Advent Technologies Holdings, Inc 8-K, filed Sep 13, 2021
Advent Technologies Holdings, Inc. (ADNH)
8-K
2021-09-13
For: 2021-09-13
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Added on
April 11, 2026
About this 8-K
Advent Technologies Holdings, Inc filed this 8-K on September 13, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 13, 2021
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices) (Zip Code)
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Registrant’s telephone number, including area code: (617 ) 655-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
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Name of each exchange
on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 |
Regulation FD Disclosure.
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Advent Technologies Holdings, Inc. (the “Company”) management intends to participate in an industry
conference and may from time to time meet with investors and analysts to provide an update on the strategy and execution of the Company. During these meetings, management may discuss information contained in the Company’s updated Investor
Presentation, dated September 2021, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Beginning on September 13, 2021, a copy of the Investor Presentation can also be found in the “Investors” portion of the Company’s
website at www.Advent.energy.
The information in this Current Report and in the accompanying exhibit is intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any other
filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Forward Looking Statements
This Current Report on Form 8-K (“Form 8-K”) contains “forward-looking statements.” These statements include,
but are not limited to, statements regarding the Company’s strategies, future opportunities and growth prospects, financial information, target high-growth profile, as well as other information and statements that are not historical fact. These
forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking
statement contained in this presentation 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 realize the benefits from the business combination; the Company’s ability to maintain the listing of its common stock on Nasdaq; future financial performance; the COVID-19 pandemic, public securities’ potential liquidity and
trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and
effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; the Company’s ability to protect and enhance its corporate reputation and
brand; expectations concerning the Company’s relationships and actions with its technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary
technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries
in which the Company will operate; and the risks identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission (“SEC”)
on May 20, 2021, and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, filed with the SEC on May 20, 2021 and August 12, 2021, respectively, as well as the other information the Company files with
the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this Form 8-K. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov, for a discussion of these and
other risks and uncertainties. The forward-looking statements in this Form 8-K speak only as of the date of this Form 8-K, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to
substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
| Item 9.01. |
Financial Statements and Exhibits.
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Exhibits
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Exhibit No.
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Description
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Investor Presentation, dated September 2021.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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Date: September 13, 2021
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Advent Technologies Holdings, Inc.
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By:
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/s/ Vassilios Gregoriou
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Vassilios Gregoriou
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Chairman and Chief Executive Officer
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Exhibit 99.1
www.advent.energy PresentationSeptember 2021 NEXT-GENERATION HT-PEM FUEL CELL TECHNOLOGY“ANY FUEL.
ANYWHERE.”
DISCLAIMER The information, opinions, estimates, projections, forecasts, targets, or prospects
contained in this presentation are provided as at the date of this presentation and are subject to change without notice.This presentation contains financial information prepared in accordance with U.S. generally accepting accounting principles
(“GAAP”) that have been extracted without material adjustment from audited GAAP financial statements and/or extracted or derived from unaudited accounting records that have been used to prepare GAAP financial statements. This presentation also
contains certain non-GAAP financial measures which have not been and will not be audited. These non-GAAP financial measures are not recognized measures of financial performance or liquidity under GAAP, but are measures used by the management of
Advent Technology Holdings, Inc. (“Advent”) to monitor the underlying performance of Advent’s business and operations. These non-GAAP measures may not be indicative of Advent’s historical operating results nor are such measures meant to be
predicative of future results. These measures and ratios may not be comparable to those used by other companies under the same or similar names. As such, undue reliance should not be placed on these non-GAAP financial measures. Advent is not
able to provide a reconciliation of the Company’s non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a
reconciliation. Certain financial information contained herein is unaudited and is based on internal records and/or estimates. This presentation contains certain forward-looking information which may not be included in future public filings or
investor guidance. The inclusion of financial information or metrics in this presentation should not be construed as a commitment by Advent to provide guidance on such information in the future. The information contained in this presentation is
the property of Advent. This presentation may not be copied, published, reproduced, or distributed, in whole or in part, at any time without the prior written consent of Advent. The trademarks and trademark symbols used herein are the
properties of their respective owners.This presentation contains financial forecasts with respect to Advent’s estimated future performance. Advent’s independent auditors have not audited, reviewed, compiled, or performed any procedures with
respect to the projections for the purpose of their inclusion in this presentation and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These
projections should not be relied upon as being necessarily indicative of future results. In this presentation, certain of the above-mentioned projected financial information has been included (in each case, with an indication that the
information is an estimate and is subject to the qualifications presented herein) for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently
uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information.
Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Advent or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of
the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The financial forecasts reflect
assumptions that are subject to change, and there can be no assurance that Advent’s financial condition or results of operations will be consistent with those set forth in such analyses and forecasts. 2
DISCLAIMER (continued) This presentation contains “forward-looking statements” within the meaning of
applicable securities laws, including statements with respect to Advent’s strategies, future opportunities and growth prospects, Advent’s financial statements, as well as other information and statements that are not historical fact. These
forward-looking statements regarding future events and the future results of Advent are based on current expectations, estimates, forecasts, and projections about the industry in which Advent operates, as well as the beliefs and assumptions of
Advent’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions, and other factors beyond Advent’s control that are difficult to predict because they relate to
events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, Advent’s actual results may differ materially and adversely from those
expressed or implied in any forward-looking statements and Advent therefore cautions against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to:
economic conditions globally; the impact of competition; political and economic developments in the countries in which Advent operates; regulatory developments in the U.S., Greece, Europe, and internationally; the COVID-19 pandemic; Advent’s
ability to manage growth; Advent’s ability to execute its business plans and the timing and costs of these plans; Advent’s estimates of the size of the markets it serves; the rate and degree of market acceptance of Advent’s products; rising
costs or pricing pressures adversely affecting Advent’s profitability, including sales and marketing expenses; expectations regarding capacity constraints; potential litigation involving Advent; the validity or enforceability of Advent’s
intellectual property and Advent’s compliance with the intellectual property rights of third parties; and other risks and uncertainties indicated from time to time in Advent’s filings with the U.S. Securities and Exchange Commission (“SEC”),
including those set forth under “Risk Factors” therein, and other documents to be filed with the SEC. Any forward-looking statements made by or on behalf of Advent speak only as of the date they are made. Advent undertakes no obligation to
update any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based. Accordingly, attendees and recipients
should not place undue reliance on forward-looking statements due to their inherent uncertainty. In this presentation, Advent relies on and refers to information and statistics regarding industry data. Advent obtained this information and
statistics from third-party sources, including reports by financial data firms and other firms. Advent has supplemented this information where necessary with its own internal estimates, taking into account publicly available information about
other industry participants and Advent’s management’s best view as to information that is not publicly available. Such information has not been subject to any independent audit or review. To the extent available, the industry, market, and
competitive position data contained herein has come from official or third-party sources. Third-party industry publications, studies, and surveys generally state that the data contained therein has been obtained from sources believed to be
reliable, but that there is no guarantee of the accuracy or completeness of such data. While Advent reasonably believes that each of these publications, studies, and surveys has been prepared by a reputable party, neither Advent nor any of
their respective directors, officers, employees, agents, affiliates, advisors or agents have independently verified the data contained therein. In addition, certain industry, market, and competitive position data contained herein come from
Advent’s internal research and estimates based on the knowledge and experience of Advent’s management in the markets in which Advent operates. While Advent reasonably believes that such research and estimates are reasonable, they, and their
underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, reliance should not be placed on any of the industry, market, or competitive position
data contained in such information and no representation or warranty (express or implied) is given that such data is correct or complete. 3
ABOUT ADVENT TECHNOLOGIES HOLDINGS, INC. 4 Next-generation HT-PEM FUEL CELL Technology Thousands of
systems sold to Defense, Off-Grid, Remote Power Markets in recent yearsOpportunity for Heavy-Duty Automotive, Aviation, Marine MARKET-READY (Total Addressable Market: $72+ billion by 2030) Public listing (NASDAQ: ADN) entry in February
2021$116 million of cash on the balance sheet (June 2021). No debt STRONG BALANCE SHEET 190 patents issued, licensed, or pendingStrategic Partner of the U.S. Department of Energy (DoE). Joint development with Los Alamos National Lab,
Brookhaven National Laboratory, National Renewable Energy Laboratory exclusive award of the L’Innovator Program Decarbonization is a key priority by governments and industries across the globeThe U.S. is working towards a 50-52% reduction from
2005 levels in economy-wide net greenhouse gas pollution in 2030. The EU Hydrogen Strategy aims for 6GW of renewable hydrogen electrolyzers in the EU by 2024 and 40GW by 2030. GLOBAL MANDATE TO DECARBONIZE Strong pipeline. Manufacturing in
the U.S., Denmark & GermanyTarget revenues of $250+ million by 2025Target Gross Margins of 30% HIGH-GROWTH PROFILE
20+ years as a C-Suite Officer in Tech/Marketing (founded start-up to AIM & Nasdaq IPOs)B.S. in
Electrical Engineering and B.A. in Business Economics, Brown UniversityPh.D. in Supply Chain Management and M.Sc. in Manufacturing Engineering, Boston University Chris KaskavelisCMO Experienced Leadership Team 5 Proven track record of
technological development and commercialization Vasilis Gregoriou*Chairman & CEO 35+ years of technology commercialization 25+ years in fuel cellsVolume manufacturing expertDoE Manufacturing AwardBASF Fuel Cell Inc.PEMEAS Inc., and
De Nora N.A.E-TEKB.S. in Chemistry, Duke UniversityPh.D. in Chemistry, University of Cincinnati Emory De Castro*CTO 25 years of finance experienceMyers IndustriesIngersoll-RandChiquita Brands InternationalAmerican Institute of Certified
Public AccountantsB.S. Accounting & Finance, Miami University *Indicates member of Board of Directors following the Business Combination. Additional Board of Director members include Katherine Fleming, Anggelos Skutaris, Katrina Fritz and
Lawrence Clark. 30+ years experience in corporate and securities law, M&A, VC, corporate finance and IP lawLong track record working with companies in the clean energy and technology sectors, with specific experience in the fuel cell
industryB.A., Providence CollegeJ.D., New England School of LawLL.M. in Corporate Law, New York University Jim CoffeyGeneral Counsel & COO 30+ years of operational and strategy experience in the U.S. and EuropeWorld-renowned renewable
energy expertExtensive experience in product development and company managementMBA, Northeastern UniversityPh.D. in Physical Chemistry, Duke Kevin BrackmanCFO
ADVENT FUEL CELL TECHNOLOGY: “ANY FUEL. ANYWHERE.” 6 Advent Fuel Cell Stack Advent
MEA Defense Off-Grid Heavy-Duty Automotive Aviation Marine Combined Heat & Power ANY FUEL Fuel for most heavy-duty mobility & industrial markets HYDROGEN Option for off-grid & portableInterim low-cost option for
mobility Low-cost hydrogen at minimal infrastructure coste-Methanol, DME, LOHC METHANOL MARKET IN NEAR FUTURE MARKET NOW e-FUELS (H2 carriers) ANYWHERE COLD HEAT HUMIDITY POLLUTION MARKETS ELECTRICITY
ADVENT HT-PEM: WHAT DOES IT MEAN FOR... 7 TECHNOLOGYIt can handle almost any low-carbon or
zero-carbon fuel. Competitor LT-PEM fuel cells need pure hydrogen, which requires a large amount of spending on infrastructure.Enables more efficient heat management (vs. LT-PEM), which is needed for aviation and heavy-duty automotive.Can
withstand extreme temperatures, pollution and humidity, leading to a longer lifetime and lower total cost of ownership (TCO) (vs. LT-PEM). Advent develops and holds the IP on the core technology (MEA materials). BUSINESSShips, Planes, Defense
and Trucks expected to use e-Fuels.Immediate market now with low-carbon methanol.India, China and emerging markets need solutions with minimal infrastructure costs. Advent Advantage PROJECTED FUELS CONSUMED IN THE TRANSPORT SECTOR IN
2050 Actively developed with world-leaders in research innovation: NREL, LOS ALAMOS, BROOKHAVEN and U.S. DEPARTMENT OF ENERGY.
