BOSTON - Advent Technologies Holdings, Inc., a company specializing in fuel cell and hydrogen technology, has announced through its subsidiary, Advanced Energy Technologies S.A., the receipt of an invitation from the Greek Ministry of Economy and Finance to submit documentation for its Green HiPo project. This step is crucial for securing a €24 million state aid package from Greece's Just Transition Fund (JTF), aimed at supporting the project's development.
The Green HiPo project, part of the Important Project of Common European Interest (IPCEI) initiative, focuses on creating advanced HT-PEM fuel cells and electrolysers for power and green hydrogen production. The funding is expected to aid in the establishment of a new facility in Kozani, Western Macedonia, contributing to the region's shift towards a more sustainable economy and aiding Europe's goal to produce 10 million tons of renewable hydrogen by 2030.
Advent Technologies is one of only eight small and medium-sized entities (SMEs) ratified under the IPCEI Hy2Tech program in Europe. The project is set to collaborate with over 300 external partners, including universities and research organizations across the continent.
Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies, expressed enthusiasm for the project's progression, highlighting its potential to transform Western Macedonia from a coal-dependent economy to a greener economic model.
The company, headquartered in Boston, Massachusetts, has a broad international presence and holds over 150 patents in fuel cell technology. Advent's HT-PEM technology is designed to operate at high temperatures and under harsh conditions, making it suitable for various sectors, including automotive, aviation, defense, oil and gas, marine, and power generation.
This announcement is based on a press release statement.
InvestingPro Insights
As Advent Technologies Holdings, Inc. moves forward with its Green HiPo project, the company's financial metrics provide a backdrop to its market position. With a market capitalization of $12.69 million and a Price / Book ratio of 0.39 as of the last twelve months ending Q3 2023, the company is trading at a low multiple, suggesting that its assets may be undervalued relative to its share price.
However, the company faces significant challenges, as reflected in its revenue decline of 39.54% over the same period. This downturn is further emphasized by a quarterly revenue contraction of 47.31% in Q3 2023. Additionally, the gross profit margin stands at a negative 56.31%, indicating that the company is currently not generating enough revenue to cover its cost of goods sold.
The InvestingPro Tips highlight that analysts are not expecting Advent Technologies to be profitable this year, and they foresee a sales decline. Moreover, the company's stock has experienced high volatility and is trading near its 52-week low. These factors are critical for investors to consider when evaluating the company's prospects, especially in the context of its potential to secure state aid for the Green HiPo project.
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