Advent Technologies Holdings, Inc., an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that its Green HiPo project (“Green HiPo”) under the framework of the Important Projects of Common European Interest (“IPCEI”) Hydrogen – Technology, has now received official ratification from the European Commission (the “Commission”) of the European Union (“EU”).
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The ratification of Green HiPo was amongst 41 projects under the umbrella “IPCEI Hy2Tech” jointly prepared and notified by fifteen Member States: Austria, Belgium, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Netherlands, Poland, Portugal, Slovakia, and Spain. The Member States will provide up to €5.4 billion in public funding, which is expected to unlock an additional €8.8 billion in private investments. As part of this IPCEI, 35 companies with activities in one or more Member States, including small and medium-sized enterprises (“SMEs”) and start-ups, will participate in these 41 projects. Advent is one of only eight SMEs to have received ratification. The direct participants will closely cooperate with each other through numerous planned collaborations and also with more than 300 external partners, such as universities, research organizations, and SMEs across Europe.
The IPCEI will cover a wide part of the hydrogen technology value chain, including (i) the generation of hydrogen, (ii) fuel cells, (iii) storage, transportation, and distribution of hydrogen, and (iv) end-users applications, in particular the mobility sector. Advent participates in both the generation of hydrogen and fuel cells.
Dr. Vasilis Gregoriou, Advent‘s Chairman and CEO, stated, “Advent celebrates the full ratification of Green HiPo and looks forward to breaking ground on this transformative project. Green HiPo is a victory for clean energy advocates everywhere and represents an incredible step to transition Europe away from fossil fuels for its energy needs and move towards a clean energy future. The effects of climate change are clearly ubiquitous, and Advent will strive to implement Green HiPo quickly and effectively. Advent applauds the Commission in ratifying the funding for this visionary project, and we hope that it will be the first of many projects around the world which will produce low carbon energy on a truly unprecedented scale.”
The Greek Minister of Development and Investments, Mr. Adonis Georgiadis, stated: “With the support of the Prime Minister of Greece, Kyriakos Mitsotakis and the Greek Ministry of Development and Investments, Greece managed to participate in the group of European states that take the initiative for the important projects of common European interest in hydrogen. Today, we have the official ratification of these projects by the European Commission, which makes Greece one of the world’s leading countries in energy storage with this new technology. Greece will get the place it deserves; the role of the protagonist.”