Published by Teresa on March 5, 2024
BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology space (the “Company” or “Advent”), is pleased to announce that its subsidiary, Advent Technologies A/S, has received approval for funding for its latest research and development project, RiverCell 3. This project aims to develop a maritime fuel cell system resulting in an auxiliary power unit with a total capacity exceeding 500kW. This will be accomplished by utilizing Advent's modular 50kW eMethanol-powered fuel cell systems (“Serene”), which are based on the Company's Ion-Pair™ membrane electrode assembly (“MEA”) technology.
>> In Other News: Leading Commercial Airlines and EcoVadis Launch The Sustainable Airlines Initiative
The RiverCell 3 project has a total budget of approximately $12.4 million, from which Advent’s budgeted portion is approximately $6.1 million. The collaborative partners involved in the project include MEYER NEPTUN Engineering GmbH, Siemens Energy Global GmbH & Co. KG, Lloyd's Register EMEA Niederlassung Deutschland and Hochschule Wismar Bereich Seefahrt, Anlagentechnik und Logistik. The project commenced in January 2024 and is scheduled to conclude on December 31, 2026.
RiverCell 3 builds upon the foundation established by previous RiverCell initiatives, in which Advent played a pivotal role as a key partner, demonstrating the effectiveness of its Serene fuel cells to the maritime sector. In this latest stage of the project, Advent’s innovative Ion Pair™ MEA technology will play a vital role in crafting fuel cell systems designed specifically for larger vessels.
By extending the expected lifespan of fuel cells by at least three times and doubling the power density compared to Advent’s earlier systems, the Ion Pair™ MEA technology promises significant advancements in maritime applications. The technology is made possible through the Company’s participation in the U.S. Department of Energy’s L’Innovator™ program, developed in collaboration with esteemed U.S. research institutions such as Los Alamos National Laboratory, Brookhaven National Laboratory, and the National Renewable Energy Laboratory.
The successful completion of RiverCell3 is anticipated to make a substantial contribution to the objectives outlined in the revised IMO GHG Strategy, which was adopted in July 2023. This strategy aims to mitigate greenhouse gas (“GHG”) emissions for international shipping, with a reinforced commitment to achieving net-zero emissions by 2050. Furthermore, it pledges to encourage the adoption of alternative zero and near-zero GHG fuels by 2030, while also setting milestone targets for the years 2030 and 2040.
The RiverCell 3 project is partially funded by the German Federal Ministry for Digital and Transport as part of the National Innovation Programme Hydrogen and Fuel Cell Technology, with a total of approximately $6.2 million, from which Advent’s portion is approximately $3 million. Funding for this measure is provided as part of the German Recovery and Resilience Plan (DARP) via the European Recovery and Resilience Facilities (ARF). The funding is coordinated by NOW GmbH and implemented by Project Management Jülich (PtJ).
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, commented: “We express our sincere appreciation to the German Federal Ministry for Digital and Transport for their funding support, and we eagerly anticipate collaborating with our esteemed partners on this groundbreaking project for the maritime industry. Undoubtedly, the Ion Pair MEA technology will significantly enhance the capabilities of our Serene fuel cell systems, positioning them as a pivotal clean energy solution for the future of maritime operations."
Morten Sørensen, Senior Vice President of Advent Technologies A/S, commented: "The growing adoption of eMethanol as an environmentally friendly fuel in maritime settings stems from its notable energy density, convenient handling, and minimal emissions. As the maritime sector intensifies its endeavors to cut carbon footprints and comply with environmental regulations, Advent's eMethanol fuel cells stand out as the preferred choice, providing a compelling substitute for conventional diesel generators and engines that can be easily embraced today.”
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 💡 Bill Gates-backed Startup Says a Global Gold Rush for Buried Hydrogen is Picking Up Momentum 🌍 Largest Hydrogen Highway to Link America and Europe: 10 Million Metric Tons and a...
Inside this Issue 🌿 Gevo to Acquire Red Trail Energy Assets in North Dakota, Including Operating Low-carbon Ethanol Production and Carbon Sequestration Facilities, Expanding Platform for Sustainab...
Inside this Issue 💡 1PointFive's South Texas Direct Air Capture Hub Awarded U.S. Department of Energy Funding 🔗 H2 Clipper's Patented 'Hydrogen Ledger' Uses Blockchain Technology to Track Purity a...
UNDO Lands Groundbreaking Carbon Removals Financing Deal in 'Global First'
UK carbon removal start-up UNDO has secured an innovative debt financing deal, supported by significant corporates like British Airways and Standard Chartered, to accelerate the expansion of its en...
Say Goodbye to EVs – This Water-Hydrogen Engine Will Change Everything in Automotion
Honda launches a model identical to the Dodge Challenger – here’s when you can buy it Neither Toyota nor Hyundai – JD Power confirms the list of most reliable cars on the US market. Chevy an...
New Technology Transforms Captured Carbon Into Clean Energy Source
Researchers from Tokyo Metropolitan University have developed an innovative electrochemical cell that efficiently converts captured carbon dioxide (CO2) into formate, a green fuel. This new system,...
Holcim Invests in Sublime Systems to Scale Up Innovative Low-carbon Technology
Startup developed proprietary CO2-free electrochemical process to produce low-carbon cement Investment covers Sublime’s first commercial manufacturing facility, giving Holcim a large share of ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.