OFF-GRID & PORTABLE POWER IS AN IMMEDIATE MARKET TO EXPLORE AND GROW 8 FUEL CELL: Off-Grid,
Portable 15 kW 4+hrs days weeks Autonomy Advent 2025 ENERGY: Methanol, e-Fuels, & other liquid fuels are easy to transport and are an attractive solution for the off-grid and portable market Power 50 W 5 kW 250
W Telecom Backup Power 1m+ off-grid towers,attractive for Asia, Africa, instead of diesel generators Defense Portable Power 3x-25x weight advantage vs. batteries Methane Reduction Critical infrastructure remote power. Impact: equivalent
to 8M cars’ annual CO2 via adoption at North American wellheads alone Surveillance Security long autonomy, quiet, lightweight Diesel generator replacementLow Power, Long AutonomyBatteries are not a desirable solution due to their size,
weight, and need to rechargeLiquid hydrogen-bearing fuels are a more efficient option
MARKET & COMPETITIVE LANDSCAPE: ADVENT POSITIONING 9 BATTERY EV OFF-GRID &
PORTABLE TRUCKS, BUSES AVIATION 100 kWh MWh MWh-GWh 4hrs 8hrs 12+hrs days Autonomy P2X, CHP & MARINE HEAVY-DUTY MOBILITY ENERGY: GRID POWER H2 (PURE) H2 (PURE, REFORMED, LOHC), METHANOL, E-FUELS, NATURAL GAS)
Path to mobility market through JVs & Joint Development Agreements COMPETITION: LI-ION LOW-TEMPERATURE PEM SOFC/MCFC Increasing interest for large-scale systems
ADVENT EXECUTES ON BUSINESS PLAN POST NASDAQ ENTRY Development /Evolution Key Partnerships Market
Penetration Advent has approximately 190 patents issued, licensed, or pending and has accessed its own and the 3rd party global HT-PEM investment of partners to create the leading next-generation fuel cell technology
provider. 170+Employees Patras and Athens, Greece 38 Successful R&D Programs 190 Patents Issued, Licensed, or Pending 700+Combined Technical Years of Experience 1960s 2006 2013 2018 2019 2021 2021
Q1 First LT-PEM fuel cells AdventHT-PEMGen 1 Advent-BASFHT-PEMGen 2 DoE selects Advent forL’Innovator Joint Dev. Program SAFRAN &ESS expand programcontracts Advent enters NASDAQ
(“ADN”) Raises $158 million UltraCellAcquisition New Boston & Europeproduction facilities under construction UltraCell expands DoD contract HT-PEM Gen 3 launchwith LANL Mobilitynext-genFuel Cell under
development 2021 Q2 R&D withNASA, ESA, DoE 2012 Acquisition Serenergy A/S (Denmark) and fischer eco solutions GmbH (Germany) *This number includes part-time employees and contractors. San Francisco Bay Area,
USA Boston and Charlestown, MA, USA Aalborg, Denmark Achern, Germany 2021 Q3 DoE ESA NASA BASF LOS ALAMOS BROOKHAVEN NREL ESS SAFRAN NASDAQ 10
APPLICATIONS
12 SerEnergy has deployed hundreds of systems to telecom tower operators around the worldRemote
monitoring and self-maintaining systemsOperate at extreme conditions Fuel cells do not produce particulate pollutants or unburned hydrocarbons. They emit less carbon dioxide than other, less efficient technologies. With the use of e-Fuels,
this creates a path to effectively zero-emissions energy. 92 additional highly-skilled R&D, manufacturing and sales professionalsHT-PEM focused with proven production capabilities in Denmark & GermanyAcceleration with business in Asia
and Northern Europe markets OFF-GRID POWER: TELECOM TOWER POWER METHANOL FUEL CELL SYSTEMS (5-15kW) CLEAN ENERGY 03 DEPLOYABLE 02 PROVEN 01 Acquisition of SerEnergy & fischer eco solutions fuel cell businesses closed on
September 1, 2021 Power generation in off/bad-grid sites for critical infrastructure, telecom, construction sitesSelf-contained cabinet systems with 1-3 5kW fuel cells Business Case:Smart Communications deploys SerEnergy fuel cells across its
Philippine telco network
13 Uses MethanolFuel cells will use industrial-grade methanol already available at the site10x
less greenhouse gas emitted vs. traditional combustion generatorsZero nitrogen oxides, sulfur oxides and particulate emissions OFF-GRID POWER FOR CRITICAL INFRASTRUCTURE: U.S. AND CANADA O&G OPPORTUNITIES PROVEN 04 ANY
