Advent Technologies Signs Agreement with Hyundai Motor Company
Apr 6, 2022 By MarketDepth
Advent Technologies Holdings, Inc. (NASDAQ: ADN) shares are up more than 65% on Wednesday after the Company reported that it has signed a technology assessment, sales, and development agreement with Hyundai Motor Company (“Hyundai”), a leading multinational automotive manufacturer offering a range of world-class vehicles and mobility services in over 200 countries.
Advent Technologies is and advanced materials and technology development company, operates in the fuel cell and hydrogen technology markets. It develops, manufactures, and assembles the fuel cell systems and critical components that determine the performance of hydrogen fuel cells and other energy systems.
Under the agreement, Hyundai will provide catalysts to Advent for evaluation in its proprietary Membrane Electrode Assemblies (“MEAs”), while Advent intends to support Hyundai in fulfilling its fuel cell project needs, through:
- Developing inks and structures using IFAT catalysts, which will then be evaluated by IFAT. Following evaluation, Hyundai will determine whether IFAT or standard catalysts will be used for this project.
- Supplying MEAs throughout the development/commercialization cycle (“Advent MEAs”) for testing, evaluation, and optimization under conditions set by Hyundai.
- Assisting Hyundai with the use and specifications of MEAs as well as their implementation into Hyundai’s designs.
“We are excited and proud to join forces with Hyundai, aiming to greatly contribute to their mission and to jointly participate in the pivotal role to transition global society to clean energy, therefore making hydrogen an economically viable energy source. MEAs form the heart of the fuel cell and they are also a critical component for other electrochemistry applications, such as CO2-free hydrogen production, and, energy storage. We hope our proprietary MEAs will best serve Hyundai’s business needs and look forward to a long and highly successful collaboration, sharing our long-standing expertise to support Hyundai in bringing its future mobility strategy to life.”
Dr. Emory De Castro, Advent’s Chief Technology Officer
