Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced the successful completion of a research and development project commissioned under a programme of and funded by the European Space Agency (“ESA”), dedicated to the development of a closed-loop regenerative fuel cell system (“RFCS”) earlier this year.

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The project started in 2014, with Advent as the prime contractor. Subcontractors included the Centre for Research and Technology – Hellas, the Foundation for Research and Technology – Hellas, and the University of Patras. The project concluded with the successful delivery of the high-temperature proton exchange membrane (“HT-PEM”) stack to ESA.

During a highly successful testing phase, the RFCS demonstrated its ability to effectively meet the power demands for three lunar day and night cycles. Due to their high specific energy density, closed loop RFCS are gaining recognition as a promising technology for space applications that require large amounts of energy to be stored in order to survive long eclipse durations.

The RFCS that was developed for this project consisted of Advent’s advanced HT-PEM fuel cell stack, a high pressure-PEM electrolyser, and a storage system for reactants. The system was also equipped with Advent’s proprietary thermal-management sub-system, which can be seamlessly integrated into thermal management systems for spacecraft and readily adapted for other processes requiring high quality heat.

The fuel cell stack utilizes Advent’s current polybenzimidazole-based Membrane Electrode Assemblies (“MEAs”), the same MEAs used in both Advent’s existing product portfolio (including SereneU, Honey Badger 50™, and M-ZERØ™) and licensed in 3rd party products. In a space mission utilizing an RFCS, a high pressure-PEM electrolyser utilizes solar power to convert water into hydrogen and oxygen, which are then stored and later used to feed the fuel cell stack, generating electrical power while producing water and heat as a byproduct.

Dr. Emory De Castro, Chief Technology Officer of Advent Technologies Holdings, Inc., stated, “We are delighted with the successful completion of this highly innovative project with ESA, which demonstrates how well Advent’s proprietary technology can support satellites and other space missions, as well as a wide range of aerospace, marine, and terrestrial applications. We look forward to joining similar projects in the near future.”

Brandon Buergler, the ESA technical officer of the activity said: “The development of new energy storage technologies with higher specific energy than conventional Li-ion batteries is needed for enabling new space missions comprising for example the lunar night survival of a lunar lander’s critical elements.”

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 – offering a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

About ESA

The European Space Agency is Europe’s gateway to space. Its mission is to shape the development of Europe’s space capability and ensure that investment in space continues to deliver benefits to the citizens of Europe and the world.

ESA is an international organisation with 22 Member States. By coordinating the financial and intellectual resources of its members, it can undertake programmes and activities far beyond the scope of any single European country.

https://www.esa.int/About_Us/Corporate_news/ESA_facts

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. 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 press release 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 maintain the listing of the Company’s common stock on Nasdaq; future financial performance; 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; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with 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 Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’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 press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’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.

Disclaimer: The view expressed herein can in no way be taken to reflect the official opinion of the European Space Agency.

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