- Advent Technologies Holdings Inc (NASDAQ: ADN) share price is up more than 160% today. This is why.
The share price of Advent Technologies Holdings Inc (NASDAQ: ADN), an innovation-driven leader in the hydrogen and fuel cell technology space, rose more than 160% today. Investors are responding positively to Advent Technologies’ announcement that it has received notification from the Greek State to receive funding under the Major Projects of Common European Interest (IPCEI) Hydrogen – Technology, Green HiPo.
The notification of the Greek State has been sent to the European Union (EU) in the framework of the IPCEI. And following EU ratification, the total funding of €782.1 million for Advent’s Green HiPo project will be made available over a period of six years, as presented according to the following schedule:
Year 1: 35.8
Year 2: 84.3
Year 3: 175.7
Year 4: 259.3
Year 5: 111.7
Year 6: 115.2
Advent’s Green HiPo project was originally among five projects out of 20 applicants from Greece for IPCEI funding. And these 5 projects were then subjected to a detailed review and due diligence by the EU, resulting in two projects that are now being notified by the Greek State. Notification in the first wave of IPCEI hydrogen technology projects is a testament to the world-class innovation that Advent Technologies possesses and the confidence that Greece and the EU have in Advent’s ability to deliver such a major project.
Green HiPo’s scope, during the initial 6 year period, is to manufacture fuel cell systems and electrolyser systems. And it is intended that the production of these systems will take place in Greece, in the region of Western Macedonia.
“Today is a historic day for Advent, but also for Greece and Europe. Green HiPo will catalyze a radical change of operational events within Advent as the project is implemented. Our application was initially submitted in April 2021 and the review and due diligence process by the EU has been extensive. We have been clear and focused throughout the process, with the conviction that Advent’s Green HiPo project will be instrumental in hydrogen generation and clean energy production. Green HiPo demonstrates the commitment of Greece and the EU to rapidly decarbonise energy production and move towards energy security and independence with hydrogen technologies playing a crucial role.”
— Dr. Vasilis Gregoriou, President and CEO of Advent
Disclaimer: This content is for informational purposes. Before making any investment, you should do your own analysis.