Advent Technologies' RHyno Project awarded €34.5 Million by EU Innovation Fund

Advent Technologies' RHyno Project awarded €34.5 Million by EU Innovation Fund

Benzinga
November 4, 2024

LIVERMORE, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Advent Technologies Holdings, Inc. (NASDAQ:ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to further announce that the RHyno Project initiated by its Greek subsidiary, Advanced Energy Technologies, SA was approved for the full amount of its requested grant in the amount of €34.5 million by the EU Innovation Fund. The dedicated efforts of Nora Gourdoupi, Olga Bereketidou, and Anastasia Koustomitopoulou, made this achievement possible. Advent will now prepare the grant agreement per the instructions provided to it by the European Climate, Infrastructure and Environment Executive Agency (CINEA).

"We are very excited about the grant and the recognition of the hard work of these individuals," stated Konstantinos Ferderigos, the General Manager in Greece for the Company.

Gary Herman, Interim Chief Executive Officer stated, "Nora, Olga and Anastasia, along with their talented team all worked very hard for this achievement. We appreciate the selection and recognition by the EU Innovation Fund. We thank our Advent colleagues and all those involved as we move this program forward and grow the business."

About RHyno Project

The Advent Renewable Hydrogen Innovative Technologies (RHyno) project involves the establishment of infrastructure for developing and manufacturing innovative fuel cells, electrolysers, and their key components including Advent ground-breaking Membrane Electrode Assembly technology at a megawatt (MW) scale. RHyno aims to pioneer the use of innovative materials to enhance power density and lifespan while significantly reducing the weight and volume of power systems through a streamlined balance of plant.

The state-of-the-art manufacturing facility is designed to optimize production processes, boost efficiency, and industrialize fuel cell and electrolyser technologies. These advancements are essential ...

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