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Advent Technologies and Alfa Laval Partner in Marine Fuel Cell Development Project

Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), 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."

About Advent Technologies Holdings, Inc.

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 – offering a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

About Alfa Laval

Alfa Laval is a world leader in heat transfer, centrifugal separation, and fluid handling. It is active in Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress to support customers in achieving their business goals and sustainability targets.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

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