Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, announced its participation in a clean energy project in Denmark, aiming to power the ferry service between the Danish island of Læsø and Frederikshavn with a low-carbon propulsion system.

The project is funded by the EU Regional Development Fund ”Innovation Collaboration in the Offshore Cluster” and is facilitated by Energy Cluster Denmark. Partners of the project with Advent include the Læsø Municipality, OSK-ShipTech, Emenergi, Nordhavn Power Solutions, and, Hydrogen Valley, as well as the knowledge institutions DBI and AAU Energy.

The partners will work together to identify ideal alternative fuels to replace the ferry’s current diesel powerplant and determine whether the Læsø ferry service will be able to operate effectively on a daily basis, using only green fuels. One of the proposals to be examined will be the combination of methanol driven engines and fuel cells. The objective will be to identify a panacea for decarbonizing many of the 53 ferry routes currently operating in Danish waters.

Commenting on the project’s potential, Mr. Morten Sørensen, Advent’s Senior Vice President, stated: “We are happy to be joining forces with trusted partners across several industries, having a shared goal to create a safe and sustainable solution for Denmark’s ferries, replacing their current propulsion systems which operate on traditional technologies and diesel fuels. As a project partner, Advent will play a key role in enabling significant reductions in emissions of climate-changing gases and air pollutants.”

Currently, ferries traveling to the Danish island of Læsø typically consume approximately 1,600 cubic meters of diesel fuel annually, corresponding to the emission of approximately 5,000 tons of CO2 per year. Besides demonstrating proof-of-concept for this new low-carbon solution, the project will also seek to define exact installation requirements for the new technology, as well as to identify a thorough process for refueling and methanol storage in passenger ferries.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said: “Advent Technologies is proud to actively participate in the global efforts aimed at ensuring a clearer and viable pathway to carbon neutrality. Green methanol is an ideal hydrogen carrier fuel and when combined with our fuel cells can provide the required synergy of clean fuel and clean power for the maritime industry. Our HT-PEM technology is ideally suited for the on-board use of methanol as a fuel in this project and, potentially, across the transportation sector.”

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 100 patents issued and licensed for its 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 – offering a flexible “Any Fuel. Anywhere.” 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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