FUEL 01 Executed agreements to trial 10 50W systems in Alberta with oil & gas majorsInitial deployment in Canada anticipated in Q3 2021 Projection: Mass deployment by 2023 ANYWHERE 02 Rugged and ReliableUnlike renewables, fuel
cells work in almost any climate, geography and weather conditionDesigned to meet critical power requirements without interruptionDoes not fail in extreme conditions, can operate at low temperatures down to at least -200CFuel Cells can deliver
power to well sites 24/7/365 Reduce O&G well site methane emissions (up to 40 Mt CO2e per year)Fuel cells powering 185,000 oil and gas wellheads in Canada and the U.S. will reduce methane emissions (up to 40 million tons of CO2e per year),
which is equivalent to the carbon footprint of more than 8 million passenger carsThe implementation of the solution can contribute to rapid decarbonization of the Oil & Gas industry by mitigating the methane emissions problem. GOAL:
METHANE EMISSIONS TO ZERO 03 SHELLREPSOLHUSKYCENOVUS ENERGYNAL RESOURCESBELLATRIXMODERN RESOURCESCALSCAN SOLUTIONS
14 Portable Power: Military grade, 55W-1kW batteryUSA made and DoD deployed portable fuel
cellOperates at -200C-+550C Can use methanol (contained in some windshield washer fluid) as fuelTransported at a much lower cost than single-source fuel, for example, hydrogenMajor advantage from logistics/ operations perspectiveBased on
Advent’s “Any Fuel” MEA SecuritySurveillanceEmergency ResponseUAVsRecreation DEFENSE INDUSTRY: WEARABLE FUEL CELL FOR OFF-GRID POWER MOBILITY 03 PORTABLE 02 PROVEN 01 NEXT MARKETS 3 Gallons of
Methanol(approximately 20 lbs) 121 lbs of batteries VS 3x-25x lower weight compared to batteries
LARGE-SCALE SYSTEMS: INDUSTRIAL (P2X & CHP MARKETS) 15 MW-level Systems Power to Hydrogen: to
balance grid by producing heat & power from stored hydrogenDatacenters: reliable, high-quality powerOff-Grid Power: For large-scale off-grid power needsMining Industry: Vehicle recharging and remote power needs GREEN
SOLUTION 03 Facilitate path to zero-emissions for large-scale and grid level systems FUEL-FLEXIBLE 01 Supports methanol or natural gas and hydrogen if/when available. OFF-GRID 02 No grid, no hydrogen network, makes HT-PEM
attractive solution LARGE-SCALE 04 MW specific product design for low-cost of manufacturing and long lifetime 1 MW FUEL CELL SYSTEM BY ADVENT
COMBINED HEAT & POWER: UNITS FOR HOME AND COMMERCIAL APPLICATIONS 16 Commercial Suitable for
small-scale commercial buildings, Businesses and more:RestaurantsHotelsOffice buildingsWorkshopsStoresMedical CentersBanks Private Suitable for different types of buildingsSingle-family homesMulti-family homes HiPo Station
3-5kW MODULAR 03 Can scale up to bigger units by adding systems in parallel FUEL-FLEXIBLE 01 Can start deployment in natural gas network and eventually support H2 input or other fuels without new investment THE RIGHT
TEMPERATURE 02 LT-PEM doesn’t provide quality heat, and Solid Oxide Fuel Cell (SOFC) is too hot (600+oC) COST 04 Lower cost to manufacture than SOFC, simpler supply chain APPLICATION Electrical power and heat for family homes,
companies, public and commercial buildings OPERATING MODE All year (~8,700hrs) MONITORING Available via web enabled device FUEL Hydrogen, Natural gas, LPG, Methanol, e-fuels and any hydrogen carriers FUEL CELL TYPE HT PEM Fuel Cell
(3-5kW) OVERALL EFFICIENCY 90% ELECTRICAL EFFICIENCY 40% THERMAL POWER Up to 5kW ELECTRICAL ENERGY GENERATED/YEAR 26,000kWhr THERMAL ENERGY GENERATED/YEAR 44,000kWhr WEIGHT 490kg HEIGHT X WIDTH X DEPTH 1,520mm x 860mm x
610mm SERVICE 12 months (air filter, water purification) Advent Technologies has been nominated by the Greek Ministry of Development and Investment to be part of the first wave of Important Projects of Common European Interest (“IPCEI”) on
Hydrogen. Advent will also be spearheading the Green HiPo project as part of the overall, joint “White Dragon” project.
