Advent Technologies Concludes Collaboration With Northeastern University and World-Class Research Team to Develop Next-Generation Hydrogen Production

• Advancement in Electrolysis Could Drop Electrolyzer System Costs by at Least 50%
• Results Exceed Prior DOE Benchmarks

CAMBRIDGE, Mass.–Advent Technologies (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, today announced that it has concluded a Department of Energy (“DOE”) HydroGen Program in which collaborators including lead partner Northeastern University, the University of Delaware, and several National Laboratories have advanced the state of hydrogen production with a next-generation water electrosis.

The program was funded by the DOE’s Office of Energy Efficiency and Renewable Energy.

Dr. Vasilis Gregoriou, Advent’s Founder and Chief Executive Officer, commented: “This advancement further validates Advent’s leading role in hydrogen production. We were excited to have partnered with prestigious research institutions such as Northeastern University and the University of Delaware, as well as multiple DOE Laboratories – including the National Renewable Energy Laboratory, Lawrence Berkeley Laboratory, and Sandia National Laboratory. Going forward, we will now be even better placed to leverage our expertise in commercializing these materials to enable the hydrogen economy over the next decade.”

Northeastern University Professor and Chair of Advent’s Technical Advisory Board, Sanjeev Mukerjee, added: “We are pleased to work with Advent and our other partners to advance this exciting green hydrogen technology. The developments from this program have the potential to significantly speed up the adoption of the hydrogen economy. This advancement could drop electrolyzer system costs by at least 50% due to this technology enabling higher power density. Furthermore, the potential to use seawater instead of high purity water as a feedstock can significantly lower the total cost of operation and allow for faster deployment of distributed hydrogen production units throughout the continent. The team has greatly exceeded the benchmarks established by the DOE, achieving levels of performance thought unattainable five years ago.”

The purpose of this program was to use ion exchange membranes and low cost catalysts to achieve a variety of objectives, including:

1. Lower Cost of Hydrogen: The DOE target of using 43 kWh per kg of hydrogen produced was exceeded by the team to under 40 kWh per kg of hydrogen. By using renewable wind or solar power to produce hydrogen, this achievement brings the costs toward ~ $1.20/kg of hydrogen (assuming a $0.03/kWh cost), well under the DOE target of $2.00/kg of hydrogen, and further accelerating the promise of a hydrogen-powered economy.
2. Cost-Effective Electrolyzer: The capital cost of water electrolyzers today is still high and a barrier for widespread hydrogen adoption. By operating at 1 A/cm² at a voltage under 1.8V, the process outperforms the DOE’s target and results in a lower number of cell parts needed and lower capital costs.
3. Electrolysis of Saltwater: Typical membrane electrolyzers need high purity water to produce hydrogen. As part of this program, the consortium has shown feasibility that electrolysis of saltwater is achievable without creating chlorine as a byproduct. The environmental, cost, and energy security implications of this achievement are quite important.

About Advent Technologies

Advent Technologies is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators. For more information on Advent Technologies, please visit the Company’s website at https://www.advent.energy/

Advent Technologies Inc. (“Advent”) and AMCI Acquisition Corp. (NASDAQ: AMCI) (the “Company” or “AMCI”), a special purpose acquisition company, have announced that they have entered into a definitive agreement and plan of merger (the “Merger Agreement”) for a business combination that would result in Advent becoming part of a publicly listed company as a wholly-owned subsidiary of AMCI. Upon the closing of the transaction, the combined company will operate as Advent Technologies Holdings, Inc., and its common stock will be listed on the Nasdaq.

 

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