial partnership at a time of significant momentum for America's transition to clean energy technologies. All of us at Advent embrace the belief that the world can decarbonize faster by adopting hydrogen and fuel cells to replace conventional and polluting energy sources that use fossil fuels. We look forward to a successful collaboration with the consortium partners, as well as the New York State Energy Research and Development Authority, New York Power Authority, and Empire State Development."

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying 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 more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, conferring the virtues of a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

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