White Dragon (Decarbonization & Solar Power to Gas Project) Duration 2022-2029 (first
phase) Green H2 production Power2Gas: 250,000 tons / year Green H2 for other uses: 58,000 to 71,000 tons / year White Dragon is the flagship decarbonization project for Greece and one of the top-10 projects by size across Europe for green
hydrogen production and storage (Power to Gas). Developed by a consortium of Greek companies for development between 2022 and 2029, it consists of: GW-scale variable renewable energy/electricityHydrogen production & storage (electrolyzers
used for green h2 production, and high-temperature fuel cells for energy storage, electricity grid stabilization, and district heating locally) Hydrogen and natural gas blending for pipeline transportation Green HiPo White Dragon Green
HiPo Advent Technologies Projects White Dragon & Green HiPo (4.65GW Green Hydrogen & 400MW Fuel Cells), approved by Greek Government and submitted to the European Union Advent’s two Greek Important Projects of Common European Interest
(“IPCEI”) have been approved by a joint decision by the Greek Minister of Development and Investments, Mr. Adonis Georgiadis, and the Greek Minister of Environment, Energy, and Climate Change, Mr. Kostas Skrekas, and now await EU approval.
COMBINED HEAT & POWER: WHITE DRAGON 17
GREEN HiPo Duration 2022-2029 (first phase) Project Scope: Manufacturing of Fuel Cells &
ElectrolyzersNorthern Greece to support White Dragon project Size Fuel Cell Capacity: 400MWElectrolyzer Capacity: 4.65 GW(to be installed by Advent in the 7-year timeframe) Advent Technologies Projects Green HiPo approved by Greek Government
and submitted to the European Union to establish manufacturing capacity for 4.65GW Green Hydrogen Electrolyzers & 400MW Fuel Cells Why Advent’s Fuel Cells Advent’s HT-PEM fuel cells are well-suited for heat and power applications: They
operate at the 160-2000C range and can produce quality heat, in addition to electricity. Combined efficiency of fuel cells to 85 percent. They operate with natural gas, a natural gas-hydrogen blend, and eventually with green hydrogen. The
Green HiPo project concerns the development, design, and manufacturing of HT-PEM fuel cells for the production of heat and power. It is a complementary project to White Dragon and will produce the fuel cells that will power White Dragon’s green
energy plan.The project will contribute to the economic development of the region by providing approximately 1,400 jobs in innovative sustainable technology. The facility will initially manufacture fuel cells of 15kW/units, gradually reaching
120kW, and then 1MW scale single units before finally becoming a multi-MW platform. COMBINED HEAT & POWER: GREEN HiPo 18
30kW stacks used to create 120, 240kW etc. power options Operate at high-temperatures, (80-240oC)
Based on proprietary materialsNo need for water management H2, H2 (LOHC) & e-Fuels(methanol, natural gas) SIMPLE REFORMER Smaller lithium ion batterySolves the limitations of pure EV trucksOption to refuel with liquid fuelsSmall
Radiators HEAVY-DUTY TRUCKS: ADVENT’S “ANY FUEL. ANYWHERE.” TECHNOLOGY Simpler to design and manufacture “Any Fuel. Anywhere.” reduces TCO (vs. LT-PEM) ADVENT HT-PEM MEAs ADVENT FUEL CELL Operates at “optimal” temperature and high
voltageReduces system complexity (balance of plant) On-board hydrogen generation FUEL FLEXIBILITY 01 COST 02 LONG RANGE & FAST RECHARGE 03 EFFICIENCY 04 19
IP STRATEGY 20 High temperature Is key for flight efficiency Compared with Batteries,
e-Fuels or even H2, provide an attractive solutionPAYLOAD increases 2x+RANGE increases from minutes to hoursBased on: Next-generation HT-PEM MEAsProprietary ultra-lightweight non-metal plates Refills in minutes vs. hours Projected trip
from San Francisco to Palo Alto* Advent Fuel Cell 4 Trips Refill 1 – 2 times a day Wait to recharge before second trip 3 Hours H2 or dimethyl ether (DME) is an attractive fuel sourceARPA-E: minimum of 2,000Wh/kg energy density is
required for flightJet fuel: 12,000Wh/kg, H2: 40,000Wh/kg,Methanol: 5,472Wh/kg, DME: 7,889Wh/kgBattery: 260Wh/kg AVIATION: COMMERCIAL FLIGHTS, DRONES, eVTOLs Surveillance DronesDelivery DroneseVTOLsAirplanes MARKETS RANGE /
PAYLOAD 01 Case EFFICIENCY 02 UTILIZATION 03 MULTI-FUEL 04 Passengers Recharge 2 Battery 3 1 eVTOL 10Mins *Expected performance of a typical trip from San Francisco to Palo Alto in California of an eVTOL
using the Advent Fuel Cell vs. using just a battery.
