A technology company specializing in advanced fuel cell and hydrogen technology development, with a focus on HT-PEM fuel cells, patents, and collaborations with aerospace, defense, and automotive industries.

# Company Overview Summary

## Business Focus
- **Industry:** Advanced materials and technology development in the fuel cell and hydrogen technology space.
- **Core Technology:** Development of HT-PEM (High Temperature Proton Exchange Membrane) fuel cell technology with approximately 150 patents issued, pending, or licensed worldwide.
- **Main Products:**
  - Membrane Electrode Assembly (MEA)
  - Fuel cell stacks
  - Complete fuel cell systems
- **Applications:**
  - Stationary power (backup, off-grid, portable power)
  - Heavy-duty mobility (automotive, aviation, marine)
  - Aerospace (collaborations with Airbus)
  - Defense (US Army development contracts)
  - Data centers, microgrids, and buildings

## Key Strategies
- Develop and manufacture MEAs and fuel cell stacks using proprietary HT-PEM technology.
- Partner with OEMs (Original Equipment Manufacturers) like Airbus, Hyundai, BASF, Safran, and others through joint development agreements (JDAs) and licensing.
- License technology and components (e.g., MEAs) to Tier 1 suppliers and OEMs.
- Focus on reducing total cost of ownership and improving fuel cell durability, efficiency, and operation in extreme environmental conditions.

## Operations
- **Headquarters:** Livermore, California.
- **Product Development Facilities:** Livermore, California and Patras, Greece.
- **Employees:** Approximately 26 employees and 5 part-time contractors (as of December 31, 2024).

## Revenue and Financials
- **2024 Revenue:** Approximately **$3.28 million** (a 113% increase from $1.54 million in 2023).
- **2024 Net Loss:** Approximately **$41 million** (net loss from continuing operations).
- **2023 Net Loss:** Approximately **$71.4 million**.
- **Income from Grants (2024):** Approx. **$887,000**.
- **Cash and Cash Equivalents (2024):** Approximately **$0.4 million**.

## Market and Customer Base
- **Customers:** The company has not yet made major commercial sales to large OEMs but is engaged in multiple development agreements and pilot projects.
- **Market:** Growing global interest in fuel cells for heavy-duty transportation, off-grid power, aerospace, marine, defense, and energy storage.
- **Key Partnerships:** Airbus, Hyundai, BASF, Safran, US Department of Defense.
- **Patents:** Around 150 patents issued, covering membranes, electrodes, MEAs, lightweight stacks, and manufacturing processes.

## Additional Details
- Company has transitioned from a shell SPAC (initially AMCI Acquisition Corp.) to an operating company after a business combination in 2021.
- Significant legal proceedings and intellectual property rights are part of the company’s ongoing operations.
- The company actively develops new projects with substantial funding, including a €34.5 million grant from the EU Innovation Fund for its RHyno project to develop MW-scale fuel cell and electrolyser manufacturing infrastructure.
- The company has also entered into multiple government contracts, including U.S. Department of Defense projects involving portable power systems (Honey Badger series).
- Has experienced organizational changes including a major reverse stock split (1-for-30 in 2024) and the bankruptcy of a Danish subsidiary in 2024.

Advent Technologies Holdings, Inc. is a leading developer of advanced fuel cell and hydrogen technologies focusing on high-temperature proton exchange membranes for diverse applications including aerospace, telecommunications, and military.

# Advent Technologies Holdings, Inc. - Company Overview

## Business Model and Technology
Advent Technologies Holdings, Inc. is an advanced materials and technology development company specializing in the **fuel cell and hydrogen technology** sector. The company focuses on developing, manufacturing, and assembling complete fuel cell systems and their critical components, particularly the **high-temperature proton exchange membranes (HT-PEMs)**.

### Key Products and Markets
- **Fuel Cell Systems**: Advent's systems provide stationary power for off-grid, backup, and portable applications, targeting markets like:
  - **Telecom Towers** (5G and prior generations)
  - **Energy Infrastructure** for critical and backup power
  - **Portable Power Solutions** for construction, events, and defense
- **Membrane Electrode Assemblies (MEAs)**: Key components for fuel cells that are sourced from Advent's proprietary technology.
  
### Current Customer Base
Advent has delivered over **1,200 fuel cell systems** with a total of **731,274 operational hours** and has consumed **1.2 million liters of methanol** across various applications. Specific customers include major players like **Airbus** for aerospace and **Siemens Energy** for maritime applications. The company also has contracts with the **US Army** for portable power solutions.

## Employees and Facilities
As of December 31, 2023, Advent employs approximately **100 individuals**, including part-time staff and contractors. The company has production and MEA fabrication facilities located in:
- **Livermore, California, USA**
- **Patras, Greece**
- **Aalborg, Denmark** (acquired location)

## Revenue and Financial Performance
- **Revenue Streams**: Advent's revenue is derived from:
  - Sales of fuel cell systems
  - Sales of MEAs, membranes, and electrodes
  - Engineering and licensing fees through Joint Development Agreements (JDAs) with Tier 1 suppliers and automotive manufacturers.

### Financial Outlook
While specific revenue figures for the most recent fiscal year are not disclosed, the company anticipates a substantial increase in demand for its products as it scales production and grows its customer base. However, Advent has experienced **financial losses since inception** and continues to generate a low level of revenue relative to future projections.

## Mission and Strategy
Advent's mission is to deliver fuel cells with a lower **Total Cost of Ownership (TCO)** compared to traditional diesel generators and internal combustion engines. The company aims to become a leading provider of HT-PEM fuel cell systems and MEAs by:
- Expanding partnerships with original equipment manufacturers (OEMs)
- Focusing on the automotive, large-scale stationary power markets, and heavy-duty mobility segments.
  
Through innovation, strategic partnerships, and advancements in HT-PEM technology, Advent strives to increase production efficiency and to eventually drive wider adoption of its clean energy solutions. The upcoming **Ion Pair MEA technology** is expected to significantly enhance efficiency and lifespan, contributing to cost-effectiveness by enabling commercial scale-up projected for **2026**.

## Recent Developments
Advent Technologies held a Special Meeting of Stockholders on April 29, 2024, which resulted in the approval of a **1-for-30 reverse stock split**. On the operational side, the bankruptcy of its Danish subsidiary, Advent Technologies A/S, took place on **July 25, 2024**, leading to the deconsolidation of that entity from the company's financials.

The company is focused on navigating challenges while progressing towards sustainability and innovation in the fuel cell technology sector.

ADVENT TECHNOLOGIES HOLDINGS, INC.

10-K / June 6, 2025

10-K / August 13, 2024

10-K / June 6, 2025

Company Overview Summary

Business Focus

Key Strategies

Operations

Revenue and Financials

Market and Customer Base

Additional Details