Advent Technologies receives ratification from the EU for the Green HiPo IPCEI project

Advent Technologies Holdings, Inc. announced that its Green HiPo project, under the framework of the Important Projects of Common European Interest (IPCEI) Hydrogen – Technology, has now received official ratification from the European Commission of the European Union (EU).

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.

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-user 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, states, “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 Greek Minister of Development and Investments, Mr. Adonis Georgiadis, stated, “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.”

The Deputy Minister of Development and Investments, responsible for Public Investments, Mr. Yiannis Tsakiris, stated: “This is an important first step in the development of hydrogen production in our country under the seal of the European Commission, which also contributes to the further energy resilience of Greece through achieving independence of fossil fuels. Our main concern is also to seek and secure the necessary European resources in order for these projects to be implemented very quickly and effectively.”

According to a press release issued by the Hellenic Ministry of Development and Investments, the Commission approved State aid for Greece up to the amount of €800 million public expenditure, taking into account the availability of resources. Greece has two projects included in IPCEI Hy2Tech, B&T Composites (H2CAT project) and Advent (Green HiPo project).

In making the approval of 41 projects, Executive Vice-President Margrethe Vestager, in charge of competition policy, said: Hydrogen has a huge potential going forward. It is indispensable for the diversification of energy sources and the green transition. However, investing in such innovative technologies can be risky for one Member State or company alone. This is where State aid rules for IPCEI have a role to play.”

With this IPCEI, we see EU hydrogen production moving “from lab to fab”; and our industry turning technological mastery into commercial leadership. And, of course, we are not only supporting hydrogen through funding. We have also made decisive progress on building partnerships through the Clean Hydrogen Alliance and are developing EU-wide rules for enabling the hydrogen market and creating dedicated infrastructure. Because we know what is at stake: Europe’s position as a leading region for the hydrogen industrial transformation.”

In making its assessment, the Commission determined that the Green HiPo project satisfied its requirements, which include that:

• The project contributes to a common objective by supporting a key strategic value chain for the future of Europe, as well as the objectives of key EU policy initiatives such as the Green Deal, the EU Hydrogen Strategy, and REPowerEU;
• The IPCEI is highly ambitious, as it is aimed at developing technologies and processes that go beyond what the market currently offers and will allow major improvements in performance, safety, environmental impact as well as on cost efficiencies;
• The IPCEI also involves significant technological and financial risks, and public support is, therefore, necessary to provide incentives to companies to carry out the investment; and
• The results of the project will be widely shared by participating companies benefitting from the public support with the European scientific community and industry beyond the companies and countries that are part of the ICPEI. As a result, positive spill-over effects will be generated throughout Europe.

Over the initial funding period and according to Green HiPo’s parameters, Advent will innovatively develop, design, and manufacture fuel cell and electrolyser systems in Greece’s Western Macedonia region.