H2, H2(LOHC) & Methanol, natural gas Unlike a battery that needs charging, fuel cells run as long
as there is hydrogen fuel. Thus, longer routes and larger vessels may be possible Batteries can work together with fuel cells (hybrid architectures of battery and fuel cell) FUEL FLEXIBILITY 01 MODULAR POWER SYSTEM 02 LONG
RANGE & FAST REFILL 03 NO EMISSIONS 05 MARINE APPLICATIONS: ADVENT’S “ANY FUEL. ANYWHERE.” TECHNOLOGY Fuel cell ship Vessels can freely access emission control zones hybrid architecture 04 Fuel Cell System Fuel
Storage 30kW stacks used to create 120, 240kW etc. power options for auxiliary power and passenger accommodations Operate at high-temperatures, (80-240oC) Based on proprietary chemistryNo need for water management ADVENT HT-PEM
MEAs ADVENT FUEL CELL 1MW Stacks used to create multi-MW for propulsion Scalable for many load requirements and applications (e.g. propulsion system, auxiliary power) Methanol is used by a Reformer to create Hydrogen and Air which enters
the Fuel Cell and is converted to Electricity. 21
TECHNOLOGY
ADVENT THE PATH TO LOW-COST FUEL CELL SYSTEMS 23 MATERIALS INNOVATIONNew MEA with U.S. Department of
Energy (DoE)Power Density 1w/cm2Maximum LifetimeRoll-to-roll material fabrication SCALEHigh-volume manufacturing Germany ENGINEERINGINNOVATION:Next-generation Digitronics Design STANDARDIZATIONReformer changes from H2 to Methanol to Natural
Gas to Zero Carbon e-FuelsSame Stack & MEALow TCO with fuel flexibility END PRODUCTSAlready shipping products in off-grid, defense & portable power marketStrategic Partnerships for end-products in mobility REDUCE TCO: $/kWH
Increasing lifetimeReducing materials & production cost/kWPlatinum (Pt) recycling/ financingFuel-flexibility: fuel cost & infrastructure, immediate market XX55TM 5kW module HT3-5000 Outdoor cabinet2 X HT3-5000 fuel
tank TELECOM DEFENSE HEAVY-DUTY TRUCKS
24 The MEA is the “heart” of the Fuel Cell and it defines: What fuels can be used, efficiency, power
densityThe design parameters for the rest of the components, including the balance of plant The Total Cost of Ownership of the fuel cell system Product Development Plan MEA Cost Targets $80/kW at mass scaleRoll to Roll
ManufacturingUltra-low Platinum technology 1 4 6 7 1. Lightweight Composite End Plate2. Current Collector3. High Performance Bipolar Plate (BIP) With Integral Thermal Management4. Anode Gas Diffusion Electrode (GDE)5. High Temperature
Polymer Electrolyte Membrane (HT-PEM)6. Cathode Gas Diffusion Electrode7. Assembled HT-PEM Membrane Electrode Assembly (MEA) Fuel Cell Stack Components Develop & Scale-up MEA Production in-house (U.S.-based)Partner/license production of
other components ADVENT INSIDE THE FUEL CELL STACK: MEA & MORE 5 2 3
25 Competitive Advantage Next-Generation Technology: LT-PEM developed in 1960s has reached its
limits (75oC operation) New Chemistry: LT-PEM is water-based while HT-PEM relies on a conductive plastic resilient to extreme temperatures. No water management allows for a simpler design, longer lifetime and smaller balance of plant Great
Potential: Beginning of lifecycle product with room for substantial further improvement Target Product Roadmap Long lasting Degradation is still a problem for fuel cellsAdvent triples lifetime (~10,000 vs. 3,500 hrs @ 10% power
loss) Fuel-Flexible H2 infrastructure installs fast with methanol or H2 sources like biogasImpurities in regular hydrogen such as 10 ppm CO damage LT-PEMOur materials withstand > 2 % CO (4% at 200C)HT-PEM function despite air pollution
