ADVENT TECHNOLOGIES AND ALFA LAVAL PARTNER IN MARINE FUEL CELL DEVELOPMENT PROJECT

Advent Technologies Holdings, Inc., an innovation-driven leader in the fuel

cell and hydrogen technology sectors, is pleased to announce that it will

collaborate with Alfa Laval, a global provider of heat transfer, separation, and

fluid handling products, on a project to explore applications of Advent’s

methanol-powered high-temperature proton exchange membrane (HT-PEM) fuel cells

in the marine industry.

Funded by the Danish Energy Technology Development and Demonstration

Program (“EUDP”), the project is a joint effort between Advent, Alfa Laval and a

group of Danish shipowners. The project will focus on testing Advent’s

methanol-powered HT-PEM fuel cells as a source of marine auxiliary power. During

the course of the project, the fuel cell system will undergo a risk assessment

by a leading international classification society.

At the same time, the project aims to integrate the next generation of

Advent’s fuel cells. These fuel cells will be based on Advent’s next-generation

membrane electrode assembly, which is currently being developed within the

framework of L’Innovator, the Company’s joint development program with the U.S.

Department of Energy’s Los Alamos National Laboratory, Brookhaven National

Laboratory, and the National Renewable Energy Laboratory. Aiming to meet the

ever-growing power requirements of the maritime industry, Advent’s

next-generation fuel cells are expected to demonstrate a significant increase in

lifetime, efficiency, and electrical output.

Advent’s technology enables its fuel cells to operate at high temperatures

of between 160°C and 220°C and serve as a reliable source of on-demand power

across various applications and industries, including shipping, power generation

and heavy-duty mobility. The Company’s HT-PEM technology can utilize low-cost

and abundant hydrogen-carrier fuels, like methanol, e-methanol and biomethanol.

Methanol in particular has attracted substantial interest as a future fuel for

the marine industry, and Advent’s HT-PEM fuel cells operate perfectly on

methanol, using an integrated reformer.

Dr. Vasilis Gregoriou, Advent Technologies’ Chairman and Chief Executive

Officer, commented: “The Advent team is dedicated to accelerating the

decarbonization of the shipping industry. Our Serene fuel cells run on methanol

– a clean alternative to fossil fuels – which is safer to handle than hydrogen

gas and can be easily deployed on-site. Over the past months, we have received

significant interest from the marine industry for our methanol-powered fuel

cells. This gives us optimism about the future and our contribution to the

industry’s goal of net zero by 2050. We look forward to the successful

completion of this highly innovative EUDP-funded project and further progressing

our collaboration with Alfa Laval.”

Jeroen van Riel, Alfa Laval’s Business Development Manager for Marine

Energy Solutions, stated: “We are excited to see the result of this promising

collaboration with Advent, an experienced partner with innovative fuel cell

products deployed in the field today. We are convinced that HT-PEM technology

has great maritime potential and look forward to further exploring Advent’s

differentiated technology as the marine industry moves towards

decarbonization.”

Morten Hougaard Sørensen, Advent Technologies’ Senior Vice President added:

“We would like to thank Alfa Laval for their commitment to partnering with our

extensive expertise and proprietary technology to drive a maritime fuel cell

solution. The Advent team envisions methanol, biomethanol, and e-methanol as the

fuels of the future in shipping. We are delighted that Alfa Laval endorses this

view. We hope this project is the dawn of a long and productive collaboration

that will enable a faster transition to a clean energy shipping sector.”