Transaction proceeds to support development and manufacturing of critical components for a diversified range of high-growth new energy markets
The post-closing company will be named Advent Technologies Holdings, Inc. and will be listed on the Nasdaq
Advent shareholders will roll 100% of their equity holdings into the combined company
Joint investor conference call scheduled for today at 11:00 am EST

CAMBRIDGE, Mass. & NEW YORK--Advent Technologies Inc. (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, and AMCI Acquisition Corp. (NASDAQ: AMCI) (the “Company” or “AMCI”), a special purpose acquisition company, today 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. The combined company will continue to operate under the current Advent management team, led by Chief Executive Officer, Vasilis Gregoriou. The capital from this transaction, combined with AMCI’s expertise, will advance the development and manufacturing of Advent’s next-generation fuel cell technology for the markets of transportation, aviation, and off-grid power generation. Advent CEO Vasilis Gregoriou said, “We are very excited about this transaction and believe the business combination with AMCI will allow Advent to advance the development and manufacturing of our platform technology to unlock the hydrogen economy. Our fuel cell technology addresses the biggest problems of the hydrogen economy: the cost of infrastructure and the total cost of ownership. Our products are already in the market and we believe that the exposure and access to capital from the Nasdaq listing will allow us to accelerate product and business development efforts.” AMCI CEO William Hunter said, “We are incredibly excited to partner with Advent and drive the next phase of its growth. As an innovation-driven company, Advent is led by an experienced management team with deep technical knowledge and a strategy of becoming the leader in material and components innovation for the fuel cell industry. Advent is well positioned for significant growth opportunities given its proven business model and complementary technology across multiple markets. We expect that the combination will allow us to drive significant value creation by participating in such a dynamic and high-demand sector.” Advent Technologies Investment Highlights:

Advent’s technology represents the missing piece in fuel cells and advanced materials to unlock the hydrogen economy – Advent’s High Temperature Proton Exchange Membranes and Membrane Electrode Assemblies are not only critical to advanced fuel cells, but help dramatically reduce the costs and increase the life and durability of the products to the end-user.
Advent’s technology is market agnostic – Unlike traditional fuel cells that require a hydrogen infrastructure, Advent’s fuel cells can work with lower-carbon fuels available today (methanol, ethanol, natural gas) and zero-carbon liquid fuels available soon. Thus, Advent can deliver the promise of the hydrogen economy while limiting the cost of hydrogen infrastructure. Advent’s materials and components also have applications across other non-fuel cell markets including energy storage, electrochemical sensors, and green hydrogen production.
Advent is positioned for growth – Advent’s MEA products are already being used and tested for use by a number of top tier customers and the Company will be able to scale to a broad customer base across multiple markets.
Advent has a proven business model – Advent has a proven, scalable business model that delivers consistent and recurring revenue, with an approximately $100m revenue opportunity per 1GW of customer demand.
Experienced management team with operational and technical expertise – Advent’s management team has a proven track record of technological development and commercialization, delivering breakthrough technology in partnership with world-class research centers. The team is highly skilled in production ramp-up and ready to execute on the combined company’s growth plan.
Attractive valuation – The transaction valuation is extremely favorable relative to the existing comparable companies in the space. This provides a potential upside for new and existing shareholders to see significant performance in the share price going forward.
Support from Advent shareholders – Advent’s existing shareholders will be rolling 100% of their equity into the combined company (subject to Advent stockholder approval of the transaction) exhibiting their confidence in the growth prospects of Advent.

Transaction Overview The business combination values Advent at a $358 million pro forma post-money enterprise value at a share price of $10.00, assuming no redemptions by AMCI shareholders and no purchase price adjustments. The boards of directors of both Advent and AMCI have unanimously approved the proposed transaction, which is expected to be completed in the fourth quarter of 2020 or early 2021, subject to, among other things, the approval by AMCI's shareholders and Advent’s shareholders, satisfaction of the conditions stated in the Merger Agreement and other customary closing conditions. In connection with the business combination, AMCI will also amend its warrants at the closing of the business combination to cash-out all of its outstanding warrants for a payment of $1.50 per warrant, subject to approval by its warrantholders. Advisors Cantor Fitzgerald is serving as financial advisor and Ropes & Gray LLP is serving as legal advisor to Advent. Jefferies LLC is serving as capital markets advisor and Ellenoff, Grossman & Schole LLP is serving as legal advisor to AMCI. Conference Call Information AMCI Acquisition Corp and Advent Technologies will host a joint investor conference call to discuss the proposed transaction Tuesday, October 13, 2020 at 11:00 am EST. The webcast will be accompanied by a detailed investor presentation. Date: Tuesday, October 13, 2020 Time: 11:00 a.m. Eastern time Toll-free dial-in number: (888) 753-4238 International dial-in number: (574) 941-1785 Conference ID: 2284104 The conference call will be broadcast live and available for replay here. Toll-free replay number: (800) 585-8367 Replay ID: 2284104 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. About AMCI Acquisition Corp. AMCI Acquisition Corp. (NASDAQ: AMCI) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses that are critical to the growing urbanization, electrification and infrastructure needs of the world. AMCI consummated its initial public offering on the Nasdaq Capital Market in November 2018.

Advent Technologies Inc. to Combine With AMCI Acquisition Corp., Creating a Leading Next Generation Fuel Cell Technology Company