conditions, unlike LT-PEM Resilient Environmental flexibility increases life and reduces costAdvent units work anywhere in the worldLT-PEM does not run well hot or dry: < 50% RH and >30 °C ambient.Our technology runs from 0% RH (Nevada)
to 100% (Florida)Advent runs -30 °C to +55 °C ambient temperature at FULL POWER Sustained High Power Similar to current tech (1,100 mW/cm2 peak power) without the extra weight and volume of complex cooling and water management Cost
Advantage Roll-to-roll processing for automation integration Mated to catalyst technology that reduces platinum 8-10 foldSimpler system design and fuel flexibility drop TCO substantially Technical Specs HT-PEM to LT-PEM Comparison Actively
developed with world-leaders in research: NREL, LOS ALAMOS,BROOKHAVEN and U.S. DEPARTMENT OF ENERGY ADVENT HT-PEM MEA TECHNOLOGY IS A GAME CHANGER 2021 PrototypeMEA 2022 OptimizedMEA 2023 PilotProduction 2024 MassProduction
ADVENT FUEL CELL STACK: NEXT-GENERATION TECHNOLOGY 26 Competitive Advantage Multifuel capability:
H2, H2(LOHC), Methanol, e-Fuels, DME, Natural Gas Lifetime: Micro-fuel cell architecture contributes to a long lifetime, max MTBF Efficiency: High-Voltage Operation for maximum efficiency Resilient: To extreme heat, cold, humidity, pollution,
H2 impurities 30kW HT-PEM Stack Module (Twin 15kW) Technical Specs targets of next-generation stack Weight: <26kg 15kW ModulesStack Efficiency: 54% Dimensions: 55*55*8 cm (L*W*H) “skateboard” designLifetime: 10K-40K hours (depending on
application)Operating Temperature: 80oC to 240oC Startup Time: <180 secs Ambient Temperature: -38oC to 58oC Operating Voltage: 300V modules (15kW) Connect modules in series or parallelStart/Stop: 8,000 cycles (12 years) Consumption H2:
13.49kWh/kg “ e-Fuel/methanol: 2.01kWh/kg Cooling Technology: Heat-pipes (truck) Hydro-formed microchannel (flight)Options: Built-in fuel reformer Target Product Roadmap Cost Targets System: $250/kW at mass scaleOperating Cost: <
$0.15/kWh assuming $2/kg H2 High reliability, high voltage stacks 2021 PrototypeStack 2022 OptimizedStack 2023 PilotProduction 2024 MassProduction
BUSINESS MODEL
REVENUE BREAKDOWN* 50%SYSTEMSOff-GridTelco TowersDefenseRemote Power 20%MEAs 15%ENGINEERING &
License Fees 15% GRANTS Support Engineering & System cost/kW directly *Projected 28
29 CORE IP +TECHNOLOGY TIER 1 AND OEM(Target Partners) HT-PEM: ALL MARKETS LT-PEM:
BUSES, TRUCKS SOFCCHP, INDUSTRIAL BUSINESS MODEL: ADVENT INSIDE CORE IP + TECHNOLOGY BALLARD POWERCELL CERES POWER BLOOM ENERGY AUTOMOTIVE NISSANGENERAL MOTORSVOLKSWAGEN VOLVOMERCEDES-BENZTOYOTAMANJOHN
DEERECUMMINSCATERPILLARNIKOLA HEAVY-DUTY OIL & GAS EXXONMOBILBAKER HUGHESBP AVIATION AIRBUSSAFRANBOEING LOCKHEED MARTINTHALESRAYTHEON TECHNOLOGIESNORTHROP GRUMMANGENERAL DYNAMICS DEFENSE COMBINED HEAT &
POWER DOOSANPANASONIC POWER GENERATION BOSCHMITSUBISHIGENERAL ELECTRIC AND MORE…
Engineering Fees Prototype Phase:Advent develops specific prototype fuel cell system for
application/market Year 3: 30 MW Year 5:450 MW Year 4: 120 MW Year 6: 750 MW 30 Early Production Phase:Advent manufactures MEAs and licenses out fuel cell technology to Tier 1/OEM Mass ProductionBoth
Parties scale up their production MEA sales Licensing fees 2. Tier 1/OEM:System manufacturing scale up and commercial expansion 1. Advent:Manufacturer of MEAs& development of fuel cell systems OEM focuses on manufacturing &
marketing preparation Mass market scale-up – to 100k+ units Year 7: 1 GW Year 2 Year 1 MEA sales Licensing fees MEA sales Licensing fees Partners BUSINESS MODEL FORJOINT DEVELOPMENT AGREEMENT WITH OEMs OR
TIER 1s
KEY METRICS 31
POTENTIAL GROWTH CATALYSTS 32
CONTACT ir@advent.energywww.